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Insurance Policy Riders: Types & Examples

Instructions:

Choose an answer and hit 'next'. You will receive your score and answers at the end.

question 1 of 3

What is an insurance rider?

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1. Joe has an insurance policy for his son, John. However, Joe cannot work for the next two months because he will be incapacitated due to surgery. Which type of rider will pay the premiums during the time Joe is out of work?

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

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About This Quiz & Worksheet

What types of insurance riders are commonly available? Why are they used? You should be familiar with this type of information in order to successfully answer the questions found in this quiz and worksheet duo.

Quiz & Worksheet Goals

Facts you will need to know when taking this quiz include:

  • What an insurance rider is
  • Which type of rider is being used based on a given scenario
  • What term is used to describe the payment of premiums for a child's policy when the policy owner dies or becomes too ill to work
  • Why a return of premium rider would be added to a policy
  • What happens to funds that have been used by a policyholder during the life of their policy when they pass away

Skills Practiced

  • Defining a key concept - understand what an insurance rider is
  • Information recall - remember what term is used for when premiums are paid on behalf of a child when a policy owner passes away or can no longer pay the premiums
  • Knowledge application - use what you know to answer questions about a return of premium rider and what happens when a policyholder uses funds from his policy and then passes away

Additional Learning

Refer to the lesson titled Insurance Policy Riders: Types & Examples to find out more about this topic. By using this lesson, you will learn the following:

  • The benefits of insurance riders
  • What a long-term care rider is used for
  • Details about a term rider
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