Chapter 3: Policy Provisions, Riders, Options, and Exclusions Provisions Options Riders Rights and obligations Choices regarding a policy Add or modify coverage (REC) Provisions Riders Nonforfeiture Options Entire Contract Waiver of Premium Reduced Paid-up Insuring Clause Waiver of Premium with Extended Term Disability Income Consideration Cash Surrender Payor Benefit (juvenile Payment of Premium insurance) Grace Period Dividends and Dividend Accelerated (Living) Reinstatement (CRAPPO) Options Benefits Incontestability Cash Long Term Care o Misstatement of Age and Reduction of Premium Other Insureds/ Term Gender Accumulate at Interest Riders Rights Owner’s Paid-up Additions Accidental Death and/or Assignment Paid-up Insurance Accidental Death and Collateral o One-year Term Dismemberment Absolute o Guaranteed Insurability Free Look Settlement Options (CLIFF) Return of Premium Rider Exclusions Cash (Lump-sum) Suicide Life Income Policy Loan Interest Only Automatic Premium Loan Fixed-Period Installments Withdrawals or Partial Fixed-Amount Installments Surrenders
Chapter 3: Policy Provisions, Riders, Options, and Exclusions Provisions Options Riders Rights and obligations Choices regarding a policy Add or modify coverage Provisions Entire Contract Insuring Clause Consideration Payment of Premium Grace Period Reinstatement Incontestability Misstatement of Age and Gender Owner’s Rights Assignment o Collateral o Absolute Free Look Exclusions Suicide Policy Loan Automatic Premium Loan Withdrawals or Partial Surrenders Nonforfeiture Options (REC) Reduced Paid-up Extended Term Cash Surrender Dividends and Dividend Options (CRAPPO) Cash Reduction of Premium Accumulate at Interest Paid-up Additions Paid-up Insurance One-year Term Settlement Options (CLIFF) Cash (Lump-sum) Life Income Interest Only Fixed-Period Installments Fixed-Amount Installments Riders Waiver of Premium Waiver of Premium with Disability Income Payor Benefit (juvenile insurance) Accelerated (Living) Benefits o Long Term Care Other Insureds/ Term Riders Accidental Death and/or Accidental Death and Dismemberment Guaranteed Insurability Return of Premium Rider