Ch 5(b) Riders

Front

All of the following are true about the waiver of premium income rider EXCEPT: Premiums are waived if the insured becomes totally disabled; There is a 6-month waiting period before benefits begin; The rider usually expires when the insured reaches age 65.

Back

If the insured is never able to return to work, the policy will be cancelled.

Front

In a policy insuring the life of a child, which of the following allows the premiums to be waived in the event of the death or disability of the person responsible for premium payments? Options: Payor benefit rider, Disability income rider, Waiver of premium rider, Guaranteed insurability rider

Back

Payor benefit rider

Front

What happens to the death benefit if a portion has already been paid out under an accelerated benefit rider?

Back

The benefit will be reduced by the amount already paid to the insured.

Front

An insured has a $100,000 policy with an Accidental Death Benefit Rider for double indemnity. If he dies in a car crash on his way to work due to a heart attack, how much will the insurer pay to the beneficiary?

Back

$100,000, the insured died from an illness, not an accident

Front

Which rider allows for the purchase of additional insurance at specified dates or events, without evidence of insurability?

Back

Guaranteed insurability

Front

The cost of living rider is intended to

Back

Adjust the death benefit for inflation

Front

Which of these policies can include a waiver for cost of insurance rider?
Options: Variable life, Universal life, Equity-index life, Whole life

Back

Universal life