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Life and Health Insurance Producer Exam

Policy provisions (IN): practice questions

Our Life & Health Insurance bank has 5 questions on this topic. Here are 5 of them with answers; the full mock exam draws from every topic, like the real one.

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Question 1 · Indiana

What grace periods must an Indiana individual accident and health policy give?

  1. At least 5 days if weekly and 45 for others
  2. At least 31 days for every premium mode
  3. At least 7 days if weekly, 10 if monthly, and 31 for others
  4. At least 10 days if weekly, 20 days if monthly, and 30 days for all other premium modes
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C. At least 7 days if weekly, 10 if monthly, and 31 for others — IC 27-8-5-3(a)(3).

Question 2 · Indiana

After how long in force during the insured's lifetime must an Indiana individual life policy become incontestable (except for nonpayment of premium)?

  1. One year from the date of issue
  2. Five years, or until age 65
  3. Three years from the date of the last reinstatement
  4. Two years from its date
Show the answer

D. Two years from its date — IC 27-1-12-6(a)(3).

Question 3 · Indiana

Under Indiana law, how long does a life insurance policyholder have to return a new individual policy for a full refund?

  1. 20 days
  2. 30 days, less a fee
  3. 3 days
  4. 10 days after receiving it
Show the answer

D. 10 days after receiving it — IC 27-1-12-43(b).

Question 4 · Indiana

How long does a buyer have to return an individual accident and health policy sold by an agent (not by direct response) in Indiana?

  1. 10 days from delivery
  2. 30 days from delivery, or 60 days for a policy sold by mail
  3. 20 days
  4. 7 days
Show the answer

A. 10 days from delivery — IC 27-8-5-20(a)(1) (30 days for direct response policies under (b)).

Question 5 · Indiana

How long a grace period must an Indiana individual life policy give for premiums after the first?

  1. 7 days after the premium due date
  2. At least 10 days, after written notice
  3. At least 60 days, with no interest charged on the premium
  4. At least 30 days
Show the answer

D. At least 30 days — IC 27-1-12-6(a)(2).

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