Free Life Policy Provisions Options and Riders Practice Questions
Arizona Life exam (series 13-31) — 128 practice questions.
Subtopics: Grace period, Incontestability, Suicide clause, Reinstatement, Waiver of premium, Accelerated death benefit, Nonforfeiture options, Grace period claims, Misstatement of age, Reinstatement interest, Reinstatement contestability, Death claim settlement, Incontestability limits, Policy loan interest, Premium payment, Simultaneous death, Replacement free look, Entire contract, Ownership, Assignment, Collateral assignment, Beneficiary primary, Contingent beneficiary, Revocable beneficiary, Irrevocable beneficiary, Per stirpes, Common disaster, Spendthrift clause, Settlement lump sum, Interest only, Life income option, Fixed period option, Fixed amount option, Cash surrender, Reduced paid-up, Extended term, Automatic premium loan, Policy loan, Partial withdrawal, Dividends not guaranteed, Paid-up additions, Accumulation at interest, Reduction of premium, Payor benefit, Accidental death rider, Guaranteed insurability, Cost of living rider, Long-term care rider, Spouse and child riders, Aviation exclusion, War exclusion, Retained asset account, Incontestability clause, Cash surrender value option, Surrender charge, Maturity date provision, Policy loan interest rate, Cash value deferment clause, Change of plan provision, Exchange privilege, One-year term dividend option, Cash dividend option, Per capita designation, Minor beneficiary, Estate as beneficiary, Class designation, Facility-of-payment clause, Uniform Simultaneous Death Act, Survivorship time clause, Changing the beneficiary, Accelerated death benefit rider, Disability income rider, Return of premium rider, Waiver of monthly deduction rider, Critical illness rider, Term insurance rider, Accidental death and dismemberment rider, Hazardous occupation exclusion, Commission-of-a-felony exclusion, Hazardous hobby exclusion, Default nonforfeiture option, Guaranteed policy loan value, Contestable period after reinstatement, Assignment notification, Third-party ownership, Automatic dividend application, Creditor protection of proceeds, Trust as beneficiary, Owner's right to dividends, Contingent owner, Net cash surrender value, Accidental death benefit, Incontestable exception, Incontestable typical period, Grace period standard, Grace period length, Reinstatement window, Reinstatement advantage, Suicide clause period, Misstatement of sex, Free look refund, Change of beneficiary, Primary beneficiaries share, Tertiary beneficiary, No beneficiary living, Settlement interest taxation, Life income period certain, Settlement option choice, Extended term duration, Nonforfeiture purpose, Policy loan unpaid lapse, Automatic premium loan election, Dividend options default, Accelerated benefit effect, Accelerated benefit tax, Chronic illness rider, Waiver of premium waiting, Guaranteed insurability options, ADB time limit, Accidental death exclusions, Other insured rider conversion, Assignment and beneficiary, Payor rider ends
Read the Life Policy Provisions Options and Riders study guide
Sample questions & answers
1. Arizona requires individual life insurance policies to allow a grace period for premiums after the first of:
30 days, or one month of not less than 30 days
A.R.S. 20-1203 requires a grace period of thirty days, or at the insurer's option one month of not less than thirty days, during which the policy stays in force.
2. Under Arizona law, a life policy becomes incontestable, except for nonpayment of premium, after it has been in force during the insured's lifetime for:
Two years from the date of issue
A.R.S. 20-1204 requires a provision making the policy incontestable, except for nonpayment of premiums, after two years in force during the insured's lifetime.
3. Under a typical suicide provision, if the insured dies by suicide within the exclusion period, the insurer usually:
Refunds the premiums paid
Suicide is a common policy exclusion; incontestability does not bar defenses based on such exclusions (A.R.S. 20-1217).
4. Under Arizona's required reinstatement provision, a lapsed life policy that was not surrendered for cash may be reinstated within:
Three years from default, with insurability evidence
A.R.S. 20-1213 requires reinstatement within three years of default on written application, evidence of insurability, and payment of premiums in arrears and other indebtedness with interest of not more than 6%.
Practice: Life Policy Provisions Options and Riders
Answer choices are shuffled every time, and every question comes with an explanation.
Practice questions are study aids generated for exam preparation and are not actual exam questions. Content is provided for educational purposes and is not legal advice. Verify current statutes, rules, and exam specifications with the Insurance Department and the exam administrator before relying on it.
