Colorado Life Insurance Exam Questions And
Answers Verified 100% Correct
Which of the following statements about a Renewable Term policy is
CORRECT?
A.It is renewable at the option of the insurer.
B.It is renewable at the option of the insured.
C.It is renewable at the option of the insurer, with proof of insurability.
D.It is renewable at the option of the insured, with proof of
insurability. - ANSWER -B
An insurance producer takes an application for a life insurance policy
but does not collect the initial premium. On delivery of the policy to
the proposed insured, the producer must collect the initial premium
and which of the following?
A.A copy of the MIB report
B.The insured's signed statement of continued good health
C.A copy of the conditional receipt
,D.A copy of the temporary insurance agreement that covered the
period between the application date and the delivery date. - ANSWER
-B
Which of the following annuities would BEST suit the needs of a
35year-old factory worker who is concerned about inflation and wants
to establish a retirement plan?
A.A Single Premium Deferred Annuity
B.A Single Premium Immediate Annuity
C.A Level Premium Fixed Annuity
D.A Flexible Premium Variable Annuity - ANSWER -D
Under the Social Security Retirement Benefits, all of the following
factors will influence how much a retiring individual will receive as a
monthly income benefit EXCEPT the individual's:
A.age
B."primary insurance amount"
C."fully insured" or "currently insured" status
, D.sex - ANSWER -D
In life insurance, the Free Look provision begins on the:
A.effective date of coverage
B.policy delivery date
C.date of application
D.date that the insurer issues the policy - ANSWER -B
If an applicant for life insurance submits a completed application to a
producer without paying the first premium, coverage becomes
effective when the:
A.producer accepts the application
B.applicant successfully completes the medical examination
C.insurer approves the application
D.policy is delivered and the premium paid - ANSWER -D
Answers Verified 100% Correct
Which of the following statements about a Renewable Term policy is
CORRECT?
A.It is renewable at the option of the insurer.
B.It is renewable at the option of the insured.
C.It is renewable at the option of the insurer, with proof of insurability.
D.It is renewable at the option of the insured, with proof of
insurability. - ANSWER -B
An insurance producer takes an application for a life insurance policy
but does not collect the initial premium. On delivery of the policy to
the proposed insured, the producer must collect the initial premium
and which of the following?
A.A copy of the MIB report
B.The insured's signed statement of continued good health
C.A copy of the conditional receipt
,D.A copy of the temporary insurance agreement that covered the
period between the application date and the delivery date. - ANSWER
-B
Which of the following annuities would BEST suit the needs of a
35year-old factory worker who is concerned about inflation and wants
to establish a retirement plan?
A.A Single Premium Deferred Annuity
B.A Single Premium Immediate Annuity
C.A Level Premium Fixed Annuity
D.A Flexible Premium Variable Annuity - ANSWER -D
Under the Social Security Retirement Benefits, all of the following
factors will influence how much a retiring individual will receive as a
monthly income benefit EXCEPT the individual's:
A.age
B."primary insurance amount"
C."fully insured" or "currently insured" status
, D.sex - ANSWER -D
In life insurance, the Free Look provision begins on the:
A.effective date of coverage
B.policy delivery date
C.date of application
D.date that the insurer issues the policy - ANSWER -B
If an applicant for life insurance submits a completed application to a
producer without paying the first premium, coverage becomes
effective when the:
A.producer accepts the application
B.applicant successfully completes the medical examination
C.insurer approves the application
D.policy is delivered and the premium paid - ANSWER -D
