XCEL Final Exam with
Verified QUESTIONS
AND ANSWERS
protect the public – ANSWERS
The primary reason that Colorado requires insurance producers to be licensed is to
ensure that claims filed against insolvent companies will be paid – ANSWERS
The purpose of Guaranty Fund is to
Collecting premiums and paying then to the insurance company – ANSWERS
Which of the following basics is a producer's fiduciary responsibility?
Writing primarily controlled business – ANSWERS
Which activity may result in suspension or revocation of a producer's license?
Certificates of authority – ANSWERS
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 – ANSWERS
If an annuity application was not taken in person, an insurer must provide the applicant
a Buyer's Guide
20k – ANSWERS
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 –
ANSWERS
All of the following are considered a form of advertisement Except
1 yr – ANSWERS
Under the suicide clause, a life insurance claim cannot be denied due to suicide after a
period of ___ from the policy's effective date.
24 – ANSWERS
Renewing a producer's license requires___hours of continued education every 2 years.
Verified QUESTIONS
AND ANSWERS
protect the public – ANSWERS
The primary reason that Colorado requires insurance producers to be licensed is to
ensure that claims filed against insolvent companies will be paid – ANSWERS
The purpose of Guaranty Fund is to
Collecting premiums and paying then to the insurance company – ANSWERS
Which of the following basics is a producer's fiduciary responsibility?
Writing primarily controlled business – ANSWERS
Which activity may result in suspension or revocation of a producer's license?
Certificates of authority – ANSWERS
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 – ANSWERS
If an annuity application was not taken in person, an insurer must provide the applicant
a Buyer's Guide
20k – ANSWERS
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 –
ANSWERS
All of the following are considered a form of advertisement Except
1 yr – ANSWERS
Under the suicide clause, a life insurance claim cannot be denied due to suicide after a
period of ___ from the policy's effective date.
24 – ANSWERS
Renewing a producer's license requires___hours of continued education every 2 years.
