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Chapter 5 Quiz
Answer each question below. Select a choice to see immediate feedback and an explanation before moving on to the next question.
Which of the following is NOT one of the three exceptions that allow an insurer to contest a life insurance policy even after the incontestable period has expired?
When an insured's age is misstated on a life insurance application, what action will the insurer take?
A policy owner uses their whole life policy's cash value as collateral for a bank loan, transferring only a partial and temporary interest in the policy to the bank. This is an example of a(n)
If a whole life policy lapses and the policy owner takes no action, which non-forfeiture option is automatically applied by default?
The free-look provision allows a new policy owner to
If an insured dies during the grace period, before paying the premium that was due, what will the beneficiary receive?
The automatic premium loan (APL) provision is best described as a mechanism that
A policy owner directs the insurer to use the annual dividend to purchase additional small amounts of paid-up permanent life insurance, without needing to prove insurability. Which dividend option is being used?
How do the waiver of premium rider and the disability income benefit rider differ?
A suicide exclusion in a life insurance policy is unique among policy exclusions because it
A Life insurance policyowner would like to take out a policy loan against the cash value in his Whole Life policy. The interest rate applied to this loan may vary over time. This is referred to as a(n) ________ rate loan.
J let her life insurance policy lapse 8 months ago due to nonpayment. She can reestablish coverage under which of the following provisions?
The Accelerated Death Benefit provision in a life insurance policy is also known as a(n):
L takes out a life insurance policy and dies 10 years later. During the claim process, the insurer discovers that L had understated her age on the application. Under the Misstatement of Age provision, the insurer will:
M has an insurance policy that also has an outstanding policy loan at the time of M's death. The insurer will deduct the outstanding loan balance from the:
P died five years after purchasing a life policy. While investigating the claim, the insurer discovered material misrepresentations made by P during the application process. Which of these actions will the insurer take?
P is blinded in an industrial accident. Which provision of his life insurance policy will pay a stated benefit amount?
In a life insurance policy, which feature states that the policy will not cover certain risks?
D owns a Whole Life policy that was purchased 10 years ago. If the premium payments suddenly stop and D takes no additional action, which Nonforfeiture Option will the insurer likely proceed with?
In a Life insurance contract, an insurance company's promise to pay stated benefits is called the:
Which of these actions is taken when a policyowner uses a Life Insurance policy as collateral for a bank loan?
The Automatic Premium Loan provision is designed to:
Which rider provides an additional benefit only if the insured's death results from a covered accident?
What does the ownership clause in a life insurance policy state?
Which life insurance rider typically appears on a Juvenile life insurance policy?
A potential client, age 40, would like to purchase a Whole Life policy that will accumulate cash value at a faster rate in the early years of the policy. Which of these statements made by the producer would be correct?
Which of the following Nonforfeiture options offers the highest death benefit?
When is the face amount of a Whole Life policy paid?
Which of these types of life insurance allows the policyowner to have level premiums and to also choose from a selection of investment options?
Which of the following provisions guarantees that premiums will be waived if a Juvenile Life policyowner becomes disabled?