XCEL Solutions Colorado Life Insurance Final Exam questions with answers grade A+ material

XCEL Solutions Colorado Life Insurance Final Exam questions with answers grade A+ material XCEL Solutions Colorado Life Insurance Final Exam questions with answers grade A+ material When is the face amount of a Whole Life policy paid? - correct answer-When the insured dies or at the policy's maturity date, whichever happens first An IRA owner can start making withdrawals and NOT be subjected to a tax penalty beginning at what age? - correct answer-59 1/2 In an insurance contract, the insurer is the only party who makes a legally enforceable promise. What kind of contract is this? - correct answer-Unilateral Colorado's replacement rules apply to all of the following types of insurance EXCEPT - correct answerSingle premium whole life What type of life policy covers two people and pays upon the death of the last insured? - correct answerSurvivorship C is a key employee at ABC Incorporated. If a Key Employee life policy is purchased on her life, which of these statements would be true? - correct answer-ABC is the policy owner, C is the insured, and ABC is the beneficiary A policyowner is able to choose the frequency of premium payments through what policy feature? - correct answer-Premium Mode Which of the following are Equity Indexed annuities typically invested in? - correct answer-S&P 500 An insurer that terminates a producer's appointment must inform the Commissioner within how many days? - correct answer-30 When does a Guaranteed Insurability Rider allow the insured to buy additional coverage? - correct answer-At future dates specified in the contract with no evidence of insurability required Which of these types of policies may NOT have the Automatic Premium Loan provision attached to it? - correct answer-Decreasing Term When recommending the purchase or exchange of an annuity, a producer must determine the suitability of the purchase by performing all of the following EXCEPT - correct answer-Determining the marital status of the applicant A producer license may be suspended or revoked if the producer is found to be engaging in - correct answer-Misrepresentation Which of these is an element of a Single Premium annuity? - correct answer-Lump-sum payment The commissioner may issue an emergency cease and desist order without a hearing for all of the following circumstances EXCEPT - correct answer-Writing controlled business The combination of Whole Life and _____ Term Insurance is referred to as a Family Income Policy - correct answer-Decreasing Who is NOT required to sign a life insurance application? - correct answer-Beneficiary Which type of life policy contains a monthly mortality charge as well as self-directed investment choices? - correct answer-Variable Universal Life Typically a life insurance death benefit is paid b