Free Life Policy Provisions Options and Riders Practice Questions
Tennessee Life exam — 154 practice questions.
Subtopics: Grace period, Incontestability, Reinstatement, Misstatement of age, Nonforfeiture options, Cash surrender, Dividend options, Settlement options, Waiver of premium, Accidental death, Guaranteed insurability, Accelerated benefits, Payor rider, Beneficiaries, Beneficiary succession, Representations, Attached application, Dividends, Policy loans, Nonforfeiture table, Death claims, Suicide exclusion, Aviation exclusion, Permitted exclusions, Legal actions, Backdating, Hazardous occupation, Lapse notice, Group life grace period, Group life conversion, Group life beneficiary, Group life certificates, Group life incontestability, Notice of conversion, Replacement free look, 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, Reduced paid-up, Extended term, Automatic premium loan, 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, 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. The provision that allows a life policyowner to pay an overdue premium within a set time without the policy lapsing is the:
Grace period
The grace period lets an overdue premium be paid without lapse; Tennessee requires one month for premiums after the first year, with coverage continuing during that month.
2. After a Tennessee life policy has been in force for its contestable period (no more than two years), the insurer generally cannot void it for:
Misstatements in the application
Tennessee life policies must become incontestable within two years of their date, except for nonpayment of premium and certain military-service provisions.
3. To reinstate a lapsed life policy, the insurer commonly requires:
Back premiums with interest and proof of insurability
Reinstatement typically requires payment of overdue premiums with interest plus proof of insurability within the allowed period.
4. If an insured understated their age on a life application, at death the insurer will generally:
Pay what the premium would buy at the true age
Under the misstatement of age provision, the benefit is adjusted to the amount the premium would have purchased at the correct age.
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.
