Laws & rules pertinent to life insurance EXAM Questions with 100% Correct
Answers | Verified | Updated (Actual Exam) 2025\2026
A producer must remit premiums to the insurer within ___ days after receipt.
10
15
30
45 - ✔✔45
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 - ✔✔Single premium whole life
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 - ✔✔Insured can determine benefit
amount
G takes out a life insurance policy on October 8, 2008. On August 3, 2009, G
takes his own life. When G's beneficiary files a claim,
the claim will be denied under the suicide provision
, the claim will be paid under the settlement provision
the premiums will be returned under the free-look provision
the benefit will double under the accidental death provision - ✔✔Claim will be
denied under suicide provision
If an annuity application was not taken in person, an insurer must provide the
applicant a Buyer's Guide
at the time of application
within 5 business days of the insurer receiving the application
at the time of policy issue
at the time of policy delivery - ✔✔Within 5 business days of insurer receiving
application
If an applicant for an annuity refuses to provide suitability information, the
producer should
obtain consent from the insurer to proceed
obtain the consumer's signed statement documenting his or her refusal to
provide suitability information
obtain consent from the Commissioner to proceed
cancel the application - ✔✔obtain the consumer's signed statement
documenting his or her refusal to provide suitability information
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
Answers | Verified | Updated (Actual Exam) 2025\2026
A producer must remit premiums to the insurer within ___ days after receipt.
10
15
30
45 - ✔✔45
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 - ✔✔Single premium whole life
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 - ✔✔Insured can determine benefit
amount
G takes out a life insurance policy on October 8, 2008. On August 3, 2009, G
takes his own life. When G's beneficiary files a claim,
the claim will be denied under the suicide provision
, the claim will be paid under the settlement provision
the premiums will be returned under the free-look provision
the benefit will double under the accidental death provision - ✔✔Claim will be
denied under suicide provision
If an annuity application was not taken in person, an insurer must provide the
applicant a Buyer's Guide
at the time of application
within 5 business days of the insurer receiving the application
at the time of policy issue
at the time of policy delivery - ✔✔Within 5 business days of insurer receiving
application
If an applicant for an annuity refuses to provide suitability information, the
producer should
obtain consent from the insurer to proceed
obtain the consumer's signed statement documenting his or her refusal to
provide suitability information
obtain consent from the Commissioner to proceed
cancel the application - ✔✔obtain the consumer's signed statement
documenting his or her refusal to provide suitability information
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
