Free Life Policy Provisions Options and Riders Practice Questions
Illinois Life exam — 139 practice questions.
Subtopics: Grace period, Incontestability, Misstatement of age, Suicide provision, Reinstatement, Nonforfeiture options, Dividend options, Waiver of premium rider, Accelerated death benefit, Settlement options, Grace period interest, Entire contract, Incontestability exceptions, Policy loans, Death claim payment, Interest on death proceeds, Nonforfeiture table, Participating policy, Free look, Prohibited provisions, Backdating, Accelerated benefits, Required provisions, 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, Extended term, Automatic premium loan, Policy loan, Partial withdrawal, Dividends not guaranteed, Paid-up additions, Accumulation at interest, Reduction of premium, Waiver 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. An Illinois life policy must provide a grace period for late premium payment of at least:
30 days
Illinois life policies must include a grace period of at least 30 days during which the policy stays in force.
2. An Illinois life policy generally becomes incontestable after it has been in force during the insured's lifetime for:
2 years
Illinois requires that a life policy be incontestable after it has been in force for two years during the insured's lifetime.
3. If an Illinois insured misstated age the death benefit is:
Adjusted to what the premium buys at true age
Under the misstatement of age provision the benefit is adjusted to the amount the premium paid would have purchased at the correct age.
4. Under a typical suicide provision if the insured dies by suicide within the stated period the insurer will:
Refund the premiums paid
If suicide occurs within the stated period the insurer's liability is generally limited to a refund of premiums paid.
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.
