Free Life Policy Provisions Options and Riders Practice Questions
Pennsylvania Life exam (series 16-01) — 144 practice questions.
Subtopics: Free look, Grace period, Incontestability, Divorce effect, Accelerated benefit, Reinstatement, Misstatement of age, Incontestability and exclusions, Nonforfeiture options, Policy loan deferral, 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, Roman numeral - free look, Roman numeral - provisions, Entire contract, Ownership, Assignment, Collateral assignment, Suicide clause, 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, Cash surrender, Reduced paid-up, Extended term, Automatic premium loan, Policy loan, Partial withdrawal, Dividends not guaranteed, Paid-up additions, Accumulation at interest, Reduction of premium, Waiver of premium, Payor benefit, Accidental death rider, Guaranteed insurability, 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. 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.
2. 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.
3. A Pennsylvania life policy generally 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, except for nonpayment of premium.
4. In Pennsylvania, a divorce generally affects a life insurance beneficiary designation naming the former spouse by:
Making it ineffective unless an intent to survive the divorce appears
A revocable designation of a spouse becomes ineffective on divorce unless its wording, a court order, a contract or a post-decree designation shows otherwise.
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.
