Life & Health Insurance — Life Policy Types & Riders flashcards
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Term, whole life, universal, variable, variable universal and indexed universal life; joint, survivorship, family, juvenile, credit and group life; and the main life riders, from waiver of premium to accelerated death benefits.
Learn deck · part of Life and health insurance producer licence (national portion) · written against: Life, accident and health concepts common to state producer exams; NAIC model provisions; federal law as of 2026; state law excluded. Updated 2026-10-10.
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What does term life insurance provide, and what happens if the insured outlives the term?Pure protection for a set period, with no cash value; if the insured is alive when the term ends, coverage stops and nothing is paid.Life Policy Types › Term
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Over the life of a 20-year level term policy, what stays level, and what happens if the owner renews after year 20?The death benefit and the premium stay level for the 20 years; a renewal after that is priced at the insured's attained age, so the premium jumps.Life Policy Types › Term
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A homeowner wants life coverage that shrinks as her mortgage balance is paid down. Which policy fits?Decreasing term: the face amount falls over the term while the premium usually stays level.Life Policy Types › Term
Example: mortgage protection and most credit life policies use it. -
Which kind of term coverage has a death benefit that rises over time, and how is it usually sold?Increasing term, whose face amount grows by a set amount or percentage; it is usually sold as a rider, such as a cost of living or return-of-premium rider.Life Policy Types › Term
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What does a renewable term policy let the owner do when each term ends?Renew for another term without evidence of insurability, at a premium based on the insured's attained age.Life Policy Types › Term
Watch out: renewals usually stop at a maximum age stated in the policy. -
An insured becomes totally disabled. What does the waiver of premium rider do?It waives premiums while the total disability lasts, after a waiting period (commonly six months), usually refunding premiums paid during that wait.Life Riders
Watch out: the disability usually must begin before a stated age, such as 60 or 65. -
How does the payor benefit rider differ from waiver of premium?Payor benefit waives premiums when the payor, typically a parent paying for a child's policy, dies or becomes disabled; waiver of premium applies to the insured's own disability.Life Riders
Why: payor benefit usually lasts until the child reaches a set age, such as 21 or 25. -
What does a waiver of monthly deductions rider waive on a universal life policy?The monthly cost-of-insurance and expense charges while the insured is disabled, rather than a fixed premium.Life Riders
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Which rider pays an additional death benefit, often equal to the face amount, if death results from an accident?The accidental death benefit rider, often called double indemnity.Life Riders
Watch out: death usually must occur within a set time of the accident, such as 90 days on some riders; riders filed through the Interstate Compact must allow at least 180 days. -
A young client wants to buy more life insurance later even if her health declines. Which rider fits?The guaranteed insurability rider, which lets her buy additional coverage at set ages or life events, such as marriage or a birth, without evidence of insurability.Life Riders
Watch out: the options usually end at a stated age, often around 40.
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About these cards
Review status: Second-reader reviewed, with corrections applied.
Checked against:
- Variable-product items checked against SEC and FINRA investor publications on variable life insurance and the Securities Act of 1933; tax qualification items against IRC 7702 and 7702A; public domain U.S. government sources.
- Accidental death rider items checked against the Interstate Insurance Product Regulation Commission's accidental death benefit rider standards (2014, amended 2026); named, not quoted.
- General insurance principles written from author knowledge; no textbook, prep-course or question-bank text copied. National content only: state insurance law, fees and figures indexed yearly are excluded.
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Not insurance or legal advice. These cards cover the national portion of the producer licensing exam only. State insurance law and your state's exam content are not included; check your state's insurance department and its candidate handbook.
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