Free Life Policy Provisions Options and Riders Practice Questions
Illinois Life, Accident & Health exam — 101 practice questions.
Subtopics: Conversion right, Collateral assignment, Contingent beneficiary, Irrevocable beneficiary, Common disaster, Guaranteed insurability rider, Automatic premium loan, Policy loan, Grace period interest, Entire contract, Incontestability exceptions, Policy loans, Reinstatement, Death claim payment, Interest on death proceeds, Nonforfeiture table, Participating policy, Free look, Prohibited provisions, Backdating, Accelerated benefits, Required provisions, Standard provisions, Assignment, Beneficiaries, Beneficiary clauses, Settlement options, Nonforfeiture options, Dividend options, Riders, Grace period, Incontestable clause, Suicide clause, Misstatement of age, Primary 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, Cost of living rider, Payor benefit rider, Return of premium rider, Child term rider, Incontestability, War exclusion, Aviation and avocation exclusions, Exclusions, Dividends, Premium modes, Change of owner
Read the Life Policy Provisions Options and Riders study guide
Sample questions & answers
1. A dependent who loses eligibility under a group life plan may have the right to:
Convert to an individual policy
A conversion privilege lets a person losing group coverage convert to an individual policy.
2. A collateral assignment of a life policy transfers:
A partial interest usually to secure a loan
A collateral assignment transfers a limited interest typically to a lender as security for a debt.
3. A contingent beneficiary receives the death benefit:
If the primary beneficiary died first
A contingent beneficiary is paid only if the primary beneficiary is not living at the insured's death.
4. An irrevocable beneficiary's written consent is generally required to:
Change the beneficiary designation
An irrevocable beneficiary has vested rights so consent is needed to change the beneficiary or take certain actions.
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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.
