Free Life Policy Provisions Options and Riders Practice Questions
New Hampshire Life, Accident & Health exam (series 12-63) — 121 practice questions.
Subtopics: Ownership rights, Absolute assignment, Per stirpes, Fixed-period option, Policy loan, Nonforfeiture purpose, Spendthrift clause, Common disaster, Term rider, Cost of living rider, Return of premium rider, Family rider, Graded death benefits, Illustrations, Grace period, Incontestability, Representations, Entire contract, Misstatement of age or gender, Suicide exclusion, Permitted exclusions, Policy loans, Policy loan interest, Reinstatement, Free look, Arbitration, Dividends, Death claim interest, Retained asset accounts, Creditor protection, Group life conversion, Group life conversion notice, Facility of payment, Group life portability, Standard provisions, Assignment, Beneficiaries, Beneficiary clauses, Settlement options, Nonforfeiture options, Dividend options, Riders, Incontestable clause, Suicide 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, Payor benefit rider, Child term rider, War exclusion, Aviation and avocation exclusions, Exclusions, Accelerated benefits, Premium modes, Change of owner
Read the Life Policy Provisions Options and Riders study guide
Sample questions & answers
1. The owner of a life insurance policy generally has the right to:
Name beneficiaries, assign the policy, and borrow cash value
The policyowner holds ownership rights such as naming beneficiaries, assigning the policy, and accessing any cash value.
2. When a policyowner transfers all ownership rights in a life policy permanently to another party, this is a(n):
Absolute assignment
An absolute assignment is a complete and permanent transfer of all ownership rights to another party.
3. A per stirpes beneficiary designation provides that, if a named beneficiary predeceases the insured, that beneficiary's share passes to:
That beneficiary's descendants
Under a per stirpes designation, a deceased beneficiary's share passes to that beneficiary's living descendants.
4. A life insurance settlement option that pays the death benefit in equal installments for a guaranteed number of years is the:
Fixed-period option
The fixed-period option pays the proceeds in equal installments over a guaranteed number of years.
All Life, Accident & Health topics
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.
