Provisions

Maya and Grace are reviewing their new life insurance policy. They want to know: what exactly makes up the entire contract in a life insurance policy?

• Policy + Copy of Application

• Policy + Beneficiary Designation

• Policy + Premium Payment

• Policy + Insurer's Promise

Lily, Maya, and Aria are reviewing their new insurance policy. Can you help them figure out where the insuring clause is usually found?

• On the face page of the policy

• On the last page of the policy

• In the premium payment section

• In the exclusions section

Imagine Anika and Rohan are learning about insurance. What exciting promise does the insurer make in the insuring clause?

• To allow policy loans

• To adjust premiums based on age

• To provide a free look period

• To pay benefits specified in the contract

Aiden and Sophia want to make a deal! What must both of them provide to make their contract valid?

• Consideration

• A written agreement

• A beneficiary designation

• A grace period

Nora forgot to pay her insurance premium on time! Luckily, her policy has a grace period. What does this grace period help prevent for Nora?

• Misstatement of age or gender

• Immediate payment of premiums

• Unintentional lapse of the policy

• Changes to the policy without consent

Imagine Ava accidentally writes the wrong age or gender on her insurance application. What will happen next?

• The policyowner must pay a penalty

• The insurer denies all claims

• The premium or benefits are adjusted

• The policy is canceled

Imagine Aria just bought a life insurance policy! Which of the following rights does she have as the policyowner?

• Changing the grace period duration

• Naming and changing the beneficiary

• Adjusting the insurer's promise

• Modifying the exclusions

Abigail and Aiden are discussing life insurance. Abigail asks, "Hey Aiden, do you know what a collateral assignment is?" Can you help them out?

• A change in beneficiary designation

• A loan taken against the policy

• A partial and temporary transfer of policy ownership

• A permanent transfer of policy ownership

Evelyn and Ethan just bought new insurance policies! Can you help them remember how many days they have as a free look period to review their new policies?

• 30 days

• 15 days

• 10 days

• 5 days

Emma just realized her insurance policy has lapsed! What does she need to do to bring it back to life?

• Increase the premium payment frequency

• Provide a new application

• Change the beneficiary designation

• Pay all back due premiums plus interest