Under Conn. Gen. Stat. § 38a-436, a Connecticut applicant who receives a delivered individual life insurance policy generally has how long to examine it and return it for a full refund of premium if dissatisfied?
A. 10 days (the 'free look' right to examine period)
B. 30 days
C. 60 days
D. There is no statutory free look right in Connecticut
Source: Conn. Gen. Stat. § 38a-436
The grace period provision in a Connecticut life insurance policy exists primarily to:
A. Permit the insurer to cancel the policy immediately upon any missed premium due date
B. Waive all future premiums once invoked
C. Extend the incontestability period by an equal number of days
D. Allow the policyowner a set number of additional days after the premium due date to pay without the policy lapsing, with coverage remaining in force during that time
Source: Conn. Gen. Stat. §§ 38a-436, 38a-452
The incontestability clause in a standard life insurance policy provides that, after the policy has been in force for a specified period (typically two years) during the insured's lifetime, the insurer generally may not:
A. Increase the policy's premium
B. Contest the validity of the policy based on misstatements in the application, except for fraud in states that permit a fraud exception
C. Change the named beneficiary without consent
D. Require any further premium payments
Source: General insurance product knowledge (standard life policy provisions)
A standard life insurance policy's suicide clause typically provides that if the insured dies by suicide within a specified period after policy issue (commonly two years), the insurer will:
A. Pay the full death benefit with no limitation
B. Void the policy entirely and refund nothing
C. Deny the claim and keep all premiums paid without any payment
D. Limit payment to a refund of premiums paid, rather than the full death benefit
Source: General insurance product knowledge (standard life policy provisions)
Under Conn. Gen. Stat. § 38a-444, what does Connecticut law govern with respect to policy loans on a life insurance policy?
A. The minimum age at which a policy loan may first be requested
B. The maximum death benefit an insurer may issue
C. The interest rate that may be charged on a policy loan against the policy's cash value
D. Whether an insurer may issue term life insurance at all
Source: Conn. Gen. Stat. § 38a-444
