Free Life Policy Provisions Options and Riders Practice Questions
Michigan Life, Accident & Health exam (series 16-80) — 101 practice questions.
Subtopics: Grace period, Incontestability, Waiver of premium, Accelerated death benefit, Nonforfeiture, Settlement option, Beneficiary, Suicide clause, Lapse notice, Exclusions, Entire contract, Representations, Misstatement of age or sex, Dividends, Policy loans, Reinstatement, Claim settlement, Legal actions, Backdating, Beneficiaries, Required policy provisions, Standard provisions, Assignment, Beneficiary clauses, Settlement options, Nonforfeiture options, Dividend options, Riders, Incontestable 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, Accelerated benefits, Premium modes, Free look, Change of owner
Read the Life Policy Provisions Options and Riders study guide
Sample questions & answers
1. The period allowing late premium payment without a life policy lapsing is the:
Grace period
Michigan life policies must provide a 1-month grace period for premiums after the first year, during which the policy stays in force.
2. A life policy generally becomes incontestable for misstatements after it has been in force:
2 years
MCL 500.4014 makes a life policy incontestable after it has been in force during the insured's lifetime for 2 years, except for nonpayment of premiums.
3. The waiver of premium rider keeps a policy in force when the insured is:
Totally disabled
Waiver of premium continues coverage without premiums during qualifying total disability.
4. An accelerated death benefit allows early payment of part of the face amount upon:
A qualifying terminal illness
An accelerated death benefit pays part of the face amount early for a qualifying terminal illness.
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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.
