Colorado Life Insurance Final Exam

Return of premium The life insurance rider that pays the face amount plus the total premiums paid into the policy is known as: Foreign or alien 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. Does a loan on the cash value of a life insurance policy accrue interest, and if so, how is the interest handled? Needs 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) A decreasing term life policy would be the most appropriate for: 30 days A producer or business entity shall report to the Commissioner any administrative action taken against the producer within: Assignment 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 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 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 Insurance producers must complete how many hours of continuing education each licensing period? Risk classification 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?