Free Life Policy Provisions Options and Riders Practice Questions
Nebraska Life, Accident & Health exam (series 13-03) — 107 practice questions.
Subtopics: Fixed period option, Interest only option, Life income option, Accelerated death benefit, Automatic premium loan, Assignment, Spendthrift clause, Convertible term, Common disaster clause, Payor rider, Per stirpes, Owner rights, Grace period, Death during grace, Incontestability, Representations, Suicide clause, Backdating, Free look, Free look effect, Reinstatement, Interest on proceeds, Policy loan interest, Nonforfeiture table, Lapse notice, Dividends, Replacement question, Replacement notice, Replacing insurer, Replacement free look, Financed purchase, Same-company replacement, Standard provisions, Beneficiaries, Beneficiary clauses, Settlement options, Nonforfeiture options, Policy loans, 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, Exclusions, Accelerated benefits, Premium modes, Entire contract, Change of owner
Read the Life Policy Provisions Options and Riders study guide
Sample questions & answers
1. The 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 the proceeds in equal installments over a selected number of years.
2. Under which settlement option does the insurer retain the proceeds and pay only the earnings to the beneficiary?
Interest only option
Under the interest only option the insurer holds the principal and pays the beneficiary only the interest earned.
3. The settlement option that guarantees the beneficiary an income for the rest of their life is the:
Life income option
The life income option pays the beneficiary a guaranteed income for life.
4. A provision letting a terminally ill insured receive part of the death benefit while still living is the:
Accelerated (living) benefit provision
The accelerated death benefit lets a terminally ill insured access a portion of the death benefit before death.
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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.
