Policy Riders, Provisions, Options, and Exclusions
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?
Answer and explanation
Answer: B. For an excluded death, Compact standards require at least a refund of adjusted gross premiums or cash surrender value.Source: IIPRC Term Life Standards — § 3.J. Exclusions
More policy riders, provisions, options, and exclusions questions
- Which key details are summarized in the policy face page and insuring clause?
- Which life policy exclusion addresses death caused by hazards of the insured's specifically identified job?
- Which list contains common life insurance premium payment modes?
- Which party holds the exclusive right to borrow against policy cash values or request nonforfeiture options?
- Which premium mode results in the lowest total annual premium outlay for a life policy?
- Which statement about dividends on a participating whole life policy is correct?
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