Free Life Policy Provisions Options and Riders Practice Questions
Maine Life, Accident & Health exam (series 12-ME-01) — 120 practice questions.
Subtopics: Interest-only option, Fixed-period option, Life income option, Accelerated death benefit, Spendthrift clause, Common disaster, Assignment, Payor rider, Return of premium, Convertible term, Per stirpes, Irrevocable beneficiary, Grace period, Incontestability, Misstatement of age, Entire contract, Dividends, Policy loans, Reinstatement, Payment of claims, Free look, Prohibited provisions, Lapse notice, Cognitive impairment, Third-party notice, Group life conversion, Death during conversion, Group life provisions, Group life suicide, Group life participation, Accelerated benefits, Standard provisions, Beneficiaries, Beneficiary clauses, Settlement options, Nonforfeiture options, Dividend options, Riders, Incontestable clause, Suicide clause, 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, Guaranteed insurability rider, Cost of living rider, Payor benefit rider, Return of premium rider, Child term rider, War exclusion, Aviation and avocation exclusions, Exclusions, Premium modes, Change of owner
Read the Life Policy Provisions Options and Riders study guide
Sample questions & answers
1. A settlement option under which the insurer keeps the death proceeds and pays only the earnings to the beneficiary is the:
Interest-only option
Under the interest-only option, the insurer retains the proceeds and pays the interest earned to the beneficiary.
2. A settlement option that pays the death benefit in equal installments over a chosen number of years is the:
Fixed-period option
The fixed-period option pays out the proceeds plus interest in equal installments over a selected number of years.
3. The settlement option that guarantees the beneficiary income for life, with payments ceasing at the beneficiary's death, is the:
Life income option
The life income settlement option pays the beneficiary for life based on life expectancy.
4. An accelerated death benefit rider allows the insured to:
Receive part of the death benefit early if terminally ill
An accelerated death benefit lets a terminally ill insured collect part of the death benefit while still living.
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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.
