Free Life Policy Provisions Options and Riders Practice Questions
Pennsylvania Life, Accident & Health exam (series 16-03) — 111 practice questions.
Subtopics: Grace period, Incontestability, Free look, Reinstatement, Misstatement of age, Incontestability and exclusions, Entire contract, Nonforfeiture options, Dividend options, Settlement options, Irrevocable beneficiary, Waiver of premium, Replacement free look, Internal replacement free look, Variable life free look, Late death claim interest, Prohibited provisions, Policy loans, Loan value timing, Dividends, Incontestability exceptions, Reinstatement interest, Medical exam estoppel, Replacement notice, Replacing insurer duties, Conservation, Replacement definition, Accelerated benefit trigger, Accelerated benefit exclusions, Accelerated benefit disclosure, Divorce pending, Divorce insurer protection, Divorce exceptions, Simultaneous death, Roman numeral - free look, Roman numeral - provisions, Standard provisions, Assignment, Beneficiaries, Beneficiary clauses, Riders, 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, Change of owner
Read the Life Policy Provisions Options and Riders study guide
Sample questions & answers
1. Pennsylvania's standard provisions require an individual life policy to provide a premium grace period of:
30 days or one month
The statute requires a grace of thirty days or one month for premiums after the first year; a death claim during grace is paid less the overdue premium.
2. A Pennsylvania life policy becomes incontestable after it has been in force during the insured's lifetime for:
2 years
After 2 years, the insurer generally cannot contest the policy for misstatements in the application.
3. Under Pennsylvania law, an individual fixed life policy that does not replace other coverage must give the policyholder a free look of at least:
10 days
The standard right to examine is 10 days; replacements of another insurer's policy get 20 days and internal replacements 45 days.
4. A lapsed ordinary life policy may generally be reinstated, with evidence of insurability and back premiums, within:
3 years
Ordinary life policies typically allow reinstatement within 3 years upon proof of insurability and payment of overdue premiums with interest.
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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.
