PRIMERICA-POLICY PROVISIONS

The grace period for mose life insurance policies is

31 days

A policy that must be changed after it has been issued must be signed by

An executive officer of the insurer

Which of the following terms refers to the transfer of some or all of the ownership rights of a life insurance policy from one individual to another?

Assignment

The owner of a life insurance policy has all the following rights EXCEPT

Change the person who is insured

Which of the following is not typically an exclusion in life policies?

Death due to plane crash for a fare-paying passenger

Which provision of a life insurance policy states that the application is part of the contract?

Entire contract clause

Which of the following features allows an insurance policy to remain in force for a specific number of days beyond the premium due date?

Grace Period Provision

The life insurance policy clause that prevents an insurance company from denying payment of a death claim after a specified period of time due to statements in the application is known as the

Incontestable Clause

Which of the following will receive the death benefit if the insured and the sole beneficiary die

Insured's Estate

A policyowner that has an irrevocable beneficiary cannot request policy changes unless the

Irrevocable beneficiary signs the change request

Which of the following is true about the mandatory 10-day free look in a life insurance policy?

It commences when the policy is delivered

An insured intentionally understates her age on her application for a life policy. At death the insurer will take which of the following actions?

Pay a reduced death benefit based on the insured's actual age

An insured will be allowed to reactivate her lapsed life insurance policy if action is taken within a certain period of proof of insurability is provided. This is accomplished under the

Reinstatement Provision

A contingent beneficiary will only receive the death benefit if

The insured dies and there is no surviving beneficiary

What is the purpose of the grace period?

To protect the policyowner against an unintentional lapse of policy