XCEL FINAL EXAM QUESTIONS AND
ANSWERS
Certificates - ANSWER-Which of the following documents are NOT required to
mention the Colorado Fraud Statute?
30 - ANSWER-An insurer that terminates a producer's appointment must inform the
Commissioner within how many days?
100 hour pre licensing education - ANSWER-To be licensed to sell life, accident, and
health insurance in Colorado, an applicant must complete
When insurable interest exists - ANSWER-When is it appropriate for a producer's
spouse to be the primary beneficiary on an applicant's life insurance policy?
When insurable interest exists - ANSWER-Which situation allows the producer to
also be the beneficiary on a client's application for life insurance?
31 - ANSWER-A group life insurance policy holder must be given a grace period for
premium payment of how many days.
Complete a pre licensing examination - ANSWER-An applicant for a resident
insurance producer's license MUST meet which of the following requirements?
24 - ANSWER-A producer in Colorado must complete a minimum of ow many hours
of continuing education every 2 years?
Another producer who is licensed in the same line of insurance - ANSWER-A
producer may legally share commissions only with
A policy summary and buyer's guide - ANSWER-A producer who sells an individual
life insurance policy in Colorado MUST deliver to the policy owner...
180 days - ANSWER-A temporary license issued to an applicant for an insurance
license is valid for a maximum of how many days
representing a foreign insurance company - ANSWER-All of the following activities
may result in the revocation or suspension of a producer's license EXCEPT
Limited Lines Credit - ANSWER-Continuing education is required of individuals
licensed to sell which of the following types of insurance?
Life insurance - ANSWER-Continuing education requirements in Colorado apply to
which of the following persons?
Resident producers - ANSWER-Continuing education requirements in Colorado
apply to which of the following persons?
, 5k - ANSWER-If a producer knowingly violates the Unfair Trade Practices Laws of
Colorado, the Office of the Insurance commissioner may fine the producer a
MAXIMUM of which of the following amounts per violation?
is incorporated and formed in CO - ANSWER-In Colorado, a domestic insurance
company is defined as a company that
2 yrs - ANSWER-In Colorado, a producer's license must be renewed every
an insurance company - ANSWER-In Colorado, an individual producer is considered
to represent
enforce all laws of the state governing insurance companies and to make rules and
regulations relating to the business of insurance. - ANSWER-The duty of the
Commissioner of Insurance in Colorado is to
determine the solvency of the company - ANSWER-The insurance Commissioner
may examine the records of an insurance company in order to
protect the public - ANSWER-The primary reason that Colorado requires insurance
producers to be licensed is to
ensure that claims filed against insolvent companies will be paid - ANSWER-The
purpose of Guaranty Fund is to
Collecting premiums and paying then to the insurance company - ANSWER-Which
of the following basics is a producer's fiduciary responsibility?
Writing primarily controlled business - ANSWER-Which activity may result in
suspension or revocation of a producer's license?
Certificates of authority - ANSWER-According to the Colorado Fraud Statute, all of
the following must contain a warning against insurance fraud except
w/in 5 business days of the insurer receiving the application - ANSWER-If an annuity
application was not taken in person, an insurer must provide the applicant a Buyer's
Guide
20k - ANSWER-On June 1, 2004 G takes out a $20,000 Whole Life insurance policy
with an Accidental Death and Dismemberment rider. On July 15, 2005 G intentionally
overdoses on sleeping pills and takes her own life. What will G's beneficiary receive
as a death benefit?
Communication or materials used within an insurer's own organization - ANSWER-
All of the following are considered a form of advertisement Except
1 yr - ANSWER-Under the suicide clause, a life insurance claim cannot be denied
due to suicide after a period of ___ from the policy's effective date.
ANSWERS
Certificates - ANSWER-Which of the following documents are NOT required to
mention the Colorado Fraud Statute?
30 - ANSWER-An insurer that terminates a producer's appointment must inform the
Commissioner within how many days?
100 hour pre licensing education - ANSWER-To be licensed to sell life, accident, and
health insurance in Colorado, an applicant must complete
When insurable interest exists - ANSWER-When is it appropriate for a producer's
spouse to be the primary beneficiary on an applicant's life insurance policy?
When insurable interest exists - ANSWER-Which situation allows the producer to
also be the beneficiary on a client's application for life insurance?
31 - ANSWER-A group life insurance policy holder must be given a grace period for
premium payment of how many days.
Complete a pre licensing examination - ANSWER-An applicant for a resident
insurance producer's license MUST meet which of the following requirements?
24 - ANSWER-A producer in Colorado must complete a minimum of ow many hours
of continuing education every 2 years?
Another producer who is licensed in the same line of insurance - ANSWER-A
producer may legally share commissions only with
A policy summary and buyer's guide - ANSWER-A producer who sells an individual
life insurance policy in Colorado MUST deliver to the policy owner...
180 days - ANSWER-A temporary license issued to an applicant for an insurance
license is valid for a maximum of how many days
representing a foreign insurance company - ANSWER-All of the following activities
may result in the revocation or suspension of a producer's license EXCEPT
Limited Lines Credit - ANSWER-Continuing education is required of individuals
licensed to sell which of the following types of insurance?
Life insurance - ANSWER-Continuing education requirements in Colorado apply to
which of the following persons?
Resident producers - ANSWER-Continuing education requirements in Colorado
apply to which of the following persons?
, 5k - ANSWER-If a producer knowingly violates the Unfair Trade Practices Laws of
Colorado, the Office of the Insurance commissioner may fine the producer a
MAXIMUM of which of the following amounts per violation?
is incorporated and formed in CO - ANSWER-In Colorado, a domestic insurance
company is defined as a company that
2 yrs - ANSWER-In Colorado, a producer's license must be renewed every
an insurance company - ANSWER-In Colorado, an individual producer is considered
to represent
enforce all laws of the state governing insurance companies and to make rules and
regulations relating to the business of insurance. - ANSWER-The duty of the
Commissioner of Insurance in Colorado is to
determine the solvency of the company - ANSWER-The insurance Commissioner
may examine the records of an insurance company in order to
protect the public - ANSWER-The primary reason that Colorado requires insurance
producers to be licensed is to
ensure that claims filed against insolvent companies will be paid - ANSWER-The
purpose of Guaranty Fund is to
Collecting premiums and paying then to the insurance company - ANSWER-Which
of the following basics is a producer's fiduciary responsibility?
Writing primarily controlled business - ANSWER-Which activity may result in
suspension or revocation of a producer's license?
Certificates of authority - ANSWER-According to the Colorado Fraud Statute, all of
the following must contain a warning against insurance fraud except
w/in 5 business days of the insurer receiving the application - ANSWER-If an annuity
application was not taken in person, an insurer must provide the applicant a Buyer's
Guide
20k - ANSWER-On June 1, 2004 G takes out a $20,000 Whole Life insurance policy
with an Accidental Death and Dismemberment rider. On July 15, 2005 G intentionally
overdoses on sleeping pills and takes her own life. What will G's beneficiary receive
as a death benefit?
Communication or materials used within an insurer's own organization - ANSWER-
All of the following are considered a form of advertisement Except
1 yr - ANSWER-Under the suicide clause, a life insurance claim cannot be denied
due to suicide after a period of ___ from the policy's effective date.
