Free Life Policy Provisions Options and Riders Practice Questions
Oklahoma Life exam — 158 practice questions.
Subtopics: Free look, Grace period, Incontestability, Reinstatement, Suicide clause, Misstatement of age, Entire contract, Cash surrender, Reduced paid-up, Extended term, Dividend options, Waiver of premium, Accidental death, Guaranteed insurability, Policy loans, Automatic premium loan, Reinstatement contestability, Dividends, Payment of claims, Premium payment, Suicide, Permitted exclusions, Travel destinations, Replacement free look, Settlement agreements, Nonforfeiture, Accelerated LTC benefits, Life with LTC rider, Ownership, Assignment, Collateral assignment, Beneficiary primary, Contingent beneficiary, Revocable beneficiary, Irrevocable beneficiary, Per stirpes, Common disaster, Spendthrift clause, Settlement lump sum, Interest only, Life income option, Fixed period option, Fixed amount option, Policy loan, Partial withdrawal, Dividends not guaranteed, Paid-up additions, Accumulation at interest, Reduction of premium, Payor benefit, Accidental death rider, Cost of living rider, Long-term care rider, Spouse and child riders, Aviation exclusion, War exclusion, Retained asset account, Incontestability clause, Cash surrender value option, Surrender charge, Maturity date provision, Policy loan interest rate, Cash value deferment clause, Change of plan provision, Exchange privilege, One-year term dividend option, Cash dividend option, Per capita designation, Minor beneficiary, Estate as beneficiary, Class designation, Facility-of-payment clause, Uniform Simultaneous Death Act, Survivorship time clause, Changing the beneficiary, Accelerated death benefit rider, Disability income rider, Return of premium rider, Waiver of monthly deduction rider, Critical illness rider, Term insurance rider, Accidental death and dismemberment rider, Hazardous occupation exclusion, Commission-of-a-felony exclusion, Hazardous hobby exclusion, Default nonforfeiture option, Guaranteed policy loan value, Contestable period after reinstatement, Assignment notification, Third-party ownership, Automatic dividend application, Creditor protection of proceeds, Trust as beneficiary, Owner's right to dividends, Contingent owner, Net cash surrender value, Accidental death benefit, Incontestable exception, Incontestable typical period, Grace period standard, Grace period length, Reinstatement window, Reinstatement advantage, Suicide clause period, Misstatement of sex, Free look refund, Change of beneficiary, Primary beneficiaries share, Tertiary beneficiary, No beneficiary living, Settlement interest taxation, Life income period certain, Settlement option choice, Extended term duration, Nonforfeiture purpose, Policy loan unpaid lapse, Automatic premium loan election, Dividend options default, Accelerated benefit effect, Accelerated benefit tax, Chronic illness rider, Waiver of premium waiting, Guaranteed insurability options, ADB time limit, Accidental death exclusions, Other insured rider conversion, Assignment and beneficiary, Payor rider ends
Read the Life Policy Provisions Options and Riders study guide
Sample questions & answers
1. If an Oklahoma owner returns a new individual life policy with a written cancellation request during the free-look period, the policy is:
Void from the beginning, with premium refunded
36 O.S. 4003.1(A) requires a notice that the policy may be surrendered with a written cancellation request within 10 days of delivery, in which case it is void from the beginning and premium is refunded within 30 days.
2. The provision that gives a life policyowner a set time after the premium due date to pay without the policy lapsing is the:
Grace period
Oklahoma requires a grace period of 30 days (or one month of not less than 30 days) for premiums after the first, during which the policy stays in force (36 O.S. 4003).
3. After a life policy has been in force for two years, the incontestability clause generally prevents the insurer from:
Contesting the policy for most misstatements
Under 36 O.S. 4004 an Oklahoma life policy is incontestable, except for nonpayment of premium, after two years in force during the insured's lifetime.
4. To reinstate a lapsed life insurance policy, the insurer typically requires:
Back premiums with interest and proof of insurability
Under 36 O.S. 4011 reinstatement within three years of default requires written application, evidence of insurability, and payment of premiums in arrears with interest (up to 6%).
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.
