Policy Riders, Provisions, Options, and Exclusions
What do the uniform standards say about restrictions on assigning a policy?
Answer and explanation
Answer: D. The uniform standards provide that the policy shall not include restrictions on the availability of policy assignments, except where restrictions are required to satisfy applicable laws or regulations. An outright bar, a universal consent requirement, and a universal approval requirement each go beyond what the standard permits.Source: Interstate Insurance Product Regulation Commission — Individual Term Life Insurance Policy Standards — Uniform standards, Assignment
More policy riders, provisions, options, and exclusions questions
- A policyowner exercises a long-term care rider on a life policy and receives benefits. What is the effect on the policy's death benefit?
- A policyowner wants disability protection on a flexible-premium universal life policy. Which rider most directly addresses the policy's recurring mortality charge?
- A policyowner wants level term coverage on a spouse under the owner's base life policy. Which rider is designed for that purpose?
- A policyowner's guaranteed insurability rider lists the birth of a child as an alternate option date. What may the owner generally do on that date?
- A producer describes a term rider added to a permanent life policy. Which statement avoids overstating what the rider provides?
- A proposed insured disclosed membership in the U.S. military on the application. Under the Compact standard, may the base policy exclude death solely as a result of war or military service?
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