← Policy Provisions – Life & Health Insurance License Exam

Free Policy Provisions – Life & Health Insurance License Exam Practice Test (2026)

150 questions · 180 min · 60% to pass

150 Questions · 180 Minutes · 60% to Pass

Question 1 of 5

Sample Questions

Question 1

What does the 'free look' or right to examine provision allow a policyholder to do?

Answer: It allows the policyholder to review a newly issued policy for a set period (typically 10–30 days) and return it for a full premium refund if not satisfied.

Question 2

What is the minimum grace period required for a health insurance policy with monthly premium payments?

Answer: 10 days. Policies with monthly premiums must provide at least a 10-day grace period after the premium due date before the policy lapses.

Question 3

What does the 'entire contract' provision in a life insurance policy require?

Answer: It requires that the policy, along with the attached application, constitutes the entire agreement between the insurer and the insured—no other documents can be incorporated by reference.

Question 4

What is the purpose of the reinstatement provision in a life insurance policy?

Answer: It gives the policyholder the right to restore a lapsed policy to active status by paying overdue premiums with interest and providing evidence of insurability, usually within 3–5 years.

Question 5

Under the incontestability clause, after how many years can an insurer generally no longer contest a life insurance policy for misrepresentation?

Answer: 2 years. After the policy has been in force for 2 years, the insurer cannot contest the policy's validity based on misstatements in the application, except in cases of fraud.