Colorado Life Insurance Final Exam
Study Guide | Correctly Answered &
Rated A+ | Latest 2025/2026
What are outpatient departments? - Correct Answer - Departments in
healthcare facilities that provide medical services without requiring an
overnight stay.
What are home health services? - Correct Answer - Medical services
provided in a patient's home.
What are ambulatory surgical centers? - Correct Answer - Facilities
where surgical procedures are performed on an outpatient basis.
What are hospices? - Correct Answer - Facilities that provide care for
terminally ill patients, focusing on pain management and emotional
support.
What are kidney dialysis centers? - Correct Answer - Facilities that
provide treatment for patients with kidney failure, using dialysis to filter
waste and excess fluid from the blood.
What is paid-up? - Correct Answer - When a life insurance policy no
longer requires premium payments to remain active.
,What are paid-up additions? - Correct Answer - Additional amounts of
life insurance purchased using dividends, with no further premium
payments required.
What is a peril? - Correct Answer - A specific risk or cause of loss
covered by a property insurance policy.
What is personal property? - Correct Answer - Tangible property
(excluding land) that is movable, such as furniture, jewelry, electronics,
etc.
What is a policy? - Correct Answer - The contract issued by an insurance
company to the insured.
What is a policy loan? - Correct Answer - An advance made by a life
insurance company to a policy owner, secured by the cash value of the
policy.
Who is the policy owner? - Correct Answer - The person or party who
owns an individual insurance policy.
What is a policy period? - Correct Answer - The duration of time that a
policy is in force, from the effective date to the expiration date.
What is precertification? - Correct Answer - A requirement for health care
plans to approve certain medical procedures in advance.
What is a pre-existing condition? - Correct Answer - A medical problem
or illness that existed before applying for health care coverage.
,What is a preferred provider organization (PPO)? - Correct Answer - A
type of health plan where providers agree to discounted rates for an
insurance company.
What is an all-risk policy? - Correct Answer - A property insurance policy
that covers all causes of loss except those specifically excluded.
What is a named-peril policy? - Correct Answer - A property insurance
policy that covers only the risks specifically named in the policy.
What is a policyholder? - Correct Answer - The person who owns an
insurance policy and pays the premium.
What is a premium? - Correct Answer - Amount paid for insurance policy.
What is premium load? - Correct Answer - Deduction from life insurance
premium payment.
What is preventive care? - Correct Answer - Health services to prevent
illnesses.
What is a primary care physician? - Correct Answer - Selected doctor for
insured's primary care.
What is property damage (PD)? - Correct Answer - Physical damage to
property.
, What is a provider? - Correct Answer - Individual or facility providing
health services.
What is a provider network? - Correct Answer - Contracted doctors and
hospitals for HMO or PPO.
What is a rated policy? - Correct Answer - Policy with higher premium for
higher risk.
What is a refund? - Correct Answer - Money returned for overpayment or
unearned premium.
What is reinstatement? - Correct Answer - Process of putting a lapsed
policy back in force.
What is renewal? - Correct Answer - Continuation of policy after
expiration date.
What is rental reimbursement coverage? - Correct Answer - Auto
insurance coverage for rental car during repairs.
What are PPO provisions? - Correct Answer - Higher reimbursement for
in-network providers.
What happens if you go to providers outside the PPO network? - Correct
Answer - You pay more for your care.
What is a hospital? - Correct Answer - Facility licensed to provide health
care services.
Study Guide | Correctly Answered &
Rated A+ | Latest 2025/2026
What are outpatient departments? - Correct Answer - Departments in
healthcare facilities that provide medical services without requiring an
overnight stay.
What are home health services? - Correct Answer - Medical services
provided in a patient's home.
What are ambulatory surgical centers? - Correct Answer - Facilities
where surgical procedures are performed on an outpatient basis.
What are hospices? - Correct Answer - Facilities that provide care for
terminally ill patients, focusing on pain management and emotional
support.
What are kidney dialysis centers? - Correct Answer - Facilities that
provide treatment for patients with kidney failure, using dialysis to filter
waste and excess fluid from the blood.
What is paid-up? - Correct Answer - When a life insurance policy no
longer requires premium payments to remain active.
,What are paid-up additions? - Correct Answer - Additional amounts of
life insurance purchased using dividends, with no further premium
payments required.
What is a peril? - Correct Answer - A specific risk or cause of loss
covered by a property insurance policy.
What is personal property? - Correct Answer - Tangible property
(excluding land) that is movable, such as furniture, jewelry, electronics,
etc.
What is a policy? - Correct Answer - The contract issued by an insurance
company to the insured.
What is a policy loan? - Correct Answer - An advance made by a life
insurance company to a policy owner, secured by the cash value of the
policy.
Who is the policy owner? - Correct Answer - The person or party who
owns an individual insurance policy.
What is a policy period? - Correct Answer - The duration of time that a
policy is in force, from the effective date to the expiration date.
What is precertification? - Correct Answer - A requirement for health care
plans to approve certain medical procedures in advance.
What is a pre-existing condition? - Correct Answer - A medical problem
or illness that existed before applying for health care coverage.
,What is a preferred provider organization (PPO)? - Correct Answer - A
type of health plan where providers agree to discounted rates for an
insurance company.
What is an all-risk policy? - Correct Answer - A property insurance policy
that covers all causes of loss except those specifically excluded.
What is a named-peril policy? - Correct Answer - A property insurance
policy that covers only the risks specifically named in the policy.
What is a policyholder? - Correct Answer - The person who owns an
insurance policy and pays the premium.
What is a premium? - Correct Answer - Amount paid for insurance policy.
What is premium load? - Correct Answer - Deduction from life insurance
premium payment.
What is preventive care? - Correct Answer - Health services to prevent
illnesses.
What is a primary care physician? - Correct Answer - Selected doctor for
insured's primary care.
What is property damage (PD)? - Correct Answer - Physical damage to
property.
, What is a provider? - Correct Answer - Individual or facility providing
health services.
What is a provider network? - Correct Answer - Contracted doctors and
hospitals for HMO or PPO.
What is a rated policy? - Correct Answer - Policy with higher premium for
higher risk.
What is a refund? - Correct Answer - Money returned for overpayment or
unearned premium.
What is reinstatement? - Correct Answer - Process of putting a lapsed
policy back in force.
What is renewal? - Correct Answer - Continuation of policy after
expiration date.
What is rental reimbursement coverage? - Correct Answer - Auto
insurance coverage for rental car during repairs.
What are PPO provisions? - Correct Answer - Higher reimbursement for
in-network providers.
What happens if you go to providers outside the PPO network? - Correct
Answer - You pay more for your care.
What is a hospital? - Correct Answer - Facility licensed to provide health
care services.
