1
COLORADO LIFE INSURANCE FINAL EXAM
QUESTIONS AND ANSWERS I ALREADY
GRADED A+
Return of premium - correct-answer -The life insurance rider that pays the face
amount plus the total premiums paid into the policy is known as:
Foreign or alien - correct-answer -What kind of company can the Commissioner
file a complaint to enjoin and restrain from continuing violations of the insurance
regulations of Colorado?
Yes, the interest can be paid annually, or added to the loan. - correct-answer -Does
a loan on the cash value of a life insurance policy accrue interest, and if so, how is
the interest handled?
Needs - correct-answer -What approach calculates the amount of money a family
needs immediately upon the death of the insured to pay for their expenses and
basic necessities?
, 2
A 41 year old lawyer who wants a policy to pay his mortgage if he dies (decreasing
term life generally is used as mortgage insurance) - correct-answer -A decreasing
term life policy would be the most appropriate for:
30 days - correct-answer -A producer or business entity shall report to the
Commissioner any administrative action taken against the producer within:
Assignment - correct-answer -Richard is thinking about transferring some of the
ownership rights of his policy to his brother Randy. What term is used for this type
of transfer?
Term policy - correct-answer -Jeff has limited financial resources, but finds himself
in a position where he needs a good deal of protection. A __________would
probably best suit his needs at this time.
November 7 - correct-answer -On November 5, Zoe fills out an application for a
life policy. On November 6, the agent accepts the premium for the policy. The
policy is delivered on November 7. Which date does the Free Look period start?
, 3
Provide the person with an order of the hearing findings - correct-answer -If after
a hearing, the Commissioner finds that an infraction has occurred, he must:
The state - correct-answer -An insurance producer's license is at all times the
property of:
Waive an insured's premiums if he/she becomes disabled. - correct-answer -What
is the advantage of a Waiver of Premium provision in a life policy?
It provides a temporary waiver of premium if the person paying the premium dies.
- correct-answer -What is the advantage of a payor benefit rider?
Joint life - correct-answer -What type policy would pay the death benefits after
the first person dies, if it covers two or more lives?
Pay the death benefit. - correct-answer -Mr. Jones, the insured, committed suicide
after the expiration of the suicide clause in his life insurance policy. The insurer is
obligated to:
COLORADO LIFE INSURANCE FINAL EXAM
QUESTIONS AND ANSWERS I ALREADY
GRADED A+
Return of premium - correct-answer -The life insurance rider that pays the face
amount plus the total premiums paid into the policy is known as:
Foreign or alien - correct-answer -What kind of company can the Commissioner
file a complaint to enjoin and restrain from continuing violations of the insurance
regulations of Colorado?
Yes, the interest can be paid annually, or added to the loan. - correct-answer -Does
a loan on the cash value of a life insurance policy accrue interest, and if so, how is
the interest handled?
Needs - correct-answer -What approach calculates the amount of money a family
needs immediately upon the death of the insured to pay for their expenses and
basic necessities?
, 2
A 41 year old lawyer who wants a policy to pay his mortgage if he dies (decreasing
term life generally is used as mortgage insurance) - correct-answer -A decreasing
term life policy would be the most appropriate for:
30 days - correct-answer -A producer or business entity shall report to the
Commissioner any administrative action taken against the producer within:
Assignment - correct-answer -Richard is thinking about transferring some of the
ownership rights of his policy to his brother Randy. What term is used for this type
of transfer?
Term policy - correct-answer -Jeff has limited financial resources, but finds himself
in a position where he needs a good deal of protection. A __________would
probably best suit his needs at this time.
November 7 - correct-answer -On November 5, Zoe fills out an application for a
life policy. On November 6, the agent accepts the premium for the policy. The
policy is delivered on November 7. Which date does the Free Look period start?
, 3
Provide the person with an order of the hearing findings - correct-answer -If after
a hearing, the Commissioner finds that an infraction has occurred, he must:
The state - correct-answer -An insurance producer's license is at all times the
property of:
Waive an insured's premiums if he/she becomes disabled. - correct-answer -What
is the advantage of a Waiver of Premium provision in a life policy?
It provides a temporary waiver of premium if the person paying the premium dies.
- correct-answer -What is the advantage of a payor benefit rider?
Joint life - correct-answer -What type policy would pay the death benefits after
the first person dies, if it covers two or more lives?
Pay the death benefit. - correct-answer -Mr. Jones, the insured, committed suicide
after the expiration of the suicide clause in his life insurance policy. The insurer is
obligated to:
