Free Life Policy Provisions Options and Riders Practice Questions
Missouri Life exam — 159 practice questions.
Subtopics: Graded benefit free look, Grace period, Incontestability, Reinstatement, Waiver of premium, Accidental death, Guaranteed insurability, Nonforfeiture options, Reduced paid-up, Extended term, Dividend options, Settlement options, Policy loans, Automatic premium loan, Beneficiary designation, Entire contract, Replacement - right to return, Replacement - same insurer, Policy loan interest, Assignment, Suicide exclusion, War and aviation exclusions, Form approval, Group life - grace period, Group life - incontestability, Group life - statements, Group life - conversion, Group life - conversion notice, Group life - facility of payment, Universal life, Life advertising, Nonforfeiture, Misstatement of age, 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, Cash surrender, 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. Which Missouri life policy must state on its face that it may be returned within 30 days of receipt for a full premium refund?
A policy with graded death benefits in early years
20 CSR 400-1.040 requires graded death benefit policies to show on the face that the policy may be returned within thirty days of receipt for a full premium refund.
2. The provision that allows a life insurance premium to be paid after its due date without lapse is the:
Grace period
The grace period permits payment of an overdue premium for a set number of days while keeping coverage in force.
3. After a life insurance policy has been in force for two years, the incontestability clause generally prevents the insurer from doing what?
Contesting the policy for most misstatements
After the contestable period (commonly two years), the insurer generally cannot contest the policy for misstatements except where the law allows, such as fraud.
4. Which provision allows a lapsed life policy to be restored if the owner meets certain conditions?
Reinstatement provision
The reinstatement provision lets an owner restore a lapsed policy by paying back premiums with interest and providing evidence of insurability within an allowed period.
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.
