COLORADO LIFE INSURANCE EXAM PREP QUESTIONS ANSWERS STUDY GUIDE VERIFIED
SOLUTION
Question:
Enforces.
Answer:
The Commissioner ______ laws and does not create them.
Question:
5 years.
Answer:
Every ____ years, a licensed insurer must be examined by the state commissioner.
Question:
Adverse selection.
Answer:
What is a major concern for Underwriters, especially during the open enrollment period?
Question:
Conversion privilege.
Answer:
Allows individual policy conversion upon plan group termination
Question:
Non-taxable.
,Answer:
Benefits are taxable or non-taxable (?) to employees.
Question:
20.
Answer:
Employers with ___ + employees are required to offer COBRA for up to 18 months after an
employee is terminated.
Question:
Master policy.
Answer:
In group health insurance a ______ type of policy is issued to the group sponsor.
Question:
Impairment rider.
Answer:
Temporary or permanent rider added to a policy that includes specific conditions which would
normally cause a policy to be declined.
Question:
Free Look Period.
Answer:
The period of time for the insured to look over a policy after it is issued (10 days for health
insurance, 15 for life)
Question:
, Class.
Answer:
The guaranteed renewable provision states that premiums can only be increased by _________.
Question:
Legal Actions Provision.
Answer:
The ___________ states that one has 60 days after proof of loss with a 2-year limit on certain
defenses.
Question:
Insurers.
Answer:
The insuring clause includes ____________'s promise to pay benefits.
Question:
Proof of loss provision.
Answer:
This provision states that the insured must provide proof of loss within 90 days, up to a 1-year
maximum.
Question:
elimination period.
Answer:
waiting period after a loss occurs before benefit period begins (30, 90 days, up to 1 year)
Question:
SOLUTION
Question:
Enforces.
Answer:
The Commissioner ______ laws and does not create them.
Question:
5 years.
Answer:
Every ____ years, a licensed insurer must be examined by the state commissioner.
Question:
Adverse selection.
Answer:
What is a major concern for Underwriters, especially during the open enrollment period?
Question:
Conversion privilege.
Answer:
Allows individual policy conversion upon plan group termination
Question:
Non-taxable.
,Answer:
Benefits are taxable or non-taxable (?) to employees.
Question:
20.
Answer:
Employers with ___ + employees are required to offer COBRA for up to 18 months after an
employee is terminated.
Question:
Master policy.
Answer:
In group health insurance a ______ type of policy is issued to the group sponsor.
Question:
Impairment rider.
Answer:
Temporary or permanent rider added to a policy that includes specific conditions which would
normally cause a policy to be declined.
Question:
Free Look Period.
Answer:
The period of time for the insured to look over a policy after it is issued (10 days for health
insurance, 15 for life)
Question:
, Class.
Answer:
The guaranteed renewable provision states that premiums can only be increased by _________.
Question:
Legal Actions Provision.
Answer:
The ___________ states that one has 60 days after proof of loss with a 2-year limit on certain
defenses.
Question:
Insurers.
Answer:
The insuring clause includes ____________'s promise to pay benefits.
Question:
Proof of loss provision.
Answer:
This provision states that the insured must provide proof of loss within 90 days, up to a 1-year
maximum.
Question:
elimination period.
Answer:
waiting period after a loss occurs before benefit period begins (30, 90 days, up to 1 year)
Question:
