Colorado Life Insurance Final Exam
Containing 95 Questions with Answers
A+ Score Guide
1. If an annuity application was not taken in person, an insurer must provide
the applicant a Buyer's Guide
a) at the time of application
b) within 5 days of the insurer receiving the application
c) at the time of policy issue
d) at the time of policy delivery
Answer: B) within 5 days of the insurer receiving the application
2. An incomplete life insurance application submitted to an insurer will result
in which of these actions?
a) application will be returned to the writing agent
b) application will be approved with restrictions
c) application will be pending until a MIB report is sent to the insurer
d) application will be automatically declined
Answer: A) application will be returned to the writing agent
3. An employee with $25,000 group term life coverage was recently fired.
,This employee's group coverage may be converted to a
,a) $125,000 individual whole life policy
b) $25,000 modified whole life policy
c) $25,000 individual term life policy
d) $25,000 individual whole life policy
Answer: D) $25,000 individual whole life policy
4. When an employee is terminated, which statement about a group term life
conversion is true?
a) employee must convert group term life coverage into an individual term life
policy
b) employee must provide evidence of insurability for conversion
c) policy proceeds will be paid if the employee dies during the conversion
period
d) policy proceeds will NOT be paid if the employee dies during the conversion
period
Answer: c) policy proceeds will be paid if the employee dies during the
conversion period
5. A(n) rider may be used to include coverage for children under their
parents' life insurance policy.
a) payor
b) term
c) conversion
d) parent
Answer: B) term
6. The automatic premium loan provision is designed to
, a) avoid a policy lapse
Containing 95 Questions with Answers
A+ Score Guide
1. If an annuity application was not taken in person, an insurer must provide
the applicant a Buyer's Guide
a) at the time of application
b) within 5 days of the insurer receiving the application
c) at the time of policy issue
d) at the time of policy delivery
Answer: B) within 5 days of the insurer receiving the application
2. An incomplete life insurance application submitted to an insurer will result
in which of these actions?
a) application will be returned to the writing agent
b) application will be approved with restrictions
c) application will be pending until a MIB report is sent to the insurer
d) application will be automatically declined
Answer: A) application will be returned to the writing agent
3. An employee with $25,000 group term life coverage was recently fired.
,This employee's group coverage may be converted to a
,a) $125,000 individual whole life policy
b) $25,000 modified whole life policy
c) $25,000 individual term life policy
d) $25,000 individual whole life policy
Answer: D) $25,000 individual whole life policy
4. When an employee is terminated, which statement about a group term life
conversion is true?
a) employee must convert group term life coverage into an individual term life
policy
b) employee must provide evidence of insurability for conversion
c) policy proceeds will be paid if the employee dies during the conversion
period
d) policy proceeds will NOT be paid if the employee dies during the conversion
period
Answer: c) policy proceeds will be paid if the employee dies during the
conversion period
5. A(n) rider may be used to include coverage for children under their
parents' life insurance policy.
a) payor
b) term
c) conversion
d) parent
Answer: B) term
6. The automatic premium loan provision is designed to
, a) avoid a policy lapse