What is the function of an exclusionary rider?

An exclusionary rider functions by specifically excluding certain risks or conditions from being covered under a life insurance policy. This means that while the policy provides coverage for many situations, there are particular scenarios or health conditions that the insurer does not want to assume liability for, and these are explicitly detailed in the rider.

For example, if an individual has a pre-existing condition, the insurer may include an exclusionary rider to remove that condition from coverage. This is a way for insurance companies to manage risk and protect themselves against potential high claims related to certain excluded conditions.

In contrast, the other options describe different aspects of insurance policies. Offering additional benefits at no extra cost would indicate an enhancement to the policy rather than a limitation of risk, and providing broader coverage or enhancing coverage limits points to additional protections rather than exclusions. Thus, the role of the exclusionary rider is specifically to delineate what is not covered, making the answer "to exclude specific risks or conditions from coverage" accurately reflective of its purpose.