COLORADO LIFE INSURANCE STUDY EXAM GUIDE
QUESTIONS AND ANSWERS 2025/2026
✔✔The policyowner - ✔✔Who has the right to change the beneficiary on a life policy?
✔✔Fair Credit Reporting Act - ✔✔What guarantees Jason the right to question the
source and validity of consumer information used to rate a policy?
✔✔Pay the death benefit based on the applicant's actual age. - ✔✔If an applicant states
their age is 30 on an application for life insurance, when they were actually 37, what is
the insurer likely to do?
✔✔A consent form must be signed by the applicant prior to the test. - ✔✔Which of the
following must happen before an HIV test is performed on an applicant?
✔✔Accelerated benefit rider - ✔✔Which rider on Diane's life policy will help her out
when she is confined to a nursing home with a terminal illness?
✔✔Accelerated benefits - ✔✔Life insurance death benefits that can be accessed tax-
free when the insured is still alive are called:
✔✔Discrimination abased on occupation - ✔✔Which of the following would NOT be
considered unfair discrimination?
✔✔Statement identifying preprinted sales materials - ✔✔All of the following must be
listed in the notice regarding replacement, EXCEPT:
✔✔30 days - ✔✔How many days does an insurance producer have to report to the
Commissioner any administrative action taken against them as well as any criminal
prosecution that occurs in another jurisdiction?
✔✔Representations - ✔✔When Jason filled out his application his statements had to be
______________ to be considered legal.
✔✔Survivorship life - ✔✔Phil and Sarah bought a life policy in which both are insured.
Sarah dies before Phil. If the policy pays the death benefit after Phil dies, it is a:
✔✔Consideration Clause - ✔✔The policyowner's obligation to pay the premium is the:
✔✔The entire contract - ✔✔The fact that the application is part of the policy is stated in:
✔✔Both the applicant and the producer - ✔✔Insurance producers must provide any
applicant who has existing policies with a written notice of the replacement regulations
which must be signed by:
, ✔✔12-month period - ✔✔A license is considered to be used for controlled business if
the total amount of premiums on controlled business would exceed the total amount of
premiums on all other insurance business during any:
✔✔Key person insurance - ✔✔The Beauty Shop Cosmetic Company purchases a life
insurance policy on Anna, the company's leading salesperson. Which business
continuation plan does this company have?
✔✔His beneficiary will receive the full death benefit. - ✔✔Blake died 20 days after his
group life insurance coverage was terminated. He did not apply for individual coverage.
Which of the following is true?
✔✔A life insurance application requires the agent, proposed insured, and the policy
owner if different from the insured to sign it. - ✔✔Life insurance applications require a
signature from
✔✔Settlement options - ✔✔The manner in which the proceeds of a life policy are
handled are specified in what provision?
✔✔For 2 years - ✔✔If a license is revoked, an insurance producer will not be eligible to
apply for a new license:
✔✔Guaranteed insurability - ✔✔The rider that you would pick if you want to be able to
add coverage in the future, without having to show proof of insurability:
✔✔2% - ✔✔From the date of death to the date of the claim settlement, the annual rate
of interest paid on death benefits is what percentage above the federal discount rate?
✔✔Renewability is the insurer's option. - ✔✔Jamie has a renewable term policy. Which
of the following is not an incorrect statement about this type of policy.
✔✔Application - ✔✔What is the biggest source of information used in underwriting?
✔✔Sex - ✔✔Which of the following factors does not influence the amount that an
individual receives as monthly income under Social Security?
✔✔January 22, after the statement of good health is signed, and the initial premium is
paid. - ✔✔On January 3, an application is submitted without the initial premium. The
insurer requires a medical exam, and it is completed on January 15. On January 20, the
insurer issued the policy standard, and the producer delivers it on January 22. When is
coverage effective?
QUESTIONS AND ANSWERS 2025/2026
✔✔The policyowner - ✔✔Who has the right to change the beneficiary on a life policy?
✔✔Fair Credit Reporting Act - ✔✔What guarantees Jason the right to question the
source and validity of consumer information used to rate a policy?
✔✔Pay the death benefit based on the applicant's actual age. - ✔✔If an applicant states
their age is 30 on an application for life insurance, when they were actually 37, what is
the insurer likely to do?
✔✔A consent form must be signed by the applicant prior to the test. - ✔✔Which of the
following must happen before an HIV test is performed on an applicant?
✔✔Accelerated benefit rider - ✔✔Which rider on Diane's life policy will help her out
when she is confined to a nursing home with a terminal illness?
✔✔Accelerated benefits - ✔✔Life insurance death benefits that can be accessed tax-
free when the insured is still alive are called:
✔✔Discrimination abased on occupation - ✔✔Which of the following would NOT be
considered unfair discrimination?
✔✔Statement identifying preprinted sales materials - ✔✔All of the following must be
listed in the notice regarding replacement, EXCEPT:
✔✔30 days - ✔✔How many days does an insurance producer have to report to the
Commissioner any administrative action taken against them as well as any criminal
prosecution that occurs in another jurisdiction?
✔✔Representations - ✔✔When Jason filled out his application his statements had to be
______________ to be considered legal.
✔✔Survivorship life - ✔✔Phil and Sarah bought a life policy in which both are insured.
Sarah dies before Phil. If the policy pays the death benefit after Phil dies, it is a:
✔✔Consideration Clause - ✔✔The policyowner's obligation to pay the premium is the:
✔✔The entire contract - ✔✔The fact that the application is part of the policy is stated in:
✔✔Both the applicant and the producer - ✔✔Insurance producers must provide any
applicant who has existing policies with a written notice of the replacement regulations
which must be signed by:
, ✔✔12-month period - ✔✔A license is considered to be used for controlled business if
the total amount of premiums on controlled business would exceed the total amount of
premiums on all other insurance business during any:
✔✔Key person insurance - ✔✔The Beauty Shop Cosmetic Company purchases a life
insurance policy on Anna, the company's leading salesperson. Which business
continuation plan does this company have?
✔✔His beneficiary will receive the full death benefit. - ✔✔Blake died 20 days after his
group life insurance coverage was terminated. He did not apply for individual coverage.
Which of the following is true?
✔✔A life insurance application requires the agent, proposed insured, and the policy
owner if different from the insured to sign it. - ✔✔Life insurance applications require a
signature from
✔✔Settlement options - ✔✔The manner in which the proceeds of a life policy are
handled are specified in what provision?
✔✔For 2 years - ✔✔If a license is revoked, an insurance producer will not be eligible to
apply for a new license:
✔✔Guaranteed insurability - ✔✔The rider that you would pick if you want to be able to
add coverage in the future, without having to show proof of insurability:
✔✔2% - ✔✔From the date of death to the date of the claim settlement, the annual rate
of interest paid on death benefits is what percentage above the federal discount rate?
✔✔Renewability is the insurer's option. - ✔✔Jamie has a renewable term policy. Which
of the following is not an incorrect statement about this type of policy.
✔✔Application - ✔✔What is the biggest source of information used in underwriting?
✔✔Sex - ✔✔Which of the following factors does not influence the amount that an
individual receives as monthly income under Social Security?
✔✔January 22, after the statement of good health is signed, and the initial premium is
paid. - ✔✔On January 3, an application is submitted without the initial premium. The
insurer requires a medical exam, and it is completed on January 15. On January 20, the
insurer issued the policy standard, and the producer delivers it on January 22. When is
coverage effective?
