Life Insurance Policy Provisions, Options, and Riders
An insured becomes totally disabled and holds a waiver of cost of insurance rider. When does the waiver ordinarily begin?
Answer and explanation
Answer: A. These riders impose an elimination period, typically six months of continuous total disability, after which the deductions are covered and charges taken during the wait are commonly restored. Coverage is not immediate and does not wait on an anniversary or another claim.Source: PSI — New York DFS Insurance Candidate Information Bulletin — Outline, waiver and waiting period
More life insurance policy provisions, options, and riders questions
- A child covered by a children's term rider reaches the age at which the cover ends. What is normally available?
- A cost of living rider is attached to a life policy. What does it do as an inflation index rises?
- A dividend declared happens to exceed the premium next falling due under this option. What ordinarily follows?
- A New York beneficiary asks the insurer to stop the owner from changing the designation. What is the position?
- A New York owner assigns a life policy as collateral for a loan. What does the assignment achieve?
- A payee elects a life income with a ten year period certain and dies in the eighth year. What does the insurer do?
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