Colorado Life Insurance Exam| Questions and Verified Answers|100% Correct (2023/2024)

Colorado Life Insurance Exam| Questions and Verified Answers|100% Correct (2023/2024) Q: If more than one beneficiary is named, who is the first in line? Answer: Primary Q: Application Answer: In life insurance, insurable interest must be present at the time of: Q: Over-funded life insurance policies where the proceeds are subject to taxation are called: Answer: MECs (Modified Endowment Contracts) Q: After what policy year of any life insurance policy, can suicide of the policyowner not be used as defense against the payment of benefits? Answer: First Q: In Colorado, what is the minimum number of individuals a group life policy will cover? Answer: 3 individuals Q: Which of the following is a duty of the Commissioner? Answer: Examining applications and issuing certificates of authority to insurance companies to transact insurance business Q: Dylan is looking at buying an equity-indexed life policy; it will likely be tied to: Answer: Dow Jones Industrial Average. Q: Who has the right to change the beneficiary on a life policy? Answer: The policyowner Q: What guarantees Jason the right to question the source and validity of consumer information used to rate a policy? Answer: Fair Credit Reporting Act Q: 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.