Free Life Policy Provisions Options and Riders Practice Questions
Washington Life, Accident & Health exam — 111 practice questions.
Subtopics: Automatic premium loan, Dividend options, Reduced paid-up, Extended term, Guaranteed insurability, Child term rider, Buyer's Guide, Policy summary, Disclosure scope, Illustrations, Annual report, Replacement definition, Replacement exemptions, Conservation, Replacement duties, Replacement patterns, Free look, Grace period, Incontestability, Entire contract, Application as evidence, Suicide limitation, Interest on death claims, Policy loans, Loan interest, Reinstatement, Nonforfeiture, Dividends, Standard provisions, Assignment, Beneficiaries, Beneficiary clauses, Settlement options, Nonforfeiture options, Riders, Incontestable clause, Suicide clause, Misstatement of age, 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, War exclusion, Aviation and avocation exclusions, Exclusions, Accelerated benefits, Premium modes, Change of owner
Read the Life Policy Provisions Options and Riders study guide
Sample questions & answers
1. An automatic premium loan provision in a Washington whole life policy will:
Use available cash value to pay an overdue premium
The automatic premium loan uses available cash value to pay a premium that would otherwise go unpaid, preventing lapse.
2. A participating Washington life policyowner who elects paid-up additions uses dividends to:
Buy small amounts of additional permanent insurance
Paid-up additions use dividends to purchase additional paid-up insurance, increasing cash value and death benefit.
3. The reduced paid-up nonforfeiture option lets a surrendering owner keep:
A smaller paid-up policy using the cash value
Reduced paid-up uses the cash value as a single premium to buy a smaller, fully paid-up amount of the same type of insurance.
4. The extended term nonforfeiture option converts the cash value into:
Term insurance for the full face amount for a limited time
Extended term uses the cash value to continue the full face amount as term insurance for whatever period it will buy.
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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.
