Free Life Policy Provisions Options and Riders Practice Questions
New Jersey Life, Accident & Health exam — 99 practice questions.
Subtopics: Ownership, Contingent beneficiary, Irrevocable beneficiary, Spendthrift clause, Common disaster, Automatic premium loan, Guaranteed insurability, Dividends, Assignment, Grace period, Grace period interest, Death in grace period, Incontestability, Incontestability exclusions, Entire contract, Misstatement of age, Dividend options, Policy loans, Reinstatement period, Reinstatement requirements, Death claim timing, Claim investigation notice, Claim decision, Standard provisions, Beneficiaries, Beneficiary clauses, Settlement options, Nonforfeiture options, Riders, Reinstatement, Incontestable clause, Suicide clause, Primary 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, Free look, Change of owner
Read the Life Policy Provisions Options and Riders study guide
Sample questions & answers
1. The person who holds the rights in a life insurance policy is the:
Policyowner
The policyowner holds policy rights such as naming beneficiaries and taking loans.
2. A contingent beneficiary receives the death benefit when:
The primary beneficiary has predeceased the insured
The contingent beneficiary takes the proceeds only if no primary beneficiary survives the insured.
3. An irrevocable beneficiary designation:
Cannot be changed without the beneficiary's consent
An irrevocable beneficiary's rights cannot be changed without that beneficiary's consent.
4. A spendthrift clause in a life settlement option protects proceeds by:
Limiting a beneficiary's ability to assign or creditors to reach proceeds
A spendthrift clause shields installment proceeds from a beneficiary's creditors and assignment.
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.
