100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Colorado Life Insurance Final Exam (1 Questions & 100% Verified Correct Answers with complete solutions (Latest update CA$11.48   Add to cart

Exam (elaborations)

Colorado Life Insurance Final Exam (1 Questions & 100% Verified Correct Answers with complete solutions (Latest update

 2 views  0 purchase

Colorado Life Insurance Final Exam (1 Questions & 100% Verified Correct Answers with complete solutions (Latest update

Preview 2 out of 7  pages

  • August 15, 2024
  • 7
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
All documents for this subject (257)
avatar-seller
topgradesdr
Colorado Life Insurance Final Exam
The life insurance rider that pays the face amount plus the total premiums paid into the policy is
known as: - ANS-Return of premium

What kind of company can the Commissioner file a complaint to enjoin and restrain from
continuing violations of the insurance regulations of Colorado? - ANS-Foreign or alien

Does a loan on the cash value of a life insurance policy accrue interest, and if so, how is the
interest handled? - ANS-Yes, the interest can be paid annually, or added to the loan.

What approach calculates the amount of money a family needs immediately upon the death of
the insured to pay for their expenses and basic necessities? - ANS-Needs

A decreasing term life policy would be the most appropriate for: - ANS-A 41 year old lawyer who
wants a policy to pay his mortgage if he dies (decreasing term life generally is used as
mortgage insurance)

A producer or business entity shall report to the Commissioner any administrative action taken
against the producer within: - ANS-30 days

Richard is thinking about transferring some of the ownership rights of his policy to his brother
Randy. What term is used for this type of transfer? - ANS-Assignment

Jeff has limited financial resources, but finds himself in a position where he needs a good deal
of protection. A __________would probably best suit his needs at this time. - ANS-Term policy

On November 5, Zoe fills out an application for a life policy. On November 6, the agent accepts
the premium for the policy. The policy is delivered on November 7. Which date does the Free
Look period start? - ANS-November 7

Insurance producers must complete how many hours of continuing education each licensing
period? - ANS-24 hours

Jacob, James and Jonathan are triplets, and all applied for the same type of insurance
coverage at the same time. For James and Jonathan the rates were the same. Jacob's rate was
quite a bit higher. What is the most likely reason for this difference? - ANS-Risk classification

If the cash values of an annuity are invested in securities, it is a: - ANS-Variable annuity

, If an agent were to publish literature that is false or maliciously critical of another insurer
calculated to injure a person engaged in the business of insurance, the agent would be
committing: - ANS-Defamation

An agent has a fiduciary responsibility to all the following, EXCEPT: - ANS-Other agents

Alex's life policy lapsed, which Nonforfeiture option would the insurer send him the value of the
policy? - ANS-Cash surrender

Investment risk is completely taken by the policyowner is what type policy? - ANS-Variable
universal life

Jennifer made an additional premium payment on her Adjustable Life policy. Which of the
following is not a way that her policy is affected by this payment? - ANS-The value of
nonforfeiture options may decrease.

What type group plan requires 75% participation? - ANS-Contributory

If more than one beneficiary is named, who is the first in line? - ANS-Primary

Application - ANS-In life insurance, insurable interest must be present at the time of:

Over-funded life insurance policies where the proceeds are subject to taxation are called: -
ANS-MECs (Modified Endowment Contracts)

After what policy year of any life insurance policy, can suicide of the policyowner not be used as
defense against the payment of benefits? - ANS-First

In Colorado, what is the minimum number of individuals a group life policy will cover? - ANS-3
individuals

Which of the following is a duty of the Commissioner? - ANS-Examining applications and issuing
certificates of authority to insurance companies to transact insurance business

Dylan is looking at buying an equity-indexed life policy; it will likely be tied to: - ANS-Dow Jones
Industrial Average.

Who has the right to change the beneficiary on a life policy? - ANS-The policyowner

What guarantees Jason the right to question the source and validity of consumer information
used to rate a policy? - ANS-Fair Credit Reporting Act

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller topgradesdr. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for CA$11.48. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

81113 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
CA$11.48
  • (0)
  Add to cart