COLORADO LIFE INSURANCE FINAL EXAM
STUDY GUIDE ACTUAL TESTED QUESTIONS
AND CORRECT ANSWERS VERIFIED
GRADED A+
⩥ The fact that the application is part of the policy is stated in:
Answer: the entire contract
⩥ The policyowner's obligation to pay the premium is the:
Answer: Consideration Clause
⩥ Phil and Sarah bought a life policy in which both are insured.
Sarah dies before Phil. If the policy pays the death benefit after
Phil dies, it is a:
Answer: Survivorship Life
⩥ When Jason filled out his application his statements had to be
_________ to be considered legal.
Answer: Representations
,⩥ How many days does an insurance producer have to report to
the Commissioner any administrative action taken against them
as well as any criminal prosecution that occurs in another
jurisdiction?
Answer: 30 days
⩥ All of the following must be listed in the notice regarding
replacement, EXCEPT:
Answer: statement identifying preprinted sales materials
⩥ Which of the following would NOT be considered unfair
discrimination?
Answer: Occupation
⩥ Life insurance death benefits that can be accessed tax-free
when the insured is still alive are called:
Answer: Accelerated Benefits
⩥ Which rider on Diane's life policy will help her out when she
is confined to a nursing home with a terminal illness?
Answer: Accelerated Benefit Rider
, ⩥ Which of the following must happen before an HIV test is
performed on an applicant?
Answer: a consent form must be signed by the applicant prior to
the test
⩥ If an applicant states their age is 30 on an application for life
insurance, when they were actually 37, what is the insurer likely
to do?
Answer: pay the death benefit based on the applicant's actual
age
⩥ What guarantees Jason the right to question the source and
validity of consumer information used to rate a policy?
Answer: Fair Credit Reporting Act
⩥ Who has the right to change the beneficiary on a life policy?
Answer: The policyowner
⩥ Dylan is looking at buying an equity-indexed life policy; it
will likely be tied to:
Answer: Dow Jones Industrial Average
STUDY GUIDE ACTUAL TESTED QUESTIONS
AND CORRECT ANSWERS VERIFIED
GRADED A+
⩥ The fact that the application is part of the policy is stated in:
Answer: the entire contract
⩥ The policyowner's obligation to pay the premium is the:
Answer: Consideration Clause
⩥ Phil and Sarah bought a life policy in which both are insured.
Sarah dies before Phil. If the policy pays the death benefit after
Phil dies, it is a:
Answer: Survivorship Life
⩥ When Jason filled out his application his statements had to be
_________ to be considered legal.
Answer: Representations
,⩥ How many days does an insurance producer have to report to
the Commissioner any administrative action taken against them
as well as any criminal prosecution that occurs in another
jurisdiction?
Answer: 30 days
⩥ All of the following must be listed in the notice regarding
replacement, EXCEPT:
Answer: statement identifying preprinted sales materials
⩥ Which of the following would NOT be considered unfair
discrimination?
Answer: Occupation
⩥ Life insurance death benefits that can be accessed tax-free
when the insured is still alive are called:
Answer: Accelerated Benefits
⩥ Which rider on Diane's life policy will help her out when she
is confined to a nursing home with a terminal illness?
Answer: Accelerated Benefit Rider
, ⩥ Which of the following must happen before an HIV test is
performed on an applicant?
Answer: a consent form must be signed by the applicant prior to
the test
⩥ If an applicant states their age is 30 on an application for life
insurance, when they were actually 37, what is the insurer likely
to do?
Answer: pay the death benefit based on the applicant's actual
age
⩥ What guarantees Jason the right to question the source and
validity of consumer information used to rate a policy?
Answer: Fair Credit Reporting Act
⩥ Who has the right to change the beneficiary on a life policy?
Answer: The policyowner
⩥ Dylan is looking at buying an equity-indexed life policy; it
will likely be tied to:
Answer: Dow Jones Industrial Average
