Colorado Life Insurance Final Exam 2024
Questions with 100% Correct Answers.
Gregory recently purchased a one-year term insurance policy. At the
end of the year, he can purchase an identical policy without having to
show proof of insurability. Why type of policy did he purchase?
Renewable term
Richard is thinking about transferring some of the ownership rights of
his policy to his brother Randy. What term is used for this type of
transfer? Assignment
Blake died 20 days after his group life insurance coverage was
terminated. He did not apply for individual coverage. Which of the
following is true? His beneficiary will receive the full death benefit.
Life insurance applications require a signature from A life insurance
application requires the agent, proposed insured, and the policy owner
if different from the insured to sign it.
Jeff has limited financial resources, but finds himself in a position where
he needs a good deal of protection. A __________would probably best
suit his needs at this time. Term policy
, On November 5, Zoe fills out an application for a life policy. On
November 6, the agent accepts the premium for the policy. The policy is
delivered on November 7. Which date does the Free Look period start?
November 7
Insurance producers must complete how many hours of continuing
education each licensing period? 24 hours
Jacob, James and Jonathan are triplets, and all applied for the same
type of insurance coverage at the same time. For James and Jonathan
the rates were the same. Jacob's rate was quite a bit higher. What is the
most likely reason for this difference? Risk classification
If the cash values of an annuity are invested in securities, it is a:
Variable annuity
If an agent were to publish literature that is false or maliciously critical
of another insurer calculated to injure a person engaged in the business
of insurance, the agent would be committing: Defamation
An agent has a fiduciary responsibility to all the following, EXCEPT:
Other agents
Alex's life policy lapsed, which Nonforfeiture option would the insurer
send him the value of the policy? Cash surrender
Questions with 100% Correct Answers.
Gregory recently purchased a one-year term insurance policy. At the
end of the year, he can purchase an identical policy without having to
show proof of insurability. Why type of policy did he purchase?
Renewable term
Richard is thinking about transferring some of the ownership rights of
his policy to his brother Randy. What term is used for this type of
transfer? Assignment
Blake died 20 days after his group life insurance coverage was
terminated. He did not apply for individual coverage. Which of the
following is true? His beneficiary will receive the full death benefit.
Life insurance applications require a signature from A life insurance
application requires the agent, proposed insured, and the policy owner
if different from the insured to sign it.
Jeff has limited financial resources, but finds himself in a position where
he needs a good deal of protection. A __________would probably best
suit his needs at this time. Term policy
, On November 5, Zoe fills out an application for a life policy. On
November 6, the agent accepts the premium for the policy. The policy is
delivered on November 7. Which date does the Free Look period start?
November 7
Insurance producers must complete how many hours of continuing
education each licensing period? 24 hours
Jacob, James and Jonathan are triplets, and all applied for the same
type of insurance coverage at the same time. For James and Jonathan
the rates were the same. Jacob's rate was quite a bit higher. What is the
most likely reason for this difference? Risk classification
If the cash values of an annuity are invested in securities, it is a:
Variable annuity
If an agent were to publish literature that is false or maliciously critical
of another insurer calculated to injure a person engaged in the business
of insurance, the agent would be committing: Defamation
An agent has a fiduciary responsibility to all the following, EXCEPT:
Other agents
Alex's life policy lapsed, which Nonforfeiture option would the insurer
send him the value of the policy? Cash surrender
