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Laws & rules pertinent to life insurance
EXAM Questions with 100% Correct
Answers | Verified | Updated (Actual Exam)
2025\2026
Employer noncontributory group life policies must allow for all of
the following EXCEPT
conversion privilege
insured can determine the benefit amount
insured can name a beneficiary
minimum participation requirements Ans: — Insured can
determine benefit amount
Colorado's replacement rules apply to all of the following types of
insurance EXCEPT
1-year term
10-year term
20-year term
single premium whole life Ans: — Single premium whole life
Which of the following statements is true regarding the
replacement of a life insurance policy in Colorado?
The replacing insurer must maintain copies of all records
regarding the replacement for at least 5 years
The producer must maintain copies of all records regarding the
replacement for at least 5 years
The insurer whose policy is being replaced must keep all records
regarding the replacement for at least 5 years
All parties must maintain copies of all records regarding the
replacement for at least 10 years Ans: — The replacing insurer
© 2025 All rights reserved
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must maintain copies of all records regarding the replacement for
at least 5 years
Which of the following words may be used in the advertisement of
life insurance or annuities?
Risk-free
Guaranteed
Investment
Savings Ans: — Guaranteed
A producer must remit premiums to the insurer within ___ days
after receipt.
10
15
30
45 Ans: — 45
Interest on life insurance proceeds is
required if the claim was not paid within 30 days of death
required if the claim was not paid within 30 days of the date
insurer received the claim
8%
not required in this state Ans: — required if the claim was not
paid within 30 days of the date insurer received the claim
Which of the following statement is CORRECT regarding insurable
interest in a life insurance contract?
The beneficiary must have insurable interest in the insured at the
time of death
If the beneficiary no longer has insurable interest in the insured
during the contestable period, the policy must be cancelled
© 2025 All rights reserved
Laws & rules pertinent to life insurance
EXAM Questions with 100% Correct
Answers | Verified | Updated (Actual Exam)
2025\2026
Employer noncontributory group life policies must allow for all of
the following EXCEPT
conversion privilege
insured can determine the benefit amount
insured can name a beneficiary
minimum participation requirements Ans: — Insured can
determine benefit amount
Colorado's replacement rules apply to all of the following types of
insurance EXCEPT
1-year term
10-year term
20-year term
single premium whole life Ans: — Single premium whole life
Which of the following statements is true regarding the
replacement of a life insurance policy in Colorado?
The replacing insurer must maintain copies of all records
regarding the replacement for at least 5 years
The producer must maintain copies of all records regarding the
replacement for at least 5 years
The insurer whose policy is being replaced must keep all records
regarding the replacement for at least 5 years
All parties must maintain copies of all records regarding the
replacement for at least 10 years Ans: — The replacing insurer
© 2025 All rights reserved
, 2 | Page
must maintain copies of all records regarding the replacement for
at least 5 years
Which of the following words may be used in the advertisement of
life insurance or annuities?
Risk-free
Guaranteed
Investment
Savings Ans: — Guaranteed
A producer must remit premiums to the insurer within ___ days
after receipt.
10
15
30
45 Ans: — 45
Interest on life insurance proceeds is
required if the claim was not paid within 30 days of death
required if the claim was not paid within 30 days of the date
insurer received the claim
8%
not required in this state Ans: — required if the claim was not
paid within 30 days of the date insurer received the claim
Which of the following statement is CORRECT regarding insurable
interest in a life insurance contract?
The beneficiary must have insurable interest in the insured at the
time of death
If the beneficiary no longer has insurable interest in the insured
during the contestable period, the policy must be cancelled
© 2025 All rights reserved
