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Life and Health Insurance Producer Exam

Policy provisions (RI): practice questions

Our Life & Health Insurance bank has 6 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 · Rhode Island

If a Rhode Island life policy has a suicide exclusion, what is the most it may run, and what is owed at minimum if suicide occurs in that period?

  1. 5 years from issue; half of the face amount, payable to the named beneficiary or estate
  2. 1 year from issue; no payment of any kind is owed
  3. 2 years from issue; a refund of premiums less dividends, debt and withdrawals
  4. 3 years from issue; the full face amount must be paid
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C. 2 years from issue; a refund of premiums less dividends, debt and withdrawals — R.I. Gen. Laws 27-4-6.2(b).

Question 2 · Rhode Island

An individual life policy must become incontestable after it has been in force during the insured's lifetime for:

  1. 2 years from issue, except for nonpayment of premium
  2. 5 years from issue, or 2 years if the insured was under age 18
  3. 1 year from the date the application was signed
  4. 3 years from issue, with no exceptions of any kind
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A. 2 years from issue, except for nonpayment of premium — R.I. Gen. Laws 27-4-6.2(a)(2).

Question 3 · Rhode Island

What grace period must an individual life policy (other than single premium or paid-up) provide after the first premium?

  1. 7 days
  2. 10 days
  3. 31 days or one month
  4. 60 days after the premium due date
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C. 31 days or one month — R.I. Gen. Laws 27-4-6.2(a)(1).

Question 4 · Rhode Island

What minimum grace period must an accident and sickness policy with monthly premiums provide?

  1. One full calendar month
  2. 10 days
  3. 31 days
  4. 7 days
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B. 10 days — R.I. Gen. Laws 27-18-3(a)(3).

Question 5 · Rhode Island

Under 27-4-10, when does a misstatement made in procuring a life policy make the policy void?

  1. Only if the matter misstated actually contributed to the event on which the policy became payable
  2. Never, once the free-look period has ended
  3. Always, if the misstatement appears anywhere on the application
  4. Whenever the misstatement was material to the insurer's decision to issue
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A. Only if the matter misstated actually contributed to the event on which the policy became payable — R.I. Gen. Laws 27-4-10.

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