Life Provisions, Premium Options, and Exclusions

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Chapters in this video

  1. 0:00 Life policy provisions and exam traps
  2. 0:58 Grace periods and reinstatement
  3. 2:11 Reading reinstatement deadlines
  4. 3:05 Assignments and benefit adjustments
  5. 4:21 Settlement and dividend options
  6. 4:50 Ratings, exclusions, and premium math
  7. 6:36 Rapid-fire exam recap

What this video covers

  • How a grace period can prevent a lapse, and how reinstatement restores an eligible policy after lapse
  • Which policy details control a reinstatement deadline, including the starting event, type of days, and whether the insurer must receive an item
  • Why incontestability does not restore lapsed coverage, excuse unpaid premiums, or erase exclusions
  • How absolute and collateral assignments differ, and why an assignment does not automatically change the beneficiary
  • How to calculate an adjusted benefit under a misstatement-of-age provision
  • How settlement options for death proceeds differ from dividend choices on participating policies
  • How a premium rating changes price while an exclusion changes coverage, including how to calculate an occupational rating

Read the full lesson, free

This video's complete written lesson is free to read in the CertFuel app, no signup wall. The complete Life and Health course also includes adaptive practice questions and spaced-repetition flashcards, available in Free Beta.

Read the Free Lesson → free · no signup wall