Policy Riders, Provisions, Options & Exclusions Chapter Exam

Exam Instructions:

Choose your answers to the questions and click 'Next' to see the next set of questions. You can skip questions if you would like and come back to them later with the yellow "Go To First Skipped Question" button. When you have completed the practice exam, a green submit button will appear. Click it to see your results. Good luck!

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Question 1 1. Which of the following increases the value of your life insurance policy to cover inflation?

Question 2 2. What is a rider?

Question 3 3. Choose the best answer to explain the policy loan provision.

Question 4 4. Which provision allows the insurance company to cancel the policy due to fraud.

Question 5 5. What type of exclusion may NOT cover if you are a journalist who went into a war zone and died?

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Question 6 6. What is Whole Life Insurance?

Question 7 7. What is an insurance rider?

Question 8 8. For money used by a policyholder on a long-term care policy during the life of their policy, what happens to those funds if they pass away?

Question 9 9. What does the settlement option of specific income do?

Question 10 10. Which settlement option allows a beneficiary to pass it on to another?

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Question 11 11. In which of the following situations would an owner NOT consider canceling or surrendering a life insurance policy?

Question 12 12. Which of the following is NOT an ownership right in a life insurance policy?

Question 13 13. How does a cash value life insurance policy loan work?

Question 14 14. What is one way that cash value life insurance is different from term life?

Question 15 15. What clause states that if you are a civilian in a war zone who dies, there may be no death benefit payout?

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Question 16 16. What is a rider?

Question 17 17. Which of the following is an example of how an individual can qualify for Accelerated Death Benefits?

Question 18 18. Let's say that Edward has an insurance policy for $10,000, uses $5,000 for the ADB, and passes away. How much money will his sole beneficiary receive?

Question 19 19. What kind of life insurance assignment allows ownership rights to revert to the assignor under certain circumstances?

Question 20 20. Which of the following parties receives ownership rights of a life insurance policy from the original owner in an assignment?

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Question 21 21. What type of beneficiary is first in line to receive benefits after a policyholder dies?

Question 22 22. Which of the following is NOT a condition for a contingent beneficiary to receive funds from a will or trust?

Question 23 23. Which payment mode would result in the lowest policy premium?

Question 24 24. Which of the following is NOT a characteristic of a level-premium insurance policy?

Question 25 25. Which of the following riders lets you renew your policy without proof of insurability?

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Question 26 26. Which would not make an appropriate beneficiary?

Question 27 27. What are two unique limits and exclusions?

Question 28 28. Which of the following terms references an ability for premiums to be paid for children if something happens to the policy owner?

Question 29 29. What settlement option will provide a full pay out of the death benefit but likely not for weeks?

Question 30 30. Which of the following is TRUE about the owner's right to change a beneficiary in an insurance policy?

Policy Riders, Provisions, Options & Exclusions Chapter Exam Instructions

Choose your answers to the questions and click 'Next' to see the next set of questions. You can skip questions if you would like and come back to them later with the yellow "Go To First Skipped Question" button. When you have completed the practice exam, a green submit button will appear. Click it to see your results. Good luck!

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