Colorado Life Insurance Exam |
Questions and Verified Answers |
100% Correct ()
Question:
Becky is a 31 years old and knows she needs to start a retirement plan. She
currently works in a bakery and is worried about how inflation would affect
her retirement plan. Which annuity would be a good fit for her needs?
Answer:
Flexible premium deferred annuity
Question:
An insurance application is not complete unless it has:
Answer:
The signature of the insured (unless not an adult), and the agent.
Question:
Unauthorized practice of insurance is a:
Answer:
Class 1 Misdemeanor
,Question:
What type of premiums payment can employers deduct as an ordinary
business expense?
Answer:
Group
Question:
Riders covering additional insureds can be added to life policies and cover all
but which of the following?
Answer:
Younger siblings of the policyholder
Question:
All money received by a licensee is received in what type of capacity?
Answer:
Fiduciary
Question:
Which of the following statements is not true about the tax liabilities for
individual life insurance policies?
Answer:
Policy loans are taxable as income.
, Question:
What kind of contract pays an income to an insured until the insured dies?
Answer:
Life annuity
Question:
What unfair trade practice manipulates through the prospect of something
desirable?
Answer:
Coercion
Question:
All life insurance policies have a free look period of how many days?
Answer:
15 days
Question:
When an insurance producer recommends a suitable annuity product to a
customer, on what should the producer base their recommendation?
Answer:
Consumer's insurance needs and financial objectives
Questions and Verified Answers |
100% Correct ()
Question:
Becky is a 31 years old and knows she needs to start a retirement plan. She
currently works in a bakery and is worried about how inflation would affect
her retirement plan. Which annuity would be a good fit for her needs?
Answer:
Flexible premium deferred annuity
Question:
An insurance application is not complete unless it has:
Answer:
The signature of the insured (unless not an adult), and the agent.
Question:
Unauthorized practice of insurance is a:
Answer:
Class 1 Misdemeanor
,Question:
What type of premiums payment can employers deduct as an ordinary
business expense?
Answer:
Group
Question:
Riders covering additional insureds can be added to life policies and cover all
but which of the following?
Answer:
Younger siblings of the policyholder
Question:
All money received by a licensee is received in what type of capacity?
Answer:
Fiduciary
Question:
Which of the following statements is not true about the tax liabilities for
individual life insurance policies?
Answer:
Policy loans are taxable as income.
, Question:
What kind of contract pays an income to an insured until the insured dies?
Answer:
Life annuity
Question:
What unfair trade practice manipulates through the prospect of something
desirable?
Answer:
Coercion
Question:
All life insurance policies have a free look period of how many days?
Answer:
15 days
Question:
When an insurance producer recommends a suitable annuity product to a
customer, on what should the producer base their recommendation?
Answer:
Consumer's insurance needs and financial objectives
