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Life and Health Insurance Producer Exam

Policy provisions (SC): practice questions

Our Life & Health Insurance bank has 9 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 · South Carolina

If replacement is involved, an individual life policy must let the policyholder return it within at least how many days of delivery?

  1. 20 days from delivery
  2. 60 days from the date of issue
  3. 31 days from delivery
  4. 10 days from delivery
Show the answer

A. 20 days from delivery — S.C. Code 38-63-220(b).

Question 2 · South Carolina

What is the minimum grace period for an individual A&H policy with monthly premiums?

  1. Thirty-one days
  2. Ten days
  3. Seven days
  4. Twenty days
Show the answer

B. Ten days — S.C. Code 38-71-340(3).

Question 3 · South Carolina

What is the minimum grace period that must be stated in an individual life insurance policy?

  1. 10 days
  2. One full calendar month
  3. 20 days
  4. 31 days
Show the answer

D. 31 days — S.C. Code 38-63-220(i).

Question 4 · South Carolina

What may a suicide provision in an individual life policy do?

  1. Limit payment for no more than two years from issue, returning at least premiums
  2. Limit payment for three years if the owner signs a separate acknowledgment form
  3. Exclude suicide for the life of the policy if stated on the face page
  4. Nothing; suicide must be paid in full after the first premium
Show the answer

A. Limit payment for no more than two years from issue, returning at least premiums — S.C. Code 38-63-225(A).

Question 5 · South Carolina

When does an individual life policy become incontestable as to statements in the application?

  1. After two years in force during the insured's lifetime
  2. After three years from the payment of the first full premium
  3. Only after the insured reaches age sixty-five
  4. After one year from the date of the application
Show the answer

A. After two years in force during the insured's lifetime — S.C. Code 38-63-220(d).

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