COLORADO
LIFE INSURANCE FINAL EXAM
(with 3 set Exams)
Each Exam Consist of 95 Multiple choice Questions with Answers
The Ultimate Study Guide to Pass Your Exam Without Breaking a Sweat
Inside, you'll get:
• Complete Exam Coverage —all the essential topics, laid out clearly and concisely.
• Real Tests —updated to match the latest exam format and difficulty.
• Insider Tips —learn from a seasoned pro, with strategies that give you a winning edge.
• Simplified Explanations —no jargon, no confusion—just clear, simple language.
• Be Exam-Ready —enter the exam room fully prepared and armed with the confidence to
succeed.
,TABLE OF CONTENTS
Colorado Life Insurance Final Exam set 1………………………………03
Colorado Life Insurance Final Exam set 2………………………………28
Colorado Life Insurance Final Exam set 3………………………………41
, Colorado Life Insurance Final Exam set 1
1. An agent gives a conditional receipt to a client for an insurance policy after
collecting the initial premium. When will the policy become effective?
a) when the policy is issued
b) the date of policy delivery
c) when the conditions of the receipt are met
d) the date the sales appointment was set
Answer: c) when the conditions of the receipt are met
2. In Colorado, a life insurance applicant has days after policy
delivery for a full refund of premium if not satisfied for any reason.
a) 10
b) 15
c) 20
d) 25
Answer: B) 15
3. Which type of contract liquidates an estate through recurrent payments?
a) universal life insurance
b) whole life insurance
c) annuity
d) 401(k)
Answer: c) annuity
4. Which is true concerning a Variable Universal Life policy?
a) policyowner controls where the investment will go and selects the amount
of the premium payment
b) policyowner has no say where the investment will go by can choose the
premium mode
c) the investment vehicle for this type of policy is held in the insurer's general
, portfoilo
d) the death benefit can vary but the policyowner has no say in the premium
amount paid
Answer: A) policyowner controls where the investment will go and selects the
amount of the premium payment
5. Which of the following words may be used in the advertisement of life
insurance or annuitites?
a) risk-free
b) guaranteed
c) investment
d) savings
Answer: B) guaranteed
6. Which of these are NOT an example of a Nonforfeiture option?
a) extended term
b) reduced paid-up
c) cash surrender
d) life income
Answer: D) life income
7. A Cost of Living rider gives the insured
a) tax incentives
b) monthly income
c) decreasing premiums
d) additional death benefits
Answer: D) additional death benefits
8. If an insurer is authorized to conduct business in another state and
wishes to conduct business in Colorado, it must
a) receive a certificate of authority from the Federal government
b) receive a certificate of authority from a reciprocal state
c) receive a certificate of authority from a bordering state
d) receive a certificate of authority from Colorado
LIFE INSURANCE FINAL EXAM
(with 3 set Exams)
Each Exam Consist of 95 Multiple choice Questions with Answers
The Ultimate Study Guide to Pass Your Exam Without Breaking a Sweat
Inside, you'll get:
• Complete Exam Coverage —all the essential topics, laid out clearly and concisely.
• Real Tests —updated to match the latest exam format and difficulty.
• Insider Tips —learn from a seasoned pro, with strategies that give you a winning edge.
• Simplified Explanations —no jargon, no confusion—just clear, simple language.
• Be Exam-Ready —enter the exam room fully prepared and armed with the confidence to
succeed.
,TABLE OF CONTENTS
Colorado Life Insurance Final Exam set 1………………………………03
Colorado Life Insurance Final Exam set 2………………………………28
Colorado Life Insurance Final Exam set 3………………………………41
, Colorado Life Insurance Final Exam set 1
1. An agent gives a conditional receipt to a client for an insurance policy after
collecting the initial premium. When will the policy become effective?
a) when the policy is issued
b) the date of policy delivery
c) when the conditions of the receipt are met
d) the date the sales appointment was set
Answer: c) when the conditions of the receipt are met
2. In Colorado, a life insurance applicant has days after policy
delivery for a full refund of premium if not satisfied for any reason.
a) 10
b) 15
c) 20
d) 25
Answer: B) 15
3. Which type of contract liquidates an estate through recurrent payments?
a) universal life insurance
b) whole life insurance
c) annuity
d) 401(k)
Answer: c) annuity
4. Which is true concerning a Variable Universal Life policy?
a) policyowner controls where the investment will go and selects the amount
of the premium payment
b) policyowner has no say where the investment will go by can choose the
premium mode
c) the investment vehicle for this type of policy is held in the insurer's general
, portfoilo
d) the death benefit can vary but the policyowner has no say in the premium
amount paid
Answer: A) policyowner controls where the investment will go and selects the
amount of the premium payment
5. Which of the following words may be used in the advertisement of life
insurance or annuitites?
a) risk-free
b) guaranteed
c) investment
d) savings
Answer: B) guaranteed
6. Which of these are NOT an example of a Nonforfeiture option?
a) extended term
b) reduced paid-up
c) cash surrender
d) life income
Answer: D) life income
7. A Cost of Living rider gives the insured
a) tax incentives
b) monthly income
c) decreasing premiums
d) additional death benefits
Answer: D) additional death benefits
8. If an insurer is authorized to conduct business in another state and
wishes to conduct business in Colorado, it must
a) receive a certificate of authority from the Federal government
b) receive a certificate of authority from a reciprocal state
c) receive a certificate of authority from a bordering state
d) receive a certificate of authority from Colorado
