Final answer:
Extended term is not a common life insurance policy rider; it's a nonforfeiture option. Automatic premium loan, waiver of premium, and accidental death are all commonly available riders that provide additional protections or amend policy terms.
Therefore, the correct answer is: option A) extended term
Step-by-step explanation:
A life insurance policy rider is an add-on to a basic life insurance policy that provides additional benefits or amends the terms of the policy. The options given are extended term, automatic premium loan, waiver of premium, and accidental death.
These are all fairly common riders except for extended term, which is not a rider but a nonforfeiture option that comes into play when a policyholder stops paying premiums; it allows the coverage to continue for a certain period as term insurance.
Riders such as automatic premium loan, waiver of premium, and accidental death are designed to offer policyholders additional protections or benefits. The automatic premium loan helps prevent the policy from lapsing by automatically borrowing against the cash value to pay premiums if the policyholder misses payments.
The waiver of premium rider forgives premium payments if the policyholder becomes disabled and unable to pay. The accidental death rider provides an additional benefit if the policyholder dies as a result of an accident.