Illinois Health Insurance Practice Exam

What feature is present in the Guaranteed Insurability Rider that gives the insured the ability to purchase additional insurance at specific intervals without proving insurability?

1. Promotion and enhancement of student academic, career, and social/emotional outcomes

2. Transfer of policy to another insurance company

3. Belief in the development of whole self, including a healthy balance of mental, social/emotional, and physical well-being

4. Option to purchase additional insurance

The correct answer is: Option to purchase additional insurance

The Guaranteed Insurability Rider is designed to provide the policyholder with the opportunity to purchase additional coverage at predetermined times, such as at certain ages or life events, without the need to provide evidence of insurability. This means that insured individuals can secure additional insurance regardless of changes in their health status at those specific intervals, making it a valuable feature for ensuring continuing protection as their needs evolve. The other options do not relate to the benefits of the Guaranteed Insurability Rider. For example, options that reference academic or personal development do not pertain to insurance policies, and the transfer of a policy to another insurance company is a separate concept related to policy portability, which is not a function of this rider's provisions. Thus, the option to purchase additional insurance distinctly identifies the main benefit of the Guaranteed Insurability Rider within a health insurance context.