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Life and Health Insurance Producer Exam

Policy provisions (WI): 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 · Wisconsin

Within how many days after receipt may a policyholder return an individual disability policy (other than Medicare supplement or long-term care) for a full refund?

  1. 10 days
  2. 20 business days
  3. 7 days
  4. 31 days
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A. 10 days — Wis. Stat. 632.73(1).

Question 2 · Wisconsin

What minimum grace periods must a Wisconsin disability insurance policy provide for premiums after the first?

  1. 5 days weekly, 15 days monthly, and 45 days for all others
  2. 10 days weekly, 20 days monthly, and 30 days for all others
  3. 7 days weekly, 10 days monthly, and 31 days for all others
  4. 31 days for every premium mode, without exception
Show the answer

C. 7 days weekly, 10 days monthly, and 31 days for all others — Wis. Stat. 632.78.

Question 3 · Wisconsin

After individual disability coverage has been in effect for 2 years, what kind of application misstatement can still void the policy or deny a claim?

  1. An undisclosed doctor visit
  2. Fraudulent misrepresentation
  3. Any material misstatement of health
  4. A misstated occupation
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B. Fraudulent misrepresentation — Wis. Stat. 632.76(1).

Question 4 · Wisconsin

Within one year after an individual disability policy lapses for nonpayment, the insurer accepts a premium without reservation. What is the result?

  1. The policy is reinstated as of the date of acceptance
  2. A new policy issues with a fresh contestable period
  3. The policy is reinstated retroactive to the lapse date
  4. The insurer must refund it within 45 days of receipt
Show the answer

A. The policy is reinstated as of the date of acceptance — Wis. Stat. 632.74(1).

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