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Life and Health Insurance Producer Exam

Policy provisions (ME): practice questions

Our Life & Health Insurance bank has 6 questions on this topic. Here are 3 of them with answers; the full mock exam draws from every topic, like the real one.

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Question 1 · Maine

What is the minimum grace period for an individual health policy with monthly premiums in Maine?

  1. 31 days
  2. 7 days, as for weekly policies
  3. 45 days after notice
  4. 10 days
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D. 10 days — 24-A M.R.S. §2707.

Question 2 · Maine

A Maine life policy must become incontestable, except for nonpayment of premium, after it has been in force during the insured's lifetime for no more than how long?

  1. 3 years from the application date
  2. 2 years from the date of issue
  3. 5 years, or age 65 if sooner
  4. 1 year
Show the answer

B. 2 years from the date of issue — 24-A M.R.S. §2507.

Question 3 · Maine

What free-look period must an individual life policy delivered in Maine give the owner?

  1. 7 days from delivery, refunding the premium less a processing fee
  2. 20 days from the date of issue
  3. 10 days from delivery, with a premium refund
  4. 30 days from the application date
Show the answer

C. 10 days from delivery, with a premium refund — 24-A M.R.S. §2515-A(1).

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