MI LIFE INSURANCE FINAL EXAM SCRIPT
2026 COMPLETE QUESTIONS AND
CORRECT ANSWERS
◉ Incontestability Clause.
Answer: After the contestability period ends, the insurer cannot
deny claims due to misstatements on the application.
◉ Reinstatement Clause.
Answer: Allows a lapsed policy to be reinstated within a certain time
frame (usually 3-5 years) if back premiums and proof of insurability
are provided.
◉ Suicide Clause.
Answer: If the insured dies by suicide within the first two years of
the policy, the insurer refunds premiums instead of paying the death
benefit.
◉ Waiver of Premium Rider.
Answer: Waives premium payments if the insured becomes totally
disabled.
2026 COMPLETE QUESTIONS AND
CORRECT ANSWERS
◉ Incontestability Clause.
Answer: After the contestability period ends, the insurer cannot
deny claims due to misstatements on the application.
◉ Reinstatement Clause.
Answer: Allows a lapsed policy to be reinstated within a certain time
frame (usually 3-5 years) if back premiums and proof of insurability
are provided.
◉ Suicide Clause.
Answer: If the insured dies by suicide within the first two years of
the policy, the insurer refunds premiums instead of paying the death
benefit.
◉ Waiver of Premium Rider.
Answer: Waives premium payments if the insured becomes totally
disabled.
