Colorado Life - Policy Provisions, Riders, Options, and Exclusions

Which of the following riders would NOT cause the Death Benefit to increase? A) Cost of Living Rider B) Accidental Death Rider C) Payor Benefit Rider D) Guaranteed Insurability Rider

C) Payor Benefit Rider

A 40-year old man buys a whole life policy and names his wife as his only beneficiary. His wife dies 10 years later. He never remarries and dies at age 61, leaving 2 grown-up children. Assuming he never changed the beneficiary, the policy proceeds will go to A) Both children who share equally on a per-capita basis. B) The insurance company. C) The insured's estate. D) The insured's firstborn child.

C) The insured's estate.

What is the purpose of a fixed-period settlement option? A) To provide a guaranteed income for life B) To provide a guaranteed amount of money each month C) To provide a guaranteed income for a certain amount of time D) To settle the insurance company's liability

C) To provide a guaranteed income for a certain amount of time

Which of the following named beneficiaries would NOT be able to receive the death benefit directly from the insurer in the event of the insureds' death? A) A business partner of the insured B) The wife of the deceased insured C) The former wife of the deceased insured D) A minor son of the insured

D) A minor son of the insured

Which nonforfeiture option has the highest amount of insurance protection? A) Conversion B) Decreasing Term C) Reduced Paid-up D) Extended Term

D) Extended Term

Which rider, when attached to a permanent life insurance policy, provides an amount of insurance on every family member? A) Spouse rider B) Children's rider C) Additional insured rider D) Family term rider

D) Family term rider

What required provision protects against unintentional lapse of the policy? A) Assignment B) Payment of premiums C) Reinstatement D) Grace period

D) Grace period

Life income joint and survivor settlement option guarantees A) Payment of interest on death proceeds. B) Payout of the entire death benefit. C) Equal payments to all recipients. D) Income for 2 or more recipients until they die.

D) Income for 2 or more recipients until they die.

What type of insurance would be used for a Return of Premium rider? A) Level Term B) Decreasing Term C) Annually Renewable Term D) Increasing Term

D) Increasing Term

All of the following are Nonforfeiture options EXCEPT A) Cash surrender B) Extended term C) Reduced paid-up D) Interest only

D) Interest only

Which of the following settlement options in life insurance is known as straight life? A) Single life B) Life with period certain C) Fixed amount D) Life income

D) Life income

If a settlement option is not chosen by the policyowner or the beneficiary, which option will be used? A) Life income B) Fixed period C) Fixed amount D) Lump sum

D) Lump sum

What is the term for how frequently a policyowner is required to pay the policy premium? A) Schedule B) Grace period C) Consideration D) Mode

D) Mode

Children's riders attached to whole life policies are usually issued as what type of insurance? A) Variable life B) Adjustable life C) Whole life D) Term

D) Term

The following riders would cause the ___ to increase - Cost of Living Rider - Accidental Death Rider - Guaranteed Insurability Rider

Death Benefit

The following riders would cause the ___ to increase - Guaranteed Insurability Rider - Cost of Living Rider - Accidental Death Rider

Death Benefit

All of the following are ___ - Cash surrender - Extended term - Reduced paid-up

Nonforfeiture options

___ may be used to customize a permanent life insurance policy to meet the needs of the policyowner.

Term riders (3)

All of the following are TRUE statements regarding the ___ - The policyholder has the right to withdraw the accumulations at any time. - The annual dividend is retained by the company. - The interest is credited at a rate specified by the policy.

accumulation at interest option

All of the following are ___ - Paid-up additions. - Accumulated at interest - Reduction of premium.

dividend options

All of the following are true regarding ___ - The amount of the outstanding loan and interest will be deducted from the policy proceeds when the insured dies. - The policy will terminate if the loan plus interest equals or exceeds the cash value of the policy. - Policyowners can borrow up to the full amount of their whole life policy's cash value.

insurance policy loans

Which of the following protects the insured from an unintentional policy lapse due to a nonpayment of premium? A) Automatic premium loan B) Extended term C) Reinstatement D) Reduced paid-up option

A) Automatic premium loan

The accelerated benefits provision will provide for an early payment of the death benefit when the insured A) Becomes terminally ill. B) Needs to borrow money. C) Has earned enough credits. D) Becomes disabled.

A) Becomes terminally ill.

Which of the following is TRUE about a class designation? A) Beneficiaries are not identified by name. B) Beneficiaries must be part of the insured's immediate family. C) It is not allowed. D) It determines the succession of beneficiaries.

A) Beneficiaries are not identified by name.

If a beneficiary wants a guarantee that benefits paid from principal and interest would be paid for a period of 10 years before being exhausted, what settlement option should the beneficiary select? A) Interest only B) Fixed period C) Life with period certain D) Fixed amount

B) Fixed period

All of the following are dividend options EXCEPT A) Paid-up additions. B) Fixed-period installments. C) Accumulated at interest D) Reduction of premium.

B) Fixed-period installments.

The policyowner wants to make sure that upon his death, the life policy will pay a portion of the proceeds annually to his spouse, but that the principal will be paid to their children when they reach a certain age. Which settlement option should the policyowner choose? A) Fixed amount option B) Interest only option C) Life income with period certain D) Joint and survivor

B) Interest only option

If an insured withdraws a portion of the face amount in the form of accelerated benefits because of a terminal illness, how will that affect the payable death benefit from the policy? A) The death benefit will be larger. B) The death benefit will be smaller. C) The death benefit will be forfeited. D) The death benefit will be the same as the original face amount.

B) The death benefit will be smaller.

For how long is an insurance company allowed to defer policy loan requests? A) 30 days B) 60 days C) 6 months D) 1 year

C) 6 months

Which of the following best describes fixed-period settlement option? A) Both the principal and interest will be liquidated over a selected period of time. B) Only the principal amount will be paid out within a specified period of time. C) The death benefit must be paid out in a lump sum within a certain time period. D) Income is guaranteed for the life of the beneficiary.

A) Both the principal and interest will be liquidated over a selected period of time.

Under which nonforfeiture option does the company pay the surrender value and have no further obligations to the policyowner? A) Cash surrender B) Reduced paid-up C) Paid-up options D) Extended term

A) Cash surrender

If a beneficiary wants a guarantee that benefits paid from principal and interest would be paid for a period of 10 years before being exhausted, what settlement option should the beneficiary select? A) Fixed period B) Life with period certain C) Fixed amount D) Interest only

A) Fixed period

Which is TRUE about the cash surrender nonforfeiture option? A) Funds exceeding the premium paid are taxable as ordinary income. B) After the cash surrender, the insured is covered for a grace period of one month. C) The policy remains active for some time after the policyholder opts for cash surrender. D) The policyholder receives the original cash value of the policy.

A) Funds exceeding the premium paid are taxable as ordinary income.

At the time the insured purchased her life insurance policy, she added a rider that will allow her to purchase additional insurance in the future without having to prove insurability. This rider is called A) Guaranteed insurability. B) Waiver of cost of insurance. C) Accelerated benefits. D) Cost of living.

A) Guaranteed insurability.

When a reduced-paid up nonforfeiture option is chosen, what happens to the face amount of the policy? A) It is reduced to the amount of what the cash value would buy as a single premium. B) It is increased when extra premiums are paid. C) It decreases over the term of the policy. D) It remains the same as the original policy, regardless of any differences in value.

A) It is reduced to the amount of what the cash value would buy as a single premium.

When a reduced-paid up nonforfeiture option is chosen, what happens to the face amount of the policy? (2) A) It is reduced to the amount of what the cash value would buy as a single premium. B) It is increased when extra premiums are paid. C) It decreases over the term of the policy. D) It remains the same as the original policy, regardless of any differences in value.

A) It is reduced to the amount of what the cash value would buy as a single premium. (2)

The dividend option in which the policyowner uses dividends to purchase a term policy for one year is referred to as the A) One-year term option. B) Paid-up option. C) Accelerated endowment. D) Paid-up additions.

A) One-year term option.

An insured has had a life insurance policy that he purchased 3 years ago when he was 40 years old. He is killed in an automobile accident, and it is discovered that he is actually 45 years old, and not 43, as stated on the application. What will the company do? A) Pay a reduced death benefit B) Pay the full death benefit C) Pay nothing; there was a misrepresentation on the application D) Pay the full death benefit and refund excess premium

A) Pay a reduced death benefit

All of the following are true regarding insurance policy loans EXCEPT A) Policy loans can be made on policies that do not accumulate cash value. B) The amount of the outstanding loan and interest will be deducted from the policy proceeds when the insured dies. C) The policy will terminate if the loan plus interest equals or exceeds the cash value of the policy. D) Policyowners can borrow up to the full amount of their whole life policy's cash value.

A) Policy loans can be made on policies that do not accumulate cash value.

A couple owns a life insurance policy with a Children's Term rider. Their daughter is reaching the maximum age of dependent coverage, so she will have to convert to permanent insurance in the near future. Which of the following will she need to provide for proof of insurability? A) Proof of insurability is not required. B) Medical exam C) Her parents' federal income tax receipts D) Medical exam and parents' medical history

A) Proof of insurability is not required.

A policyowner who is also the insured wants to name her husband as the beneficiary of her life policy. She also wishes to retain all of the rights of ownership. The policyowner should have her husband named as the A) Revocable beneficiary. B) Secondary beneficiary. C) Contingent beneficiary. D) Irrevocable beneficiary.

A) Revocable beneficiary.

If a policy has an automatic premium loan provision, what happens if the insured dies before the loan is paid back? A) The balance of the loan will be taken out of the death benefit. B) The policy beneficiary receives the full death benefit. C) The policy beneficiary takes over the loan payments. D) The policy is rendered null and void.

A) The balance of the loan will be taken out of the death benefit.

The rider in a whole life policy that allows the company to forgo collecting the premium if the insured is disabled is called A) Waiver of premium. B) Guaranteed insurability. C) Waiver of cost of insurance. D) Payor benefit.

A) Waiver of premium.

he rider in a whole life policy that allows the company to forgo collecting the premium if the insured is disabled is called A) Waiver of premium. B) Guaranteed insurability. C) Waiver of cost of insurance. D) Payor benefit.

A) Waiver of premium.

The validity of coverage under a life insurance policy may not be contested, except for nonpayment of premium, after the policy has been in force for at least how many years? A) 1 year B) 2 years C) 5 years D) 7 years

B) 2 years

The validity of coverage under a life insurance policy may not be contested, except for nonpayment of premium, after the policy has been in force for at least how many years? (2) A) 1 year B) 2 years C) 5 years D) 7 years

B) 2 years (2)

According to the Entire Contract provision, a policy must contain A) Listing of the insured's former insurer(s) for incontestability provisions. B) A copy of the original application for insurance. C) A declarations page with a summary of insureds. D) Buyer's guide to life insurance.

B) A copy of the original application for insurance.

A policyowner fails to pay the premium due on his whole life policy after the grace period passes, but the policy remains in force. This is due to what provision? A) Assignment B) Automatic premium loan C) Waiver of premium D) Incontestability period

B) Automatic premium loan

An insured receives an annual life insurance dividend check. What term best describes this arrangement? A) Accumulation at Interest B) Cash option C) Reduction of Premium D) Annual Dividend Provision

B) Cash option

A business owner was trying to obtain a bank loan to fund the purchase of a new business facility, but the bank required proof of additional assets to secure the loan. The business owner then decided to use her $250,000 life insurance policy to secure the loan. Which provision makes this possible? A) Ownership provision B) Collateral assignment C) Insurable interest D) Modification clause

B) Collateral assignment

The provision which states that both the policy and a copy of the application form the contract between the policyowner and the insurer is called the A) Complete contract. B) Entire contract. C) Total contract. D) Aleatory contract.

B) Entire contract.

An insured purchased a life insurance policy on his life naming his wife as primary beneficiary, and his daughter as contingent beneficiary. Under what circumstances could the daughter collect the death benefit? A) If the insured died from accidental means B) If the primary beneficiary predeceased the insured C) When the insured dies, the primary and contingent beneficiaries share death benefits equally. D) With the primary beneficiary's written consent

B) If the primary beneficiary predeceased the insured

Which of the following is true about the mandatory free look in a Life Insurance policy? A) It is optional on all life insurance policies. B) It commences when the policy is delivered. C) It commences when the application is signed. D) It applies only to term life insurance policies.

B) It commences when the policy is delivered.

What is the benefit of choosing extended term as a nonforfeiture option? A) It can be converted to a fixed annuity. B) It has the highest amount of insurance protection. C) It matures at age 100. D) It allows for coverage to continue beyond maturity date.

B) It has the highest amount of insurance protection.

Which of the following settlement options in life insurance is known as straight life? A) Fixed amount B) Life income C) Single life D) Life with period certain

B) Life income

Which life insurance settlement option guarantees payments for the lifetime of the recipient, but also specifies a guaranteed period, during which, if the original recipient dies, the payments will continue to a designated beneficiary? A) Fixed-amount B) Life income with period certain C) Joint and survivor D) Single life

B) Life income with period certain

An insured pays $1,200 annually for her life insurance premium. The insured applies this year's $300 worth of accumulated dividends to the next year's premium, thus reducing it to $900. What option does this describe? A) Flexible Premium B) Reduction of Premium C) Accumulation at Interest D) Cash option

B) Reduction of Premium

The interest earned on policy dividends is A) 40% taxable, similar to a capital gain. B) Taxable. C) Nontaxable. D) Tax deductible.

B) Taxable.

All of the following are TRUE statements regarding the accumulation at interest option EXCEPT A) The policyholder has the right to withdraw the accumulations at any time. B) The interest is not taxable since it remains inside the insurance policy. C) The annual dividend is retained by the company. D) The interest is credited at a rate specified by the policy.

B) The interest is not taxable since it remains inside the insurance policy.

If an insured continually uses the automatic premium loan option to pay the policy premium, A) The insurer will increase the premium amount. B) The policy will terminate when the cash value is reduced to nothing. C) The face amount of the policy will be reduced by the automatic premium loan amount. D) The cash value will continue to increase.

B) The policy will terminate when the cash value is reduced to nothing.

An insured has chosen joint and 2/3 survivor as the settlement option. What does this mean to the beneficiaries? A) One of the beneficiaries will receive 1/3 and the other 2/3 of the proceeds when the insured dies. B) The surviving beneficiary will continue receiving 2/3 of the benefit paid when both beneficiaries were alive. C) The beneficiary will receive 2/3 of the lump sum up front, and the remaining 1/3 will be paid over time. D) The beneficiary will receive 2/3 of the total benefit, with the final 1/3 payable when the first beneficiary dies.

B) The surviving beneficiary will continue receiving 2/3 of the benefit paid when both beneficiaries were alive.

Under which of the following circumstances would an insurer pay accelerated benefits? A) An insured is looking for a way to put her daughter through college. B) A couple wants to build a house and would like to make a larger down payment. C) An insured is diagnosed with cancer and needs help paying for her medical treatment. D) A couple is nearing retirement and needs a steady stream of income.

C) An insured is diagnosed with cancer and needs help paying for her medical treatment.

According to the entire contract provision, what document must be made part of the insurance policy? A) Agent's report B) Outline of coverage C) Copy of the original application D) Buyer's Guide

C) Copy of the original application

A rider that may be attached to a life insurance policy that will adjust the face amount based upon a specific index, such as the Consumer Price Index, is called A) Living need rider. B) Payor rider. C) Cost of living rider. D) Accelerated benefit rider.

C) Cost of living rider.

If a life policy allows the policyowner to make periodic additions to the face amount at standard rates, without proving insurability, the policy includes a A) Cost of living provision. B) Nonforfeiture option. C) Guaranteed insurability rider. D) Paid-up additions option.

C) Guaranteed insurability rider.

Which of the following is true about the mandatory free look in a Life Insurance policy? A) It applies only to term life insurance policies. B) It is optional on all life insurance policies. C) It commences when the policy is delivered. D) It commences when the application is signed.

C) It commences when the policy is delivered.

Which life insurance settlement option guarantees payments for the lifetime of the recipient, but also specifies a guaranteed period, during which, if the original recipient dies, the payments will continue to a designated beneficiary? A) Single life B) Fixed-amount C) Life income with period certain D) Joint and survivor

C) Life income with period certain

Regarding the free-look provision, the insurance company A) Must issue a free policy for 30/31 days. B) Must issue a free policy for 10 days. C) Must allow the policyowner to return the policy for a full refund. D) Cannot charge a premium after 10 days.

C) Must allow the policyowner to return the policy for a full refund.

A rider attached to a life insurance policy that provides coverage on the insured's family members is called the A) Juvenile rider. B) Payor rider. C) Other-insured rider. D) Change of insured rider.

C) Other-insured rider.

An insured purchased a life policy in 2010 and died in 2020. The insurance company discovers at that time that the insured had misstated information about her insurance history on the application. What will the insurer do? A) Pay a decreased death benefit B) Sue for the right to not pay the death benefit C) Pay the death benefit D) Refuse to pay the death benefit because of the misstatement on the application

C) Pay the death benefit

When a whole life policy lapses or is surrendered prior to maturity, the cash value can be used to A) Pay back all premiums owed plus interest. B) Receive payments for a fixed amount. C) Purchase a single premium policy for a reduced face amount. D) Purchase a term rider to attach to the policy.

C) Purchase a single premium policy for a reduced face amount.

When an insured under a life insurance policy died, the designated beneficiary received the face amount of the policy, as well as a refund of all of the premiums paid. Which rider is attached to the policy? A) Decreasing term B) Accidental death C) Return of premium D) Cost of living

C) Return of premium

Which of the following information will be stated in the consideration clause of a life insurance policy? A) The time period allowed for the payment of premium B) The conditions for insurability C) The amount of premium payment D) The parties to the contract

C) The amount of premium payment

What is the advantage of reinstating a policy instead of applying for a new one? A) The face amount can be increased. B) The cash values have gained interest while the policy was lapsed. C) The original age is used for premium determination. D) Proof of insurability is not required.

C) The original age is used for premium determination.

Under an extended term nonforfeiture option, the policy cash value is converted to A) A lower face amount than the whole life policy. B) A higher face amount than the whole life policy. C) The same face amount as in the whole life policy. D) The face amount equal to the cash value.

C) The same face amount as in the whole life policy.

All of the following are true regarding the guaranteed insurability rider EXCEPT A) The insured may purchase additional insurance up to the amount specified in the base policy. B) It allows the insured to purchase additional amounts of insurance without proving insurability only at specified dates or events. C) This rider is available to all insureds with no additional premium. D) The insured may purchase additional coverage at the attained age.

C) This rider is available to all insureds with no additional premium.

An absolute assignment is a A) Change of beneficiary. B) Change of insurer. C) Transfer of all ownership rights in a policy. D) Transfer of some ownership rights in a policy.

C) Transfer of all ownership rights in a policy.

According to the entire contract provision, what document must be made part of the insurance policy? A) Buyer's Guide B) Agent's report C) Outline of coverage D) Copy of the original application

D) Copy of the original application

A long stretch of national economic hardship causes a 7% rate of inflation. A policyowner notices that the face value of her life insurance policy has been raised 7% as a result. Which policy rider caused this change? A) Value Adjustment Rider B) Return of Premium Rider C) Inflation Rider D) Cost of Living Rider

D) Cost of Living Rider

What happens when a policy is surrendered for its cash value? A) Coverage ends but the policy can be reinstated at any time. B) The policy can be reinstated by paying back all policy loans and premiums. C) The policy can be converted to term coverage. D) Coverage ends and the policy cannot be reinstated.

D) Coverage ends and the policy cannot be reinstated.

At the time the insured purchased her life insurance policy, she added a rider that will allow her to purchase additional insurance in the future without having to prove insurability. This rider is called A) Waiver of cost of insurance. B) Accelerated benefits. C) Cost of living. D) Guaranteed insurability.

D) Guaranteed insurability.

An insured purchased a life insurance policy on his life naming his wife as primary beneficiary, and his daughter as contingent beneficiary. Under what circumstances could the daughter collect the death benefit? A) When the insured dies, the primary and contingent beneficiaries share death benefits equally. B) With the primary beneficiary's written consent C) If the insured died from accidental means D) If the primary beneficiary predeceased the insured

D) If the primary beneficiary predeceased the insured

An insured purchased a life insurance policy on his life naming his wife as primary beneficiary, and his daughter as contingent beneficiary. Under what circumstances could the daughter collect the death benefit? (2) A) When the insured dies, the primary and contingent beneficiaries share death benefits equally. B) With the primary beneficiary's written consent C) If the insured died from accidental means D) If the primary beneficiary predeceased the insured

D) If the primary beneficiary predeceased the insured (2)

Which of the following statements is TRUE concerning the Accidental Death Rider? A) It is also known as a triple indemnity rider. B) This rider is only available to insureds over the age of 65. C) It is only available in group insurance. D) It will pay double or triple the face amount.

D) It will pay double or triple the face amount.

Which two terms are associated directly with the premium? A) Fixed or variable B) Term or permanent C) Renewable or convertible D) Level or flexible

D) Level or flexible

Which of the following explains the policyowner's right to change beneficiaries, choose options, and receive proceeds of a policy? A) The Entire Contract Provision B) The Consideration Clause C) Assignment Rights D) Owner's Rights

D) Owner's Rights

An insured has a continuous premium whole life policy. She would like to use the policy dividends to pay off her policy sooner than would have been possible otherwise. What dividend option could she use? A) One-year term B) Reduction of premium C) Accumulation at interest D) Paid-up option

D) Paid-up option

Which option is being utilized when the insurer accumulates dividends at interest and then uses the accumulated dividends, plus interest, and the policy cash value to pay the policy up early? A) Accumulation at Interest B) Paid-up additions C) Dividend Accumulation option D) Paid-up option

D) Paid-up option

Which of the following riders would NOT cause the Death Benefit to increase? A) Guaranteed Insurability Rider B) Cost of Living Rider C) Accidental Death Rider D) Payor Benefit Rider

D) Payor Benefit Rider

Which nonforfeiture option provides coverage for the longest period of time? A) Extended term B) Paid-up option C) Accumulated at interest D) Reduced paid-up

D) Reduced paid-up

Which of the following, when attached to a permanent life insurance policy, allows the policyowner to customize the policy to provide an additional amount of temporary insurance on the insured, or allows amounts of temporary insurance to cover other family members? A) Accidental death and dismemberment rider B) Guaranteed insurability rider C) Change of insured rider D) Term rider

D) Term rider

Which of the following, when attached to a permanent life insurance policy, allows the policyowner to customize the policy to provide an additional amount of temporary insurance on the insured, or allows amounts of temporary insurance to cover other family members? (2) A) Accidental death and dismemberment rider B) Guaranteed insurability rider C) Change of insured rider D) Term rider

D) Term rider (2)

If a life insurance policy has an irrevocable beneficiary designation, A) The beneficiary cannot be changed for at least 2 years. B) The owner can always change the beneficiary at will. C) The beneficiary cannot be changed. D) The beneficiary can only be changed with written permission of the beneficiary.

D) The beneficiary can only be changed with written permission of the beneficiary.

In a case where the primary beneficiary predeceases the insured, in the event of the insured's death, the death benefit proceeds will be paid to A) The insured's spouse. B) The policyowner. C) The insurance company. D) The contingent beneficiary.

D) The contingent beneficiary.

The paid-up addition option uses the dividend A) To purchase a one-year term insurance in the amount of the cash value. B) To reduce the next year's premium. C) To accumulate additional savings for retirement. D) To purchase a smaller amount of the same type of insurance as the original policy.

D) To purchase a smaller amount of the same type of insurance as the original policy.

The rider in a whole life policy that allows the company to forgo collecting the premium if the insured is disabled is called A) Guaranteed insurability. B) Waiver of cost of insurance. C) Payor benefit. D) Waiver of premium.

D) Waiver of premium.

A father owns a life insurance policy on his 15-year-old daughter. The policy contains the optional Payor Benefit rider. If the father becomes disabled, what will happen to the life insurance premiums? A) The premiums will become tax deductible until the insured's 18th birthday. B) Since it is the policyowner, and not the insured, who has become disabled, the life insurance policy will not be affected. C) The insured will have to pay premiums for 6 months. If at the end of this period the father is still disabled, the insured will be refunded the premiums. D) The insured's premiums will be waived until she is 21.

D) The insured's premiums will be waived until she is 21.

What is the advantage of reinstating a policy instead of applying for a new one? A) Proof of insurability is not required. B) The face amount can be increased. C) The cash values have gained interest while the policy was lapsed. D) The original age is used for premium determination.

D) The original age is used for premium determination.

The following named beneficiaries would be able to receive the ___ - A business partner of the insured - The wife of the deceased insured - The former wife of the deceased insured

death benefit directly from the insurer in the event of the insureds' death

All of the following are true regarding the ___ - The insured may purchase additional insurance up to the amount specified in the base policy. - It allows the insured to purchase additional amounts of insurance without proving insurability only at specified dates or events. - The insured may purchase additional coverage at the attained age.

guaranteed insurability rider