Policy Riders, Provisions, Options, and Exclusions
What does reinstatement do to an eligible lapsed life policy?
Answer and explanation
Answer: A. Reinstatement restores an eligible lapsed policy to premium-paying status. The owner generally must satisfy the policy's requirements, which may include overdue amounts, interest, and evidence of insurability.Source: Texas Department of Insurance — Life Insurance Guide — Policy lapses > What if my policy lapses?
More policy riders, provisions, options, and exclusions questions
- 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?
- A return of premium rider is attached to a permanent life policy. What does the rider add to the amount payable at the insured's death?
- A scheduled-premium life policy's grace period expires without payment, and no nonforfeiture or automatic-loan protection continues coverage. What follows?
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