Free Life Policy Provisions Options and Riders Practice Questions
Virginia Life, Accident & Health exam (series 11-01) — 116 practice questions.
Subtopics: Free look, Grace period, Incontestability, Nonforfeiture, Dividend options, Waiver of premium, Accelerated death benefit, Beneficiary, Settlement option, Misstatement of age, Policy loan, Assignment, Replacement disclosure, Backdating, Grace period interest, Premium payment, Entire contract, Incontestability exceptions, Reinstatement interest, Policy loan interest, Table of values, Death claim settlement, Prohibited provisions, Interest on proceeds, Divorce and beneficiaries, Accelerated benefits trigger, Accelerated benefits disclosure, Accelerated benefits marketing, Educational loans, Definition of replacement, Financed purchase, Replacement exemptions, Replacement marketing materials, Replacement free look, Existing insurer duties, Same-insurer replacement, Replacement records, Direct response replacement, Life policy provisions, Standard provisions, Beneficiaries, Beneficiary clauses, Settlement options, Nonforfeiture options, Policy loans, Riders, Reinstatement, Incontestable clause, Suicide clause, Primary beneficiary, Irrevocable 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, Dividends, Accelerated benefits, Premium modes, Change of owner
Read the Life Policy Provisions Options and Riders study guide
Sample questions & answers
1. A Virginia individual life policy is returned during its 10-day right-to-examine period. What happens?
It is void from the beginning and premium is refunded
If the policy is surrendered within ten days of delivery with a written cancellation request, it is void from the beginning and any premium paid is refunded.
2. The grace period allows a life premium to be paid late while:
Keeping the policy in full force
During the grace period (at least 31 days for individual life) the policy continues in full force; an unpaid premium may be deducted from a death claim.
3. After the contestable period a life insurer generally may not:
Contest the policy except for nonpayment of premium
A life policy in force during the insured's lifetime for two years from its date is incontestable except for nonpayment of premiums.
4. Nonforfeiture options give a permanent life policyowner access to:
Accumulated cash value if the policy lapses
Nonforfeiture options give the owner of a cash value policy access to its accumulated value on lapse or surrender; Virginia requires them in every individual life policy.
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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.
