Policy Provisions, Options, and Riders

in the Living Needs Rider, a diagnosis must indicate that death is expected within how long

2 years

how long is the waiting period on a Waiver of Premium rider in life insurance

6 months

according to the Entire Contract provision, a policy must contain

a copy of the original application for insurance

A life insurance rider that will adjust the face amount based upon a specific index, such as the CPI, is called

cost of living rider

what is the Uniform Simultaneous Death Law

it is assumed that the beneficiary dies first in a common disaster

children's riders attached to whole life policies are usually issues as

term

A spouse term rider (just like any other insured rider) is usually

level term insurance

This nonforfeiture option provides coverage for the longest period of time

reduced paid up. it provides protection untill the insured reaches 100, but the face amount is reduced to what the cash would buy.

This prevents the beneficiary from changing or borrowing from planned installments

spendthrift provision

If a life insurance policy has an irrevocable beneficiary designation

the beneficiary can only be changed with written permission from the beneficiary

these are commonly established for minors, or to create a scholarship fund

trusts