Colorado Life Insurance Final Exam Review
Questions with Correct Solutions 2023.
The life insurance rider that pays the face amount plus the total premiums paid
into the policy is known as: - Exact Answer Return of premium
What kind of company can the Commissioner file a complaint to enjoin and
restrain from continuing violations of the insurance regulations of Colorado? -
Exact Answer Foreign or alien
Does a loan on the cash value of a life insurance policy accrue interest, and if so,
how is the interest handled? - Exact Answer Yes, the interest can be paid
annually, or added to the loan.
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? - Exact
Answer Needs
A decreasing term life policy would be the most appropriate for: - Exact Answer
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 producer or business entity shall report to the Commissioner any administrative
action taken against the producer within: - Exact Answer 30 days
, Colorado Life Insurance Final Exam Review
Questions with Correct Solutions 2023.
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? - Exact Answer
Assignment
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. - Exact Answer Term policy
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? - Exact Answer November 7
Insurance producers must complete how many hours of continuing education
each licensing period? - Exact Answer 24 hours
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? - Exact Answer Risk classification
If the cash values of an annuity are invested in securities, it is a: - Exact Answer
Variable annuity
Questions with Correct Solutions 2023.
The life insurance rider that pays the face amount plus the total premiums paid
into the policy is known as: - Exact Answer Return of premium
What kind of company can the Commissioner file a complaint to enjoin and
restrain from continuing violations of the insurance regulations of Colorado? -
Exact Answer Foreign or alien
Does a loan on the cash value of a life insurance policy accrue interest, and if so,
how is the interest handled? - Exact Answer Yes, the interest can be paid
annually, or added to the loan.
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? - Exact
Answer Needs
A decreasing term life policy would be the most appropriate for: - Exact Answer
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 producer or business entity shall report to the Commissioner any administrative
action taken against the producer within: - Exact Answer 30 days
, Colorado Life Insurance Final Exam Review
Questions with Correct Solutions 2023.
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? - Exact Answer
Assignment
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. - Exact Answer Term policy
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? - Exact Answer November 7
Insurance producers must complete how many hours of continuing education
each licensing period? - Exact Answer 24 hours
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? - Exact Answer Risk classification
If the cash values of an annuity are invested in securities, it is a: - Exact Answer
Variable annuity
