Policy Riders, Provisions, Options, and Exclusions
What happens to life insurance proceeds if the primary beneficiary predeceases the insured, and a contingent beneficiary is named?
Answer and explanation
Answer: B. If no primary beneficiary survives the insured, proceeds are paid to the surviving contingent beneficiary.Source: IIPRC Application Standards — Beneficiary Order
More policy riders, provisions, options, and exclusions questions
- What is the main purpose of a life policy's free-look period?
- What is the primary operational objective of an automatic premium loan (APL) provision?
- What restriction applies to an owner who names an irrevocable beneficiary?
- What right does a guaranteed insurability rider (GIR) grant to the policyowner?
- What standard requirements must a policyowner satisfy to reinstate a lapsed life insurance policy?
- 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?
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