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Life Insurance Policy Provisions Exam Practice Questions and Answers | 100% Correct
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Life Insurance Policy Provisions Exam Practice Questions and Answers | 100% Correct An insured may apply for reinstatement of a life policy within what period of time after voluntarily surrendering the life policy? - Answer️️ -Never Who designates the beneficiary of a life insurance polic...

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  • September 1, 2024
  • 21
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

  • life insurance policy provisions exam practice que

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  • Life insurance
  • Life insurance

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©SOPHIABENNETT
2024/2025 ACADEMIC YEAR




©SOPHIABENNETT 9/1/24 2024/2025

,Life Insurance Policy Provisions Exam
Practice Questions and Answers | 100%
Correct


An insured may apply for reinstatement of a life policy within what period of time after

voluntarily surrendering the life


policy? - Answer✔️✔️-Never

Who designates the beneficiary of a life insurance policy? - Answer✔️✔️-The policyowner

To reinstate a lapsed policy, the insured must do all of the following EXCEPT -

Answer✔️✔️-sign a Notice to the Applicant Regarding Replacement

With respect to life insurance policy beneficiaries, all the following are examples of a

class designation EXCEPT - Answer✔️✔️-my sister Mimi and my nephew Rodolfo

Vivian commits suicide 4 years after taking out a $100,000 life insurance policy on

herself. Her beneficiary is concerned

that the death claim will be denied. Which of the following statements is NOT correct -

Answer✔️✔️-The company has definite proof of the cause of her death, so it can refuse

to pay

the death benefit.

The provision that allows a person to select the premium payment mode, settlement

options, borrow cash values that




Page 1 of 20

, have accumulated or cancel the policy is known as - Answer✔️✔️-the ownership rights

provision

All of the following are required provisions in an individual life insurance contract

EXCEPT - Answer✔️✔️-home health care

Which of the following statements pertaining to the insuring clause in a life insurance

policy is NOT correct - Answer✔️✔️-It specifies the length of the grace period.

When Mary applied for a life insurance policy, she did not disclose that she had just

been treated for cancer 3 months

ago. In addition, Mary intentionally misstated her age so that her premiums would be

lower. If the insurer issues the

policy but discovers the misrepresentations 1 year later, - Answer✔️✔️-the insurer can

challenge the validity of the contract

Henry owns a variable life insurance policy in which his spouse, Colin, is the primary

beneficiary. His children, Jacob

and Charlotte, are equal secondary beneficiaries. The American Red Cross and his

alma mater are listed as equal

tertiary beneficiaries. If both Colin and Jacob predecease Henry, how will the policy's

death benefit be distributed at

Henry's death? - Answer✔️✔️-Charlotte will receive 100% of the death benefit.

Ron, the insured, dies during the grace period for his $100,000 life insurance policy.

Considering that the premium on

the policy has not been paid, what happens? - Answer✔️✔️-The amount of the premium

is deducted from the policy proceeds paid to the
Page 2 of 20

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