COLORADO LIFE INSURANCE FINAL EXAM (ACTUAL
EXAM) LATEST 2024 WITH 250+ EXPERT CERTIFIED
QUESTIONS AND ANSWERS I ALREADY GRADED A+
30 days - ANSWERS-A producer or business entity shall report to the
Commissioner any administrative action taken against the producer within:
Assignment - ANSWERS-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?
Term policy - ANSWERS-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.
November 7 - ANSWERS-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?
24 hours - ANSWERS-Insurance producers must complete how many hours of
continuing education each licensing period?
Risk classification - ANSWERS-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?
,Variable annuity - ANSWERS-If the cash values of an annuity are invested in
securities, it is a:
Defamation - ANSWERS-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:
Other agents - ANSWERS-An agent has a fiduciary responsibility to all the
following, EXCEPT:
Cash surrender - ANSWERS-Alex's life policy lapsed, which Nonforfeiture option
would the insurer send him the value of the policy?
Variable universal life - ANSWERS-Investment risk is completely taken by the
policyowner is what type policy?
Return of premium - ANSWERS-The life insurance rider that pays the face amount
plus the total premiums paid into the policy is known as:
Foreign or alien - ANSWERS-What kind of company can the Commissioner file a
complaint to enjoin and restrain from continuing violations of the insurance
regulations of Colorado?
Yes, the interest can be paid annually, or added to the loan. - ANSWERS-Does a
loan on the cash value of a life insurance policy accrue interest, and if so, how is
the interest handled?
,Needs - ANSWERS-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?
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) - ANSWERS-A decreasing term
life policy would be the most appropriate for:
The value of nonforfeiture options may decrease. - ANSWERS-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?
Contributory - ANSWERS-What type group plan requires 75% participation?
Primary - ANSWERS-If more than one beneficiary is named, who is the first in line?
In life insurance, insurable interest must be present at the time of: - ANSWERS-
Application
MECs (Modified Endowment Contracts) - ANSWERS-Over-funded life insurance
policies where the proceeds are subject to taxation are called:
First - ANSWERS-After what policy year of any life insurance policy, can suicide of
the policyowner not be used as defense against the payment of benefits?
3 individuals - ANSWERS-In Colorado, what is the minimum number of individuals
a group life policy will cover?
, Examining applications and issuing certificates of authority to insurance
companies to transact insurance business - ANSWERS-Which of the following is a
duty of the Commissioner?
Dow Jones Industrial Average. - ANSWERS-Dylan is looking at buying an equity-
indexed life policy; it will likely be tied to:
The policyowner - ANSWERS-Who has the right to change the beneficiary on a life
policy?
Fair Credit Reporting Act - ANSWERS-What guarantees Jason the right to question
the source and validity of consumer information used to rate a policy?
Pay the death benefit based on the applicant's actual age. - ANSWERS-If an
applicant states their age is 30 on an application for life insurance, when they
were actually 37, what is the insurer likely to do?
A consent form must be signed by the applicant prior to the test. - ANSWERS-
Which of the following must happen before an HIV test is performed on an
applicant?
Accelerated benefit rider - ANSWERS-Which rider on Diane's life policy will help
her out when she is confined to a nursing home with a terminal illness?
Accelerated benefits - ANSWERS-Life insurance death benefits that can be
accessed tax-free when the insured is still alive are called:
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