All the following provisions are required in a cash-value life insurance policy EXCEPT which?

• A. Ownership.
• B. Nonforfeiture.
• C. Policy Loan.
• D. Grace Period.

Answer: (A)

The main idea is recognizing which provisions are standard protections built into cash-value life policies. In permanent policies with cash value, the contract typically must include a grace period (so a late premium doesn’t immediately lapse coverage), nonforfeiture provisions (to preserve any cash value if premiums stop, with options like cash surrender, reduced paid-up, or extended term), and a policy loan provision (allowing borrowing against the accumulated cash value). These elements are core protections required by policy forms and consumer protection standards.

Ownership, while always a concept in a life policy—the owner controls the policy and can name beneficiaries, borrow, etc.—is not treated as a separate required provision in the same way. The policy will designate an owner who may be the insured or another person, but there isn’t a distinct “ownership provision” mandated by law or standard forms like the grace period, nonforfeiture, and policy loan provisions are. That’s why ownership is the correct exception.