Free Life Policy Provisions Options and Riders Practice Questions
Wyoming Life exam — 155 practice questions.
Subtopics: Grace period, Incontestability, Reinstatement, Suicide clause, Waiver of premium, Accidental death, Guaranteed insurability, Accelerated death benefit, Policy loan, Settlement options, Misstatement of age, Collateral assignment, Entire contract, Automatic premium loan, Convertible term, Spendthrift clause, Policy loans, Payment of claims, Suicide exclusion, Permitted exclusions, Prohibited provisions, Assignment, Replacement, Ownership, Beneficiary primary, Contingent beneficiary, Revocable beneficiary, Irrevocable beneficiary, Per stirpes, Common disaster, 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. The grace period in a life insurance policy is the span of time during which:
An overdue premium may be paid without the policy lapsing
During the grace period an overdue premium may be paid and the policy remains in force without lapsing.
2. After a life policy has been in force beyond the contestable period, the incontestability clause generally prevents the insurer from:
Denying a claim due to misstatements in the application, except as the law allows
Once the contestable period passes, the insurer generally cannot contest the policy for application misstatements except in limited situations such as nonpayment or fraud where allowed.
3. To reinstate a lapsed whole life policy, the owner generally must:
Pay back premiums with interest and provide evidence of insurability
Reinstatement typically requires payment of overdue premiums with interest and satisfactory evidence of insurability within the allowed period.
4. If the insured dies by suicide within the policy's stated suicide period, the insurer generally:
Returns the premiums paid rather than the full face amount
During the suicide period the insurer's liability is generally limited to a refund of premiums paid rather than the full death benefit.
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.
