Free Life Policy Provisions Options and Riders Practice Questions
Massachusetts Life, Accident & Health exam — 98 practice questions.
Subtopics: Grace period, Incontestability, Nonforfeiture, Policy loan, Waiver of premium, Accelerated benefit, Settlement options, Reinstatement, Entire contract, Participating policies, Delay clause, Nonforfeiture values, Policy loans, Beneficiary change, Backdating, Death claims, Standard provisions, Assignment, Beneficiaries, Beneficiary clauses, Nonforfeiture options, Dividend options, Riders, 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, War exclusion, Aviation and avocation exclusions, Exclusions, Dividends, Accelerated benefits, Premium modes, Free look, Change of owner
Read the Life Policy Provisions Options and Riders study guide
Sample questions & answers
1. If a life insurance premium is not paid by its due date, the grace period:
Keeps the policy in force for a limited time to allow payment
The grace period keeps coverage in force for a stated time after the due date so the premium can still be paid.
2. After a life policy has been in force beyond the contestable period, the insurer generally may not:
Contest the policy except for nonpayment of premium
Once past the contestable period, the insurer cannot contest the policy for misstatements except for nonpayment of premium.
3. If the owner of a whole life policy stops paying premiums, nonforfeiture options allow the owner to:
Use the accrued cash value, for example as reduced paid-up insurance
Nonforfeiture options let the owner use the accrued cash value, such as taking reduced paid-up or extended term insurance.
4. An outstanding policy loan that is unpaid at the insured's death will:
Reduce the death benefit by the unpaid loan plus interest
An unpaid policy loan and accrued interest are subtracted from the death benefit paid to the beneficiary.
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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.
