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FLA Health, Life And Annuity Practice Exam

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Which optional rider enables the policyowner to purchase additional amounts of coverage at predetermined times without proof of insurability?
Correct Answer:
Guaranteed Insurability Rider
Explanation:
Guaranteed insurability rider lets you buy extra life insurance at specific times or events without needing to prove health at those times. This option protects your ability to increase coverage later, even if your health has changed, and the new premiums are based on your age when you exercise the option and the amount you choose. There’s usually a cap on how much you can add at each chosen time. Other riders serve different purposes: annual renewable term renews coverage each year with potential underwriting at renewal, not a guaranteed future increase; waiver of premium simply waives premiums if you become disabled and doesn’t add coverage; accelerated death benefit lets you access part of the death benefit early due to a terminal illness, not buy more coverage.

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