Free Life Policy Provisions Options and Riders Practice Questions
Indiana Life exam — 150 practice questions.
Subtopics: Grace period, Incontestability, Reinstatement, Misstatement of age, Suicide clause, Ownership rights, Irrevocable beneficiary, Nonforfeiture options, Extended term option, Waiver of premium, Accidental death rider, Guaranteed insurability rider, Settlement options, Policy loans, Automatic premium loan, Free look periods, Backdating, Legal actions limit, Free look, Representations, Entire contract, Participating dividends, Payment to testamentary trustee, Proceeds to trustee, Policy loan interest, Interest on death benefits, Accelerated death benefits, Ownership, Assignment, Collateral assignment, Beneficiary primary, Contingent beneficiary, Revocable 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, Policy loan, Partial withdrawal, Dividends not guaranteed, Paid-up additions, Accumulation at interest, Reduction of premium, Payor benefit, 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. The provision that allows a premium to be paid after the due date without lapse is called what?
Grace period
The grace period keeps the policy in force for a period after the premium due date; Indiana requires at least 30 days for premiums after the first.
2. After a life policy has been in force for the contestable period, the incontestability clause generally prevents the insurer from doing what?
Contesting it for misstatements in the application
IC 27-1-12-6(a)(3) makes an Indiana life policy incontestable after two years in force during the insured's lifetime, except for nonpayment of premium and listed exceptions.
3. To reinstate a lapsed whole life policy, the insured typically must do which of the following?
Provide evidence of insurability and pay back premiums with interest
Reinstating a lapsed policy generally requires proof of insurability and payment of overdue premiums with interest within the allowed period.
4. If the insured's age was misstated on a life policy, the insurer will generally do what at claim time?
Adjust benefits to what the premium buys at the true age
IC 27-1-12-6(a)(4) requires the amount payable to be what the premium would have purchased at the correct age.
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.
