Life Insurance - Policy Provisions

6 Written Questions

1. Type of assignment where some but not all rights are transferred to another party
2. Protected by common disaster clause
3. Most grace periods which appear in life insurance policies
4. Action insurer takes if applicant misstates age on term life application
5. - Premiums Paid
   - Statements made on application
6. Makes sure the coverage continues in the event of a premium lapse for more than the grace period

6 Multiple Choice Questions

1. Prevents a premium default in a cash value policy
   1. Exclusion Provision
   2. Automatic Premium Loan Provision
   3. Ownership Provision
   4. Automatic Premium Loan
2. Allows insurer to deny a claim if the insured is killed while performing stunts
   1. Entire Contract
   2. Ownership Provision
   3. Exclusion Provision
   4. Incontestable Provision
3. Beneficiary has the right to receive a copy of the policy
   1. Contingent Beneficiary
   2. Three Years
   3. Irrevocable Beneficiary
   4. Incontestable Provision
4. - Annual Renewable Term Insurance
   - An endowment
   - Whole Life Insurance
   1. Includes Right To Examine Provision
   2. Exclusion Provision
   3. Incontestable Provision
   4. Ownership Provision
5. - Policy
   - Copy Of Application
   1. Entire Contract
   2. Entire Contract Clause
   3. Flight Insurance
   4. Three Years
6. Period of time policy owner may request reinstatement of lapsed policy
   1. Three Years
   2. 31 Days
   3. Entire Contract
   4. Monthly Mode

6 True/False Questions

1. Incontestable Provision → Provision allowing insurer to void a contract and return premiums if insured lied about health in initial 2 years

   True        False

2. Flight Insurance → Does not include right to examine provision

   True        False

3. Monthly Mode → Most grace periods which appear in life insurance policies

   True        False

4. Whole Life Converted To Term Insurance → Does not include right to examine provision

   True        False

5. Entire Contract Clause → - Policy
   - Copy Of Application

   True        False

6. Ownership Provision → Life insurance policy enabling the policy owner to name or change the beneficiary

   True        False