Life Insurance Policy Provisions Questions & 100% Correct Answers- Latest Test | Graded A+ | Passed
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Course
Life Insurance
Institution
Life Insurance
An insured may apply for reinstatement of a life policy within what period of time after
voluntarily surrendering the life
policy?
-:- Never
Who designates the beneficiary of a life insurance policy?
-:- The policyowner
To reinstate a lapsed policy, the insured must do all of the following...
Life Insurance Policy Provisions Questions &
100% Correct Answers- Latest Test | Graded
A+ | Passed
An insured may apply for reinstatement of a life policy within what period of time after
voluntarily surrendering the life
policy?
✓ -:- Never
Who designates the beneficiary of a life insurance policy?
✓ -:- The policyowner
To reinstate a lapsed policy, the insured must do all of the following EXCEPT
✓ -:- 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
✓ -:- my sister Mimi and my nephew Rodolfo
Vivian commits suicide 4 years after taking out a $100,000 life insurance policy on herself.
✓ -:- The amount of the premium due is deducted from the policy proceeds paid to
the
beneficiary.
Endorsements or modifications to a contract
✓ -:- must be in writing and agreed to by both the insurer and the policyowner
Which type of provision in a life insurance policy ensures that a beneficiary will not spend all
of the insurance proceeds
at once?
✓ -:- Spendthrift provision
Which provision of a life insurance policy declares that the application is part of the
contract?
✓ -:- Entire contract clause
Micah pays $220 annually for a $50,000 life insurance policy. The premium is due June 1,
however it is not paid until
June 24. If Micah died on June 15, what would the amount of the death benefit?
4|Page | Grade A+| 2024/2025
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