Policy Riders, Provisions, Options, and Exclusions
Which list contains common life insurance premium payment modes?
Answer and explanation
Answer: D. Premium mode is the frequency of premium payment. Common modes include annual, semiannual, quarterly, and monthly payments.Source: New York State Department of Financial Services — Consumer Life Insurance FAQ — What premium mode should I choose when purchasing term life insurance?
More policy riders, provisions, options, and exclusions questions
- A permanent policyowner withdraws the entire available cash value. What may happen to the policy?
- A policy beneficiary designation reads 'my surviving children, per capita.' If one child predeceases the insured leaving two offspring, how are proceeds divided?
- A policy contains a war exclusion. Which document must be reviewed to determine whether a particular death falls within it?
- A policy insures Jordan's life, but Casey is the policyowner. Who generally controls beneficiary designations and permitted policy changes?
- A policy names one primary beneficiary and one contingent beneficiary. The primary beneficiary dies before the insured, but the contingent beneficiary survives the insured. Who receives the proceeds under the usual designation?
- A policyowner compares a cash-value withdrawal with a policy loan. Which distinction is generally accurate?
590 Texas questions like this one.
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