LAWS & RULES PERTINENT TO LIFE
INSURANCE EXAM QUESTIONS WITH 100%
CORRECT ANSWERS | VERIFIED | UPDATED
(ACTUAL EXAM) 2025\2026
Employer noncontributory group life policies must allow for all of the following EXCEPT
conversion privilege
insured can determine the benefit amount
insured can name a beneficiary
minimum participation requirements - CORRECT ANSWERS-Insured can determine
benefit amount
Colorado's replacement rules apply to all of the following types of insurance EXCEPT
1-year term
10-year term
20-year term
single premium whole life - CORRECT ANSWERS-Single premium whole life
Which of the following statements is true regarding the replacement of a life insurance
policy in Colorado?
The replacing insurer must maintain copies of all records regarding the replacement for
at least 5 years
The producer must maintain copies of all records regarding the replacement for at least
5 years
The insurer whose policy is being replaced must keep all records regarding the
replacement for at least 5 years
All parties must maintain copies of all records regarding the replacement for at least 10
years - CORRECT ANSWERS-The replacing insurer must maintain copies of all
records regarding the replacement for at least 5 years
, Which of the following words may be used in the advertisement of life insurance or
annuities?
Risk-free
Guaranteed
Investment
Savings - CORRECT ANSWERS-Guaranteed
A producer must remit premiums to the insurer within ___ days after receipt.
10
15
30
45 - CORRECT ANSWERS-45
Interest on life insurance proceeds is
required if the claim was not paid within 30 days of death
required if the claim was not paid within 30 days of the date insurer received the claim
8%
not required in this state - CORRECT ANSWERS-required if the claim was not paid
within 30 days of the date insurer received the claim
Which of the following statement is CORRECT regarding insurable interest in a life
insurance contract?
The beneficiary must have insurable interest in the insured at the time of death
If the beneficiary no longer has insurable interest in the insured during the contestable
period, the policy must be cancelled
A new beneficiary must be designated if the original beneficiary no longer has insurable
interest in the insured
A person generally is considered to have an unlimited insurable interest in himself or
herself - CORRECT ANSWERS-A person generally is considered to have an unlimited
insurable interest in himself or herself
INSURANCE EXAM QUESTIONS WITH 100%
CORRECT ANSWERS | VERIFIED | UPDATED
(ACTUAL EXAM) 2025\2026
Employer noncontributory group life policies must allow for all of the following EXCEPT
conversion privilege
insured can determine the benefit amount
insured can name a beneficiary
minimum participation requirements - CORRECT ANSWERS-Insured can determine
benefit amount
Colorado's replacement rules apply to all of the following types of insurance EXCEPT
1-year term
10-year term
20-year term
single premium whole life - CORRECT ANSWERS-Single premium whole life
Which of the following statements is true regarding the replacement of a life insurance
policy in Colorado?
The replacing insurer must maintain copies of all records regarding the replacement for
at least 5 years
The producer must maintain copies of all records regarding the replacement for at least
5 years
The insurer whose policy is being replaced must keep all records regarding the
replacement for at least 5 years
All parties must maintain copies of all records regarding the replacement for at least 10
years - CORRECT ANSWERS-The replacing insurer must maintain copies of all
records regarding the replacement for at least 5 years
, Which of the following words may be used in the advertisement of life insurance or
annuities?
Risk-free
Guaranteed
Investment
Savings - CORRECT ANSWERS-Guaranteed
A producer must remit premiums to the insurer within ___ days after receipt.
10
15
30
45 - CORRECT ANSWERS-45
Interest on life insurance proceeds is
required if the claim was not paid within 30 days of death
required if the claim was not paid within 30 days of the date insurer received the claim
8%
not required in this state - CORRECT ANSWERS-required if the claim was not paid
within 30 days of the date insurer received the claim
Which of the following statement is CORRECT regarding insurable interest in a life
insurance contract?
The beneficiary must have insurable interest in the insured at the time of death
If the beneficiary no longer has insurable interest in the insured during the contestable
period, the policy must be cancelled
A new beneficiary must be designated if the original beneficiary no longer has insurable
interest in the insured
A person generally is considered to have an unlimited insurable interest in himself or
herself - CORRECT ANSWERS-A person generally is considered to have an unlimited
insurable interest in himself or herself
