Policy Riders, Provisions, Options, and Exclusions
What does an incontestability provision do once its period has run?
Answer and explanation
Answer: C. An incontestability provision closes off challenges to the validity of the contract after the stated period, with nonpayment of premium excepted, as section 627.455 states for Florida. It does not make every claim payable regardless of the policy's terms, does not restrict the owner's beneficiary rights, and does not displace the separate adjustment made where age was misstated.Source: Fla. Stat. § 627.455 — 627.455, Effect of incontestability
More policy riders, provisions, options, and exclusions questions
- 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 is a contingent beneficiary generally next in line to receive life insurance proceeds?
- Where is the insurer's fundamental obligation to pay the death benefit upon receipt of proof of death set forth?
- Which beneficiary designation generally allows the owner to make a change without the beneficiary's consent?
- Which condition does federal guidance describe for the terminal illness exclusion for accelerated death benefits?
- Which description best identifies the coverage supplied by a term rider?
589 Florida questions like this one.
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