Free Life Policy Provisions Options and Riders Practice Questions
Connecticut Life, Accident & Health exam (series 12-CT-03) — 108 practice questions.
Subtopics: Assignment, Nonforfeiture, Settlement options, Automatic premium loan, Spendthrift clause, Exclusions, Collateral assignment, Accelerated death benefit, Child rider, Return of premium, Cost of living rider, Convertible term, Free look, Free look effect, Copy of application, Backdating, Policy loan interest, Adjustable loan rates, Loan rate changes, Nonforfeiture election, Cash surrender value, Paid-up notice, Military exclusion, Form approval, Trustee beneficiary, Interest on death benefits, Creditor protection, Group life assignment, Accelerated benefits, Accelerated benefit disclosure, Accelerated benefit marketing, Life/LTC riders, Plainly expressed terms, Standard provisions, Beneficiaries, Beneficiary clauses, Nonforfeiture options, Policy loans, Dividend options, Riders, Grace period, Reinstatement, Incontestable clause, Suicide clause, Misstatement of age, Primary beneficiary, Irrevocable beneficiary, Minor beneficiary, Per capita, Estate as beneficiary, Dividend option cash, Dividend option reduce premium, Dividend option accumulate at interest, Dividend option one-year term, Joint and survivor settlement, Guaranteed insurability rider, Payor benefit rider, Return of premium rider, Child term rider, Incontestability, War exclusion, Aviation and avocation exclusions, Dividends, Premium modes, Entire contract, Change of owner
Read the Life Policy Provisions Options and Riders study guide
Sample questions & answers
1. The assignment provision of a life insurance policy allows the policyowner to:
Transfer ownership rights to another party
The assignment provision lets the owner transfer some or all policy rights to another party.
2. Nonforfeiture values in a permanent life policy guarantee that the owner will not lose the:
Accumulated cash value if the policy lapses or is surrendered
Nonforfeiture provisions protect the owner's accumulated cash value when a policy lapses or is surrendered.
3. A settlement option in a life policy determines how the:
Death proceeds are paid to the beneficiary
Settlement options govern how the death proceeds are paid out, such as lump sum or installments.
4. The automatic premium loan provision prevents a whole life policy from lapsing by:
Using available cash value to pay an overdue premium
The automatic premium loan uses available cash value to pay an unpaid premium and keep the policy in force.
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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.
