Policy Provisions

Question 1

Which provisions of a life insurance policy states that the application is part of the contract

Answer 1

Entire contract clause

Question 2

An insured will be allowed to reactivate a lapsed life insurance policy if action is taken within a certain period and proof of insurability is provided. This is accomplished under the

Answer 2

Reinstatement provisions

Question 3

The life insurance policy clause that prevents an insurance company from denying payment of a death claim after a specified period of time due to statements in the application is known as the

Answer 3

Incontestable clause

Question 4

Which term refers to the transfer of some or all of the ownership rights of a life insurance policy

Answer 4

Assignment

Question 5

Which of the following is TRUE about the mandatory ten-day free look in a life insurance policy?

Answer 5

It starts when the policy is delivered

Question 6

What is the purpose of the grace period

Answer 6

To protect the policy owner against an unintentional lapse of policy

Question 7

A policy owner that has an irrevocable beneficiary cannot request policy changes unless the

Answer 7

Irrevocable beneficiary signs the change request

Question 8

If the misstatement of age is discovered during the processing of a death claim, the insurer will

Answer 8

Pay an adjusted death benefit based on the premiums that were paid

Question 9

Which of the following will receive the death benefit if the insured ans stole beneficiary die in a common disaster?

Answer 9

Insured’s estate

Question 10

A contingents beneficiary will only receive a policy’s death benefit if…

Answer 10

The insured dies and there is no surviving primary beneficiary