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Life and Health Insurance Producer Exam

Policy provisions (AZ): practice questions

Our Life & Health Insurance bank has 7 questions on this topic. Here are 4 of them with answers; the full mock exam draws from every topic, like the real one.

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Question 1 · Arizona

Under A.R.S. 20-1213, within what time after premium default must a lapsed life policy (not surrendered for cash) be reinstatable on application and proof of insurability?

  1. Six months, with interest not above ten percent compounded each year
  2. Three years, with interest not above six percent a year
  3. Five years, with interest at the insurer's current rate
  4. One year, with no interest charged on back premiums
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B. Three years, with interest not above six percent a year — A.R.S. 20-1213.

Question 2 · Arizona

After what period in force during the insured's lifetime must an Arizona life policy become incontestable (except for nonpayment of premium)?

  1. Three years from its date of issue
  2. Two years from its date of issue
  3. One year from its date of issue
  4. Five years from its date of issue
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B. Two years from its date of issue — A.R.S. 20-1204.

Question 3 · Arizona

Under the required A&H notice of claim provision, written notice must be given to the insurer within what time after a covered loss begins?

  1. One year from the date of loss
  2. Ninety days, with no extension allowed for any reason, even incapacity
  3. Seven days, or the claim is permanently barred
  4. Twenty days, or as soon thereafter as reasonably possible
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D. Twenty days, or as soon thereafter as reasonably possible — A.R.S. 20-1349(A).

Question 4 · Arizona

What grace period must an Arizona individual life insurance policy allow for premiums after the first?

  1. Ten days for monthly premiums and thirty-one days for all other premium modes
  2. Thirty days, or at the insurer's option one month of not less than thirty days
  3. Seven days, after which the policy lapses without any further notice
  4. Sixty days, during which coverage is suspended until the premium is paid
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B. Thirty days, or at the insurer's option one month of not less than thirty days — A.R.S. 20-1203.

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