Policy Riders, Provisions, Options, and Exclusions
How long must the reinstatement period be under the uniform standards?
Answer and explanation
Answer: B. The uniform standards require the reinstatement period to be not less than three years from the date of lapse. The period is a stated minimum rather than an insurer's choice, and the shorter figures do not meet the standard.Source: Interstate Insurance Product Regulation Commission — Individual Term Life Insurance Policy Standards — Uniform standards, Reinstatement period
More policy riders, provisions, options, and exclusions questions
- An owner wants the original permanent insurance plan to continue for a smaller amount with no further premiums. Which nonforfeiture option fits?
- An owner wants to replace a named irrevocable beneficiary with someone else. What additional requirement applies?
- Does a grace period provision apply to the initial premium on a life policy?
- Flexible premium features in universal life policies allow the owner to perform which action?
- From what point does the period for returning a newly issued life policy for a full refund normally run?
- How does a cost of living (COLA) rider adjust policy coverage over time?
592 Georgia questions like this one.
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