Colorado Life Insurance Final Exam Containing 95 Questions and Answers A+ Score Guide

Colorado Life Insurance Final Exam
Containing 95 Questions and Answers
A+ Score Guide



What approach calculates the amount of money a family needs immediately upon t
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he death of the insured to pay for their expenses and basic necessi- ties?
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Answer> Needs 7b




1. A decreasing term life policy would be the most appropriate for
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Answer> A 41 year old lawyer who wants a policy to pay his mortgage if he dies (
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decreasing term life generally is used as mortgage insurance)
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2. A producer or business entity shall report to the Commissioner any admin-
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7b istrative action taken against the producer within
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Answer> 30 days 7b 7b




1
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3. Richard is thinking about transferring some of the ownership rights of his
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policy to his brother Randy. What term is used for this type of transfer?
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, would probably best suit his needs at this time.
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Answer> Term policy 7b 7b




5. On November 5, Zoe fills out an application for a life policy. On November
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6, the agent accepts the premium for the policy. The policy is delivered on No
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vember 7. Which date does the Free Look period start?
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Answer> November 7 7b 7b




6. Insurance producers must complete how many hours of continuing edu-
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7b cation each licensing period?
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Answer> 24 hours 7b 7b




7. Jacob, James and Jonathan are triplets, and all applied for the same type o
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f insurance coverage at the same time. For James and Jonathan the rates were
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7b the same. Jacob's rate was quite a bit higher. What is the most likely reason f
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or this difference?
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Answer> Risk classification 7b 7b




8. The life insurance rider that pays the face amount plus the total premiums
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paid into the policy is known as
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Answer> Return of premium 7b 7b 7b


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9. What kind of company can the Commissioner file a complaint to enjoin and r
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estrain from continuing violations of the insurance regulations of Colorado?-

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