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Colorado - Life Exam Study Guide Review Questions Containing 110 Terms with Certified Solutions 2024 $22.99
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Colorado - Life Exam Study Guide Review Questions Containing 110 Terms with Certified Solutions 2024. Terms like: Straight whole life, limited pay whole life, and modified premium whole life all have which one of the following characteristics in common? - Answer: premium amounts that are known in a...

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  • March 2, 2024
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Colorado - Life Exam




Colorado - Life Exam Study Guide
Review Questions Containing 110 Terms
with Certified Solutions 2024
Straight whole life, limited pay whole life, and modified premium whole life all
have which one of the following characteristics in common? - Answer: premium
amounts that are known in advance


Johnson Industries funds its workers' compensation program. It will use these
funds to pay employee's claims. What type of insurer is Johnson Industries? -
Answer: self-insurer

, Colorado - Life Exam




All of the following distributions from a qualified plan are exempt from the 10
percent penalty tax on premature distributions, EXCEPT: - Answer: distributions
made because the participant needs the funds to pay for homeowners insurance
premiums


Benefits paid through a life insurance policy's accelerated benefits rider: - Answer:
can be used for any purpose


If a variable universal life policyowner chooses death benefit option 3, what will
the benefit equal? - Answer: the policy's specified amount plus the greater of
total premiums paid or actual cash value


The new Colorado Insurance Commissioner takes very seriously his responsibility
for the execution of the insurance laws in the state. As Commissioner, he can be
expected to perform all of the following EXCEPT - Answer: establish policy
premiums


The human life value approach to determining life insurance needs is essentially
based on which of the following factors? - Answer: the applicant's estimated net
future earnings


Assuming they meet the age and financial dependency requirements, each parent
of a deceased worker is eligible to receive Social Security survivor benefits equal

, Colorado - Life Exam


to: - Answer: 75 percent of the worker's PIA if two parents are eligible, or 82.5
percent of the PIA if only one parent is eligible


As general rule, life insurance policy loans normally become available after a
policy has been in force: - Answer: 3 years


The owner of a deferred annuity normally has the right to do all of the following,
EXCEPT: - Answer: choose or change the income payout option before or after the
annuity starting date


Assuming no relation other than that stated, insurable interest exists in all of the
following situations EXCEPT: - Answer: peyton on his life coach


For which of the following types of life insurance is a cost-of-living (COL) rider
generally unnecessary and therefore unavailable? - Answer: universal life
insurance


Lisa is 72 years old and is thinking about purchasing a fixed deferred annuity to
hold the proceeds gained from the recent sale of her house. Which of the
following would suggest that this product may not be well-suited for Lisa? -
Answer: the annuity has a 10-year surrender charge period


Nicole, age ten, is the insured in a traditional "jumping juvenile" policy with a
$5,000 face amount. When she reaches age 21, what will most likely happen to
the policy's face amount? - Answer: it will increase to $25000

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