Colorado Life & Health Insurance Exam Bundle

Traditional Whole Life - Answer -Ordinary (Straight) Life -Limited-Pay & Single-Premium Whole Life -Adjustable Whole Life Ordinary (Straight) Life - Answer -Until 100 or Death, whichever comes first -Permanent Protection -Rates & benefits based on law of large numbers (Mortality Rate) -Guar...

when does a certificate of authority expire - Answer June 30th when do you report administrative actions - Answer within 30 days Penalty for license denial, suspension, or revocation - Answer 3,000 Penalties for falsifying books/documents - Answer maximum fine of 5,000 and between 2-12 mont...

Return of premium - Answer The life insurance rider that pays the face amount plus the total premiums paid into the policy is known as: Foreign or alien - Answer What kind of company can the Commissioner file a complaint to enjoin and restrain from continuing violations of the insurance regulatio...

What is the purpose of the buyer's guide? - Answer To allow the consumer to compare the costs of different policies Traditional Whole Life - Answer -Ordinary (Straight) Life -Limited-Pay & Single-Premium Whole Life -Adjustable Whole Life Ordinary (Straight) Life - Answer -Until 100 or Death...

What is the maximum amount the commissioner can fine an insurer for each violation of a cease-and-desist order? - Answer $10,000 When appropriate the commissioner reports a violation of insurance law to - Answer The district attorney A company that has not been authorized to operate in Colorad...

What is the purpose of settlement options? - Answer They determine how death proceeds will be paid. The minimum interest rate on an equity indexed annuity is often based on - Answer An index like Standard & Poor's 500. The death benefit is $0 at the end of the policy term. The contract pays ...

Mandatory Uniform Provisions - Answer Must be included in every individual accident policy, no additional provisions may be included which otherwise restrict or modify a uniform provision, designed to protect the insured's interest Entire Contract Clause- Mandatory Uniform - Answer Includes the ...

Dividends payable to a policy owner are... - Answer declared by the insurance company. Which of these describe a participating insurance policy? a) policy owners are entitled to receive dividends b) policy owners pay assessments for company losses c) stock companies allow policy owners to sh...

Agent - Answer Agents are the agents of the insurer Producer - Answer Usually includes agents and brokers Applicant or proposed insured - Answer A person applying for insurance Consent - Answer permission to do something Insurable Interest - Answer The policy owner must face the possibil...