COLORADO LIFE INSURANCE FINAL EXAM
QUESTIONS WITH VERIFIED ANSWERS 2026
| Practice Questions | A+ Verified
• In Colorado, a life insurance applicant has __ days after policy delivery for a full refund
of premium if not satisfied for any reason. -✓✓15
• Which of the following is required for a life insurance lapse notice -✓✓Reason stated
why the policy will lapse
• To be valid, a group life insurance policy -✓✓May not be issued to a group formed
solely for the purpose of obtaining insurance.
• Colorado does not allow an insured to deny a life insurance claim due to Suicide after
the policy has been in force for one year -✓✓
• If an annuity application was not taken in person, An insurer must provide the
applicant a buyers guide -✓✓within 5 business days of the insurer receiving the
application
• Which of the following statement is correct regarding Insurable interest in a life
insurance contracts -✓✓A person generally is considered to have an unlimited
insurable interest in himself or herself
• Which of the following statements regarding the notice regarding replacement of life
insurance is correct -✓✓A copy of the notice must be signed by the applicant and
submitted with the application
• When is it appropriate for a producers spouse to be the primary beneficiary on an
applicant life insurance policy? -✓✓When insurable interest exists
• Interest on Life Insurance Proceeds -✓✓required if the claim was not paid within 30
days of the date insurer received the claim
• Employer non-contributory group life policies most allow for all of the following except
-✓✓Insured can determine the benefit amount
• When replacing an existing life insurance policy, the replacing insurer must notify the
existing insurer within -✓✓5 days
QUESTIONS WITH VERIFIED ANSWERS 2026
| Practice Questions | A+ Verified
• In Colorado, a life insurance applicant has __ days after policy delivery for a full refund
of premium if not satisfied for any reason. -✓✓15
• Which of the following is required for a life insurance lapse notice -✓✓Reason stated
why the policy will lapse
• To be valid, a group life insurance policy -✓✓May not be issued to a group formed
solely for the purpose of obtaining insurance.
• Colorado does not allow an insured to deny a life insurance claim due to Suicide after
the policy has been in force for one year -✓✓
• If an annuity application was not taken in person, An insurer must provide the
applicant a buyers guide -✓✓within 5 business days of the insurer receiving the
application
• Which of the following statement is correct regarding Insurable interest in a life
insurance contracts -✓✓A person generally is considered to have an unlimited
insurable interest in himself or herself
• Which of the following statements regarding the notice regarding replacement of life
insurance is correct -✓✓A copy of the notice must be signed by the applicant and
submitted with the application
• When is it appropriate for a producers spouse to be the primary beneficiary on an
applicant life insurance policy? -✓✓When insurable interest exists
• Interest on Life Insurance Proceeds -✓✓required if the claim was not paid within 30
days of the date insurer received the claim
• Employer non-contributory group life policies most allow for all of the following except
-✓✓Insured can determine the benefit amount
• When replacing an existing life insurance policy, the replacing insurer must notify the
existing insurer within -✓✓5 days
