Free Life Policy Provisions Options and Riders Practice Questions
Hawaii Life, Accident & Health exam — 125 practice questions.
Subtopics: Assignment, Dividends, Accelerated benefit, Term conversion, Child rider, Return of premium, Policy loan interest, Ownership rights, Other insured rider, Nonforfeiture purpose, Interest settlement option, Cost-of-living rider, Grace period, Death during grace, Reinstatement conditions, Reinstatement interest, Incontestability scope, Incontestable vs. exclusions, Contestability after reinstatement, Participation in surplus, Dividend options, Adjustable loan rate, Loan deferral, Excess loans, Suicide exclusion, Permitted exclusions, Excluded death payment, Time to sue, Creditor protection, Creditor protection limit, Spendthrift settlement, Group life exemption, Interest on proceeds, Free look, Free look exam costs, Free look exceptions, Spouses' rights, Group life grace period, Group incontestability, Facility of payment, Group conversion, Group conversion premium, Conversion on plan termination, Death during conversion period, Conversion notice, Group assignment, Unclaimed benefits, Standard provisions, Beneficiaries, Beneficiary clauses, Settlement options, Nonforfeiture options, Policy loans, Riders, 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, Cost of living rider, Payor benefit rider, Return of premium rider, Child term rider, Incontestability, War exclusion, Aviation and avocation exclusions, Exclusions, Accelerated benefits, Premium modes, Entire contract, Change of owner
Read the Life Policy Provisions Options and Riders study guide
Sample questions & answers
1. A life policy provision that lets the owner transfer ownership rights to another party is:
The assignment provision
The assignment provision allows the policyowner to transfer ownership rights to another party.
2. Policy dividends paid on a participating whole life policy are generally treated as:
A return of premium previously overcharged
Dividends from a participating policy are generally considered a return of overcharged premium and are not taxable income.
3. A rider that lets a terminally ill insured access part of the death benefit while still living is the:
Accelerated (living) benefit rider
The accelerated death benefit rider lets a terminally or chronically ill insured receive part of the benefit early.
4. What does the conversion feature of a convertible term life policy allow the insured to do?
Change to permanent coverage without proving insurability
A conversion privilege lets the insured switch term coverage to permanent without new evidence of insurability.
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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.
