Free Life Policy Provisions Options and Riders Practice Questions
Louisiana Life exam — 142 practice questions.
Subtopics: Grace period, Free look, Incontestability, Reinstatement, Suicide exclusion, Misstatement of age, Entire contract, Cash surrender, Reduced paid-up, Extended term, Dividend options, Waiver of premium, Accidental death, Guaranteed insurability, Policy loans, Policy delivery, Conversion notice, Lump sum option, Permitted exclusions, Incontestability and exclusions, Reinstatement interest, Grace period claims, Nonforfeiture, Lapse notice, Death claim payment, Death claim interest, Creditor protection, Assignment, Ownership, 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, Automatic premium loan, Policy loan, Partial withdrawal, Dividends not guaranteed, Paid-up additions, Accumulation at interest, Reduction of premium, Payor benefit, Accidental death rider, 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. Under Louisiana's required life policy provisions, the grace period for paying a premium after the first is:
Thirty days or, at the insurer's option, one month
R.S. 22:931(A)(1) requires a grace period of thirty days or, at the option of the insurer, one month, during which the policy stays in force.
2. How long does a Louisiana individual life policyowner have, from receipt of the policy, to examine it and return it for a refund of premium?
10 days
R.S. 22:931(A)(10) requires a notice that ten days are allowed from receipt of the policy to examine it; if surrendered in that period, premium advanced is returned.
3. Under Louisiana's required incontestability provision, after a life policy has been in force two years during the insured's lifetime it is incontestable except for:
Nonpayment of premiums
R.S. 22:931(A)(2) makes the policy incontestable after two years from issue except for nonpayment of premiums and conditions relating to military or naval service (and optional disability/accidental death benefits).
4. A Louisiana life policy must allow reinstatement within what period after default (unless the cash value was paid out or extended term expired)?
Three years
R.S. 22:931(A)(9) requires reinstatement within three years of default upon evidence of insurability and payment of overdue premiums with interest not exceeding six percent.
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.
