Free Life Policy Provisions Options and Riders Practice Questions
West Virginia Life exam — 158 practice questions.
Subtopics: Replacement, Free look, Beneficiaries, Accelerated benefits, Grace period, Incontestability, Suicide exclusion, Reinstatement, Nonforfeiture options, Dividend options, Policy loan, Waiver of premium, Guaranteed insurability, Accidental death, Settlement options, Automatic premium loan, Entire contract, Replacement definition, Financed purchase, Replacement statement, Replacement notice, Sales materials, Notice to existing insurer, Replacement free look, Existing insurer duties, Replacement exemptions, Replacement violations, Pattern evidence, Same-company replacement, Replacement records, Replacement penalties, Creditor protection, Group life creditors, Collateral assignment, Simultaneous death, Policy loan interest, Loan deferral, Adjustable loan rate, Policy loan termination, Dividend apportionment, Dividend option election, Misstatement of age, Death claim settlement, Interest on death claims, Incontestability and exclusions, Permitted exclusions, Contest after reinstatement, Ownership, 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, Cash surrender, Reduced paid-up, Extended term, 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. West Virginia replacement rules for life insurance are designed mainly to:
Give the buyer the information needed to decide in his or her own best interest
The replacement rule is meant to assure purchasers receive information to make a decision in their own best interest and to reduce misrepresentation and incomplete disclosure.
2. West Virginia requires an individual life policy to state on its first page that the person obtaining it may:
Return it within 10 days of receipt and have the premium refunded
Life and accident and sickness policies issued in West Virginia must carry a notice that the policy may be returned within ten days of receipt for a premium refund if the buyer is not satisfied for any reason.
3. If the primary beneficiary dies before the insured and is not replaced, the death benefit is generally paid to the:
Contingent (secondary) beneficiary
When the primary beneficiary predeceases the insured, proceeds pass to the named contingent beneficiary.
4. An accelerated death benefit provision allows a terminally ill insured to:
Receive part of the death benefit while still living
An accelerated death benefit lets a qualifying terminally or chronically ill insured access a portion of the death benefit before death.
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.
