Standard Provisions and Exclusions 2020

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Question 1 of 9

1. Question
Which of the following can be the insured on a life insurance policy?
- Corporation
- Charity
- Person
- Trust
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Question 2 of 9

2. Question
Which of the following is FALSE regarding the policyowner of a life insurance policy?
- The policyowner has the right to change the beneficiary.
- The policyowner is always the person whose life the policy depends on.
- The policyowner can be a corporation.
- The policyowner can be the beneficiary.
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Question 3 of 9

3. Question
In Utah, after the policy is delivered, how long does a life insurance policyowner have to look over and examine the policy (and receive a full premium refund if they decide not to keep the policy)?
- 5 days
- 10 days
- 15 days
- 20 days
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Question 4 of 9

4. Question
Louise forgot to pay her life insurance premium by the due date, and then died before the grace period expired. What will happen with the death benefit?
- No death benefit will be paid.
- The full death benefit will be paid.
- The death benefit will be paid minus three times the unpaid premium amount.
- The death benefit will be paid minus the premium due or overdue with interest.
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Question 5 of 9

5. Question
Harry identified himself as a female on his life insurance application, and the error was not caught until after Harry died. What will happen with the death benefit?
- No death benefit will be paid because of the error.
- The full death benefit will be paid because it was an accident.
- The death benefit will be determined by taking the premium actually paid into the policy and calculating how much death benefit it can purchase—considering the insured’s correct age and gender at the time of the application.
- The death benefit amount will be the sum of the premiums he paid on the policy.
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Question 6 of 9

6. Question
Once a policy has lapsed due to nonpayment of premium, which of the following is NOT required before a life insurance policy can be reinstated?
- The policyowner must notify the policy’s beneficiaries.
- The policyowner must pay all back premiums plus interest.
- The insured must prove insurability.
- The policyowner must apply in writing within three years of the policy lapse.
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Question 7 of 9

7. Question
Which of the following is NOT true regarding the entire contract provision on a life insurance policy?
- Once the policy/contract has been signed by both parties, it cannot be changed unless both parties agree.
- All obligations and rights of the parties must be stated in the entire contract.
- The entire contract includes the insurance policy and a copy of the application.
- State law prohibits a copy of the application from being attached to the policy. The original application must be attached to the policy to form the entire contract.
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Question 8 of 9

8. Question
Alice committed suicide about one year after the date her life insurance policy was issued. According to the suicide clause, what money (if any) will her beneficiaries receive?
- The beneficiaries will not receive anything.
- The beneficiaries will receive only the sum of the premiums that have been paid on the policy.
- The beneficiaries will receive 25% of the death benefit amount.
- The beneficiaries will receive the full death benefit amount, minus any unpaid premiums and accumulated interest.
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Question 9 of 9

9. Question
The policyowner has the right to assign the policy to a new owner for any reason as long as the policyowner
- does it within two years from the policy's date of issue.
- purchased the assignment rider.
- gets written permission from the insurer.
- notifies the insurer in writing.
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