Free Life Policy Provisions Options and Riders Practice Questions
Texas Life Agent exam (series InsTX-Life01) — 156 practice questions.
Subtopics: Free look, Grace period, Incontestability, Reduced settlement exceptions, Misstatement of age, Existing insurer duties in replacement, Reinstatement, Nonforfeiture options, Settlement options, Accelerated death benefit, Irrevocable beneficiary, Premiums payable in advance, Contesting a reinstatement, Policy loans, Time for settlement, Limitation of actions, Status clauses, Automatic premium loan, Assignment, Accelerated benefits, Replacement, Financed purchase, Replacement violations, Illustrations, Advertising, Required life provisions, Entire contract, Ownership, Collateral assignment, Suicide clause, Beneficiary primary, Contingent beneficiary, Revocable 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, 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. The minimum free-look (right to examine) period for an individual life policy in Texas is:
10 days
TDI tells consumers that Texas life policies have a free-look period of at least 10 to 20 days, so the minimum is 10 days.
2. Texas individual life policies must provide a premium grace period of at least:
31 days
A life policy must provide a grace period of at least one month; if expressed in days, at least 31 days.
3. A Texas 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.
4. A Texas life policy may provide for a settlement at maturity that is less than the face amount if the insured's death results from:
Suicide, whether the insured is sane or insane
Texas permits a reduced settlement only for death by the insured's own hand (sane or insane), a hazardous occupation stated in the policy, or specified aviation activities.
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.
