Question

which provision allows a lapsed policy to be put back in force? * 1 point
replacement
incontestability
grace period
reinstatement
the beneficiary that will only receive money if the primary beneficiary dies * 1 point before the insured is known as
back up beneficiary
contingent beneficiary
revocable beneficiary
the beneficiary
what factors determine premium ? * 1 point
morbidity, interest, and risk.
mortality, expense, and investments.
mortality, interest, and gross premium
net premium, risk, and expense

Explanation:

1. For the first question: Reinstatement is the specific provision that lets a lapsed policy be reinstated. Replacement is getting a new policy, incontestability limits insurer challenges, and grace period is extra time to pay premiums.
2. For the second question: A contingent beneficiary (also called backup) only receives funds if the primary beneficiary passes before the insured. The marked answer is incorrect; the correct term is contingent beneficiary, which matches the definition provided.
3. For the third question: Insurance premiums are determined by mortality (risk of death), expense (insurance company costs), and investment returns (insurer's ability to grow funds). The marked answer is correct.

Answer:

1. reinstatement
2. Contingent beneficiary
3. Mortality, expense, and investments.