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COLORADO LIFE INSURANCE FINAL EXAM
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COLORADO LIFE INSURANCE FINAL EXAM
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COLORADO LIFE INSURANCE FINAL EXAMReturn 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:
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?
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?
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?
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?
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