Free Life Policy Provisions Options and Riders Practice Questions
Mississippi Life, Accident & Health exam — 98 practice questions.
Subtopics: Free look, Grace period, Incontestability, Misstatement of age, Suicide clause, Reinstatement, Entire contract, Nonforfeiture, Settlement options, Beneficiary, Premium calculation, Policy loan, Replacement free look, Copy of application, Free look effect, Group life assignment, Basic illustration, Revised illustration, Non-guaranteed elements, No illustration used, In force illustration, Standard provisions, Assignment, Beneficiaries, Beneficiary clauses, Nonforfeiture options, Policy loans, Dividend options, Riders, Incontestable clause, 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, Change of owner
Read the Life Policy Provisions Options and Riders study guide
Sample questions & answers
1. A Mississippi individual life policy must include a notice that the owner may return it for a premium refund within:
10 days of delivery
Section 83-7-51 requires a notice that the policy may be returned within 10 days of delivery, after which it is void from the beginning.
2. The life insurance provision giving extra time after the due date to pay a premium before lapse is the:
grace period
The grace period allows the owner additional time after the premium due date to pay before the policy lapses.
3. After a life policy has been in force for the contestable period, the incontestability clause generally bars the insurer from:
contesting the policy for misstatements except as permitted for fraud
Once the contestable period passes, the insurer generally cannot contest the policy for misstatements, subject to limited fraud exceptions.
4. If an insured misstated age on a Mississippi life application, at death the insurer generally:
adjusts the benefit to what the premium would have bought at the true age
The misstatement of age provision adjusts the benefit to what the premium paid would have purchased at the correct age.
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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.
