Life insurance policy provisions, options and riders

if a life policy allows the policy owner to make periodic additions to the face amount at the standard rates without proving insurability the policy includes a

Guaranteed insurability rider

which of the following statements about the reinstatement provision is true

It requires the policyowner to pay all overdue premiums with interest before the policy is reinstated.

which is true about a spouse term rider

The rider is usually level term insurance

under an extended term nonforfeiture option the policy cash value is converted to

The same face amount as in the whole life policy

what happens when a policy is surrender for its cash value

coverage ends and the policy cannot be reinstated

an individual purchased a life insurance policy on his life naming his wife as primary beneficiary and their daughter as contingent beneficiary. Under what circumstances , the daughter collect the death benefit

if the primary beneficiary predeceases the insured

Life insurance policies that have cash value must provide for a maximum policy loan interest rate of no more than

7 to 8%

Which of the following statements is true concerning irrevocable beneficiaries

They can be changed only with the written consent of that beneficiary.

and insured has a life insurance policy from a participating company and receives quarterly dividends. He has instructed the company to apply the policy dividends to increase the death benefit. The dividend option that the insured has chosen is called

paid up additions

which of the following protects the insured from an unintentional policy lapse due to a nonpayment of premium

Automatic premium loan

and insured pays $1200 annually for her life insurance premium the insured applies this year is $300 worth of accumulated dividends to the next year's premium that's reducing it to $900. what option does this describe?

reduction of premium

which of the following riders would not cause the death benefit to increase

payor benefit rider

which of the following is true about the 10 day free look period in a life insurance policy

it begins when the policy is delivered

which of the following is true of a children's writer added to an insurance permanent life insurance policy

it is term coverage that is convertible to permanent insurance at or prior to the child reaching the maximum coverage age

which of the following is true regarding a single life settlement option

it provides income the beneficiary cannot outlive