Policy Riders, Provisions, Options, and Exclusions
A policyowner's guaranteed insurability rider lists the birth of a child as an alternate option date. What may the owner generally do on that date?
Answer and explanation
Answer: B. Guaranteed insurability riders may provide alternate option dates tied to events such as marriage or the birth or adoption of a child. On a listed date, the owner may buy the stated additional coverage without new evidence of insurability.Source: New York State Department of Financial Services — Life Insurance Information for Consumers — Optional Riders & Supplemental Benefits > Guaranteed Insurability
More policy riders, provisions, options, and exclusions questions
- A producer describes a term rider added to a permanent life policy. Which statement avoids overstating what the rider provides?
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- A return of premium rider is attached to a permanent life policy. What does the rider add to the amount payable at the insured's death?
- A scheduled-premium life policy's grace period expires without payment, and no nonforfeiture or automatic-loan protection continues coverage. What follows?
- A terminally ill insured accelerates part of a policy's death benefit. What should the beneficiary expect at the insured's later death?
- A Texas individual life premium is overdue, but the insured dies during the policy's usual 31-day grace period. What is the usual claim result?
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