Free Life Policy Provisions Options and Riders Practice Questions
Virginia Life exam (series 11-05) — 155 practice questions.
Subtopics: Free look, Grace period, Incontestability, Misstatement of age, Suicide clause, Reinstatement, Nonforfeiture, Reduced paid-up, Extended term, Settlement options, Waiver of premium, Accidental death, Guaranteed insurability, Beneficiary designation, Policy loans, 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, Ownership, Assignment, Collateral assignment, 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, 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, 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. Virginia individual life policies must give the owner at least how long after delivery to return the policy for a full premium refund?
10 days
Each individual life policy must carry a notice allowing the owner to surrender it within ten days of delivery; the policy is then void from the beginning and all premium is refunded.
2. What minimum grace period must a Virginia individual life policy allow for premiums after the first?
31 days
Individual life policies must allow a grace period of not less than 31 days, during which the policy stays in force; an unpaid premium may be deducted from a death claim.
3. After the policy has been in force for the contestable period, the insurer generally:
Cannot contest it except for nonpayment of premium
An individual life policy becomes incontestable after it has been in force during the insured's lifetime for two years from issue, except for nonpayment of premiums.
4. If an insured's age was misstated the death benefit is generally:
Adjusted to what the premium would buy at the correct age
If age was misstated, the benefit equals what the premium paid would have purchased at the correct age at issue.
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.
