Policy Riders, Provisions, Options, and Exclusions
An insured and beneficiary die in quick succession, and the policy does not supply a different survival rule. What issue does a simultaneous-death rule resolve?
Answer and explanation
Answer: B. Simultaneous-death rules establish a survival requirement for property passing at death. The Uniform Simultaneous Death Act uses a default 120-hour survival rule to address simultaneous or rapidly successive deaths.Source: Uniform Law Commission — Simultaneous Death Act — Simultaneous Death Act summary: default 120-hour survival rule
More policy riders, provisions, options, and exclusions questions
- How does a cost of living (COLA) rider adjust policy coverage over time?
- How does a long-term care (LTC) rider attached to a life policy fund care expenses?
- If a cash-value policyowner stops paying premiums and selects the extended term nonforfeiture option, what coverage is provided?
- If a policy contains a valid underwriting-based hazardous occupation exclusion and the insured dies from that excluded hazard, what must the insurer refund at minimum?
- If a policy is delivered by mail, how can the insurer prove valid delivery for free-look tracking under Texas guidelines?
- If a traditional policy uses the amount-purchased method for a misstated age, what is adjusted?
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