COLORADO LIFE INSURANCE FINAL
EXAM 2026 LICENSE TEST PAPER
QUESTIONS ANSWERS GRADED A+
◉ Which life insurance policy combines permanent coverage with an
investment account? Answer: Universal Life
◉ Which policy allows the insured to adjust the premium and death
benefit? Answer: Universal Life
◉ Survivorship life insurance pays when: Answer: The second insured
dies
◉ Which rider allows accelerated payment if the insured becomes
critically ill? Answer: Accelerated Benefits
◉ Which rider provides extra coverage if the insured dies accidentally?
Answer: Accidental Death Rider
◉ Which provision prevents the insurer from contesting statements after
a period? Answer: Incontestability Clause
◉ The grace period allows the policyholder: Answer: Extra time to pay
a premium without lapse
◉ Which is a common policy exclusion? Answer: Death due to war
, ◉ The consideration clause refers to: Answer: Premium payment and
applicant representations
◉ Whole life insurance guarantees: Answer: Fixed premiums, death
benefit, and cash value
◉ Term insurance is best for: Answer: Short-term financial obligations
◉ Which type of policy builds cash value through fixed premiums?
Answer: Whole Life
◉ Universal life differs from whole life in that it: Answer: Has flexible
premiums and death benefit
◉ Variable life insurance: Answer: Allows investment in separate
accounts
◉ A suicide clause usually lasts: Answer: 2 years
◉ Accidental death benefit doubles: Answer: Only if death is accidental
◉ Waiver of premium rider: Answer: Waives premiums if insured
becomes disabled
EXAM 2026 LICENSE TEST PAPER
QUESTIONS ANSWERS GRADED A+
◉ Which life insurance policy combines permanent coverage with an
investment account? Answer: Universal Life
◉ Which policy allows the insured to adjust the premium and death
benefit? Answer: Universal Life
◉ Survivorship life insurance pays when: Answer: The second insured
dies
◉ Which rider allows accelerated payment if the insured becomes
critically ill? Answer: Accelerated Benefits
◉ Which rider provides extra coverage if the insured dies accidentally?
Answer: Accidental Death Rider
◉ Which provision prevents the insurer from contesting statements after
a period? Answer: Incontestability Clause
◉ The grace period allows the policyholder: Answer: Extra time to pay
a premium without lapse
◉ Which is a common policy exclusion? Answer: Death due to war
, ◉ The consideration clause refers to: Answer: Premium payment and
applicant representations
◉ Whole life insurance guarantees: Answer: Fixed premiums, death
benefit, and cash value
◉ Term insurance is best for: Answer: Short-term financial obligations
◉ Which type of policy builds cash value through fixed premiums?
Answer: Whole Life
◉ Universal life differs from whole life in that it: Answer: Has flexible
premiums and death benefit
◉ Variable life insurance: Answer: Allows investment in separate
accounts
◉ A suicide clause usually lasts: Answer: 2 years
◉ Accidental death benefit doubles: Answer: Only if death is accidental
◉ Waiver of premium rider: Answer: Waives premiums if insured
becomes disabled
