5 Questions
What does the Nonforfeiture Clause stipulate?
The insured party can receive full or partial benefits or a partial refund of premiums after a lapse due to nonpayment
What is the Coverage Grace Period?
Amount of time after the premium is due in which a policyholder can make a premium payment without coverage lapsing
What does the Loan Clause allow the policyholder to do?
Borrow a specified amount at a specified rate of interest from the issuing company by using the cash value of the policy as collateral
What is the Beneficiary Provision in an insurance policy?
An investment vehicle policy owner can name individuals as primary and secondary beneficiaries
What does the Policy Reinstatement Clause specify?
An insurance policy clause that states when coverage terms are reset after the insured files a claim
Test your knowledge of insurance fine-tuning with this quiz. Explore contract clauses, riders, and settlement options to understand beneficiary provisions and coverage grace periods.
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