Exam (elaborations)
LIFE - COLORADO LAW EXAM QUESTIONS AND ANSWERS 2024
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LIFE - COLORADO LAW EXAM QUESTIONS AND ANSWERS 2024
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LIFE - COLORADO LAW EXAMA producer who procures a license for the principal purpose of obtaining
insurance for herself, her family members or employees is violating the
regulations concerning: - ANSWERS-Controlled business
Which of the following is correct regarding a producer's license? - ANSWERS-A
producer's license is perpetual, subject to payment of renewal fees and
continuing education
Which of the following accurately describes the ability of a licensed Colorado
resident producer to become licensed in other states? - ANSWERS-The producer
can get a non-resident license in all reciprocal states
What is the maximum time a Colorado producer's license may be issued for? -
ANSWERS-2 years
All of the following are true regarding the principle of indemnity EXCEPT: -
ANSWERS-Life insurance policies follow this principle
To renew your producer's license you must: - ANSWERS-Pay your fees and
complete 24 hours of CE by the end of your fourth year of being licensed
Replacement regulations are designed to protect whom? - ANSWERS-Consumers
, Regarding replacement, the new insurer must do all of the following EXCEPT: -
ANSWERS-Inform the existing insurer of the transaction, even if the "Statement"
is not returned by the applicant, or is returned unsigned
Insurers must determine whether a new life policy or annuity will replace existing
insurance by reviewing the "Statement" within how many days after receipt of
the application? - ANSWERS-5
All of the following would be prohibited use of a senior certification EXCEPT -
ANSWERS-Using a certification that has been accredited by the American National
Standards Institute (ANSI)
Colorado's Insurable Interest Act allows all of the following except: - ANSWERS-
Stranger-originated life insurance
Which type of insurer may pay dividends to policyholders? - ANSWERS-Mutual
You must be licensed to sell all of the following EXCEPT: - ANSWERS-Travel
accident
To obtain a Colorado producer's license as a nonresident, you must: - ANSWERS-
Have a similar license in your home state
You need an insurance license to sell all EXCEPT: - ANSWERS-Prepaid Legal
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