Laws & rules pertinent to life insurance Exam Questions With Complete Solutions.
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Course
COLORADO LIFE INSURANCE
Institution
COLORADO LIFE INSURANCE
Employer noncontributory group life policies must allow for all of the following EXCEPT
conversion privilege
insured can determine the benefit amount
insured can name a beneficiary
minimum participation requirements - Answer Insured can determine benefit amount
Colorado's replacement ...
Laws & rules pertinent to life insurance
Exam Questions With Complete
Solutions.
Employer noncontributory group life policies must allow for all of the following EXCEPT
conversion privilege
insured can determine the benefit amount
insured can name a beneficiary
minimum participation requirements - Answer Insured can determine benefit amount
Colorado's replacement rules apply to all of the following types of insurance EXCEPT
1-year term
10-year term
20-year term
single premium whole life - Answer Single premium whole life
Which of the following statements is true regarding the replacement of a life insurance policy in
Colorado?
The replacing insurer must maintain copies of all records regarding the replacement for at least 5 years
The producer must maintain copies of all records regarding the replacement for at least 5 years
The insurer whose policy is being replaced must keep all records regarding the replacement for at least 5
years
All parties must maintain copies of all records regarding the replacement for at least 10 years - Answer
The replacing insurer must maintain copies of all records regarding the replacement for at least 5 years
Which of the following words may be used in the advertisement of life insurance or annuities?
Risk-free
Guaranteed
Investment
, Savings - Answer Guaranteed
A producer must remit premiums to the insurer within ___ days after receipt.
10
15
30
45 - Answer 45
Interest on life insurance proceeds is
required if the claim was not paid within 30 days of death
required if the claim was not paid within 30 days of the date insurer received the claim
8%
not required in this state - Answer required if the claim was not paid within 30 days of the date insurer
received the claim
Which of the following statement is CORRECT regarding insurable interest in a life insurance contract?
The beneficiary must have insurable interest in the insured at the time of death
If the beneficiary no longer has insurable interest in the insured during the contestable period, the
policy must be cancelled
A new beneficiary must be designated if the original beneficiary no longer has insurable interest in the
insured
A person generally is considered to have an unlimited insurable interest in himself or herself - Answer
A person generally is considered to have an unlimited insurable interest in himself or herself
When a minor is designated as the sole primary beneficiary,
a guardian will be court-appointed in the event of a death claim
a contingent beneficiary must be named
the minor has immediate access to all proceeds upon death of the insured
it is known as a tertiary beneficiary - Answer A guardian will be court appointed in the event of a death
claim
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