Life Insurance Policy Provisions and Considerations Quiz Test your knowledge on life insurance policy provisions and considerations with these quiz questions. Learn about grace periods, incontestability provisions, beneficiary designations, and more.
#1
A period to convert the policy
A period to reinstate the policy after lapse
A period to change beneficiaries
A period after the premium due date to pay the premium without policy lapse
#2
Age
Gender
Smoking status
Credit score
#3
Term life insurance
Whole life insurance
Universal life insurance
Renewable life insurance
#4
Conversion privilege
Accelerated death benefit
Contestability period
Policy loan provision
#5
To provide accelerated death benefits
To prevent beneficiaries from receiving benefits if the insured commits suicide within a certain timeframe after policy issuance
To allow policyholders to borrow against the cash value of the policy
To allow policyholders to convert term policies to permanent policies
#6
The amount of money paid to beneficiaries upon the insured's death
The amount of money a policyholder can borrow against the policy
The amount of premium paid by the policyholder
The total amount of benefits payable under the policy
#7
Cash surrender value
Waiver of premium
Accidental death benefit
Accelerated death benefit
#8
To specify the policy's cash value
To determine the policy's premium amount
To designate who receives the policy's death benefit
To determine the policy's contestability period
#9
Borrow money from the insurance company using the policy's cash value as collateral
Lend money to the insurance company using the policy's cash value as collateral
Transfer the policy to another person
Convert the policy from one type to another
#10
It allows the insurer to contest the validity of the policy at any time
It applies only during the policy's contestability period
It ensures the policy remains in force even if premiums are not paid
It guarantees the policy's cash value
#11
The age at which the policy matures
The timeframe during which the insurer can contest the validity of the policy
The grace period for premium payment
The percentage of premium refunded upon policy cancellation
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