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Colorado Life Insurance Exam-Life Latest Update Actual Exam from Credible Sources with 75 Questions and Verified Correct Answers Golden Ticket to Guaranteed A+ Verified by Professor $20.49
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Colorado Life Insurance Exam-Life Latest Update Actual Exam from Credible Sources with 75 Questions and Verified Correct Answers Golden Ticket to Guaranteed A+ Verified by Professor
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Colorado Life Insurance Exam-Life Latest Update Actual Exam from Credible Sources with 75 Questions and Verified Correct Answers Golden Ticket to Guaranteed A+ Verified by Professor

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  • November 22, 2024
  • 9
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

  • colorado life insurance exam life latest update 20

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  • Colorado Life Insurance
  • Colorado Life Insurance

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Colorado Life Insurance Exam-Life Latest Update
2024-2025 Actual Exam from Credible Sources
with 75 Questions and Verified Correct Answers
Golden Ticket to Guaranteed A+ Verified by
Professor

A company purchases a life insurance policy on their manager, who is an important part
of the operation.
When an insured purchased a new home, the insured made an absolute assignment of
a life insurance policy to the mortgage company.
An insured couple purchases a life insurance policy insuring the life of their grandson.


these are all examples of what? - CORRECT ANSWER: third-party ownership of a life
policy


A licensee has met licensing qualifications for Life, Health, Property, and Casualty
insurance. How many separate licenses will the Department of Insurance issue? -
CORRECT ANSWER: 1


A man decided to purchase a $100,000 Annually Renewable Term Life policy to provide
additional protection until his children finished college. He discovered that his policy -
CORRECT ANSWER: Required a premium increase each renewal.


A producer is subject to criminal prosecution in another jurisdiction. Within what time
frame must the producer report this fact to the Commissioner? - CORRECT ANSWER:
within 30 days after the initial pre-trial hearing


A rider attached to a life insurance policy that provides coverage on the insured's family
members is called the - CORRECT ANSWER: other insured rider

, All insurers that terminate employment with a producer are required to notify the
Commissioner within how many days following the effective date of the termination? -
CORRECT ANSWER: 30 days


An applicant is denied insurance because of information found on a consumer report.
Which of the following requires that the insurance company supply the applicant with
the name and address of the consumer reporting company? - CORRECT ANSWER:
Fair Credit Reporting Act


An individual has just borrowed $10,000 from his bank on a 5-year installment loan
requiring monthly payments. What type of life insurance policy would be best suited to
this situation? - CORRECT ANSWER: Decreasing term


An individual with a legal interest in the continued life of the insured defines the principle
known as - CORRECT ANSWER: insurable interest


An insured and his wife are both involved in a head-on collision. The husband dies
instantly, and the wife dies 15 days later. The company pays the death benefit to the
estate of the insured. This indicates that the life insurance policy had what provision? -
CORRECT ANSWER: Common Disaster


An insured buys a 5-year level premium term policy with a face amount of $10,000. The
policy also contains renewability and convertibility options. When the insured renews
the policy in 5 years, what will happen to the premium? - CORRECT ANSWER: it will
increase because the insured will be 5 years older than when the policy was originally
purchased


An insured has had a life insurance policy that he purchased 3 years ago when he was
40 years old. He is killed in an automobile accident and it is discovered that he is
actually 45 years old, and not 43, as stated on the application. What will the company
do?` - CORRECT ANSWER: pay a reduced death benefit


An insured is diagnosed with cancer and needs help paying for her medical treatment
would qualify them for what kind of benefits? - CORRECT ANSWER: accelerated

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