Free Life Policy Provisions Options and Riders Practice Questions
Colorado Life exam — 155 practice questions.
Subtopics: Grace period, Incontestability, Reinstatement, Free look, Nonforfeiture options, Extended term, Policy loan, Automatic premium loan, Waiver of premium, Accidental death, Guaranteed insurability, Settlement options, Dividend options, Beneficiary designation, Misstatement of age, Suicide, Entire contract, Policy loans, Legal actions, Final expense disclosure, Lapse notice, Interest on proceeds, Free look - replacement, Nonforfeiture, Cash surrender deferral, Spendthrift, Accelerated benefits, Illustrations, Ownership, Assignment, Collateral assignment, Suicide clause, 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, Partial withdrawal, Dividends not guaranteed, Paid-up additions, Accumulation at interest, Reduction of premium, Payor benefit, Accidental death rider, 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. The grace period provision in a life policy allows the owner to:
Pay an overdue premium within a set time without lapse
C.R.S. 10-7-102(1)(i) requires a grace period of one month, not less than 30 days, during which the insurance continues in force.
2. A Colorado individual life policy becomes incontestable (except for nonpayment of premium and certain other listed exceptions) after it has been in force during the insured's lifetime for:
Two years
C.R.S. 10-7-102(1)(b) requires the policy to be incontestable after it has been in force during the insured's lifetime for two years from its date.
3. To reinstate a lapsed life policy, the insurer typically requires:
Payment of back premiums with interest and evidence of insurability
Reinstatement generally requires payment of overdue premiums with interest and proof of continued insurability within the allowed period.
4. Colorado's free-look notice lets the owner of a new individual life policy return it for a premium refund within:
15 days of delivery
C.R.S. 10-7-302(1)(g) requires a notice of the right to return the policy within fifteen days of delivery for a refund of premium.
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.
