Life Insurance Policy Provisions, Options, and Riders
A child covered by a children's term rider reaches the age at which the cover ends. What is normally available?
Answer and explanation
Answer: D. Children's riders customarily allow conversion at the terminal age to permanent insurance without evidence of insurability, frequently up to five times the rider's face amount. No refund arises, and cover is not extended or transferred between children.Source: PSI — New York DFS Insurance Candidate Information Bulletin — Outline, children's term rider conversion
More life insurance policy provisions, options, and riders questions
- Which need does the fixed-amount option meet better than the fixed-period option?
- Which owner is the reduction of premium dividend option best suited to?
- Which owner would the one-year term dividend option suit?
- Which three nonforfeiture options does a permanent policy customarily make available?
- Who exercises the rights a New York life policy confers, where the owner is not the insured?
- Who may elect a settlement option other than cash payment, and when may that election be made?
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