Free Life Policy Provisions Options and Riders Practice Questions
Minnesota Life exam — 153 practice questions.
Subtopics: Grace period, Incontestability, Suicide clause, Reinstatement, Misstatement of age, Nonforfeiture options, Policy loans, Dividend options, Settlement options, Waiver of premium, Accidental death, Guaranteed insurability, Accelerated death benefit, Automatic premium loan, Entire contract, Right to cancel, Replacement free look, Missing cancellation notice, Cancellation notice format, Death during grace period, Representations, Statements in the application, Dividends, Policy loan interest, Deferring loans, Payment of death claims, Backdating, Time to sue, Loan forfeiture notice, Form numbers, Spendthrift provisions, Creditor protection, Premiums in fraud of creditors, Changing beneficiaries, Ownership, Assignment, Collateral assignment, 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, 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, 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. The provision that allows a life insurance premium to be paid after its due date without lapse is called the what?
Grace period
The grace period gives the policyowner a set time after the due date to pay an overdue premium while keeping coverage in force.
2. After a Minnesota life policy has been in force during the insured's lifetime for two years, for which reason may the insurer still contest it?
Nonpayment of premium
Minn. Stat. 61A.03 makes the policy incontestable after two years in force during the insured's lifetime except for nonpayment of premium (and wartime military service conditions); fraud is not listed as an exception.
3. A typical life insurance suicide provision states that if the insured dies by suicide within the stated period the insurer will do what?
Refund the premiums paid rather than pay the face amount
Under a typical suicide clause, death by suicide within the stated period results in a return of premiums paid rather than payment of the full face amount.
4. To reinstate a lapsed life insurance policy the insurer generally may require which of the following?
Proof of insurability and payment of back premiums
Reinstating a lapsed policy generally requires evidence of insurability and payment of overdue premiums with interest, within the allowed reinstatement window.
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.
