LESSON 3: LIFE INSURANCE POLICIES, PROVISIONS, OPTIONS AND RIDERS

Section 3.9 Review

The free look provision for life insurance policies is ____ days from policy delivery.

	a)	5
	b)	7
	c)	10
	d)	14
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For life insurance policies for which the premiums are paid monthly, the grace period is:

	a)	no more than 14 days.
	b)	no less than 30 days.
	c)	no more than 31 days.
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Florida law requires an additional lapse notice be sent for individual life contracts that have been in force for at least one year and that cover persons:

	a)	60 years or older.
	b)	62 years or older.
	c)	64 years or older.
	d)	69 years or older.
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A new suicide exclusion goes into effect when a policy is reinstated.

	a)	True
	b)	False
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Florida law restricts an insurance company from charging a fixed rate higher than _____ annually on policy loans.

	a)	5%
	b)	7%
	c)	10%
	d)	12%
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The incontestable clause is typically ______ years.

	a)	one
	b)	two
	c)	three
	d)	four
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Under the accelerated death benefits provision, usually up to ______ of the policy's face value can be withdrawn.

	a)	25%
	b)	50%
	c)	75%
	d)	100%
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The suicide provision typically stipulates a ________ period of time in which the policy's death benefit will not be paid if the insured commits suicide.

	a)	one-year
	b)	two-year
	c)	three-year
	d)	four-year
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