Life Insurance Policy Provisions, Options, and Riders
What delay may an insurer impose on paying a policy loan on a fixed policy?
Answer and explanation
Answer: A. The deferral clause lets the insurer postpone a policy loan or a cash surrender for up to six months, with a loan to pay a premium on the same policy excepted. The ten day, thirty day and one year figures do not correspond to that clause.Source: PSI — New York DFS Insurance Candidate Information Bulletin — Outline, policy loans and delay
More life insurance policy provisions, options, and riders questions
- What restriction applies to an owner who names an irrevocable beneficiary?
- What right does a guaranteed insurability rider (GIR) grant to the policyowner?
- What role does proof of death play in a New York life claim?
- When an increasing term rider is added to a whole life policy to provide a return-of-premium death benefit, what does the total benefit equal at death?
- When does a spendthrift clause stop protecting proceeds from the beneficiary's creditors?
- Which beneficiary designation generally allows the owner to make a change without the beneficiary's consent?
621 New York questions like this one.
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