Free Life Policy Provisions Options and Riders Practice Questions
New York Life, Accident & Health exam (series 17-55) — 105 practice questions.
Subtopics: Free look, Grace period, Incontestability, Entire contract, Misstatement of age, Accelerated benefits, Reinstatement, Policy loan, Nonforfeiture options, Automatic premium loan, Settlement options, Waiver of premium, Flexible premium grace, Death during grace, Suicide exclusion, Permitted exclusions, Exclusion refund, Policy loan rate, Policy loan availability, Reinstatement interest, Reinstatement period, Mail-order free look, Dividends, Nonforfeiture table, Equal shares, Accelerated benefit notice, Accelerated benefit timing, Group accelerated benefits, Statements in contest, Required policy provisions, Standard provisions, Assignment, Beneficiaries, Beneficiary clauses, Policy loans, Dividend options, Riders, Incontestable clause, Suicide 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, Premium modes, Change of owner
Read the Life Policy Provisions Options and Riders study guide
Sample questions & answers
1. The standard free-look period required on an individual New York life policy is at least:
10 days
New York requires a life policy free-look period of not less than 10 nor more than 30 days from delivery (30 days if sold by mail order).
2. A New York individual fixed-premium life policy must provide a premium grace period of at least:
31 days
Fixed-premium policies get a 31-day (or one-month) grace period; flexible-premium policies get 61 days.
3. A New York life policy becomes incontestable after it has been in force during the insured's lifetime for:
2 years
After 2 years a New York life policy is incontestable except for nonpayment of premium and certain stated exceptions.
4. The New York entire-contract provision means the policy and any attached:
Application together constitute the whole agreement
The entire-contract provision makes the policy and the attached application the complete agreement between the parties.
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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.
