Laws & rules pertinent to life insurance EXAM Questions with 100% Correct Answers | Verified | Updated (Actual Exam)

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 - ANSWER-Insured can determine benefit
amount



Question: 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 - ANSWER-Single premium whole life



Question: 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 - ANSWER-The replacing insurer must maintain copies of all
records regarding the replacement for at least 5 years



Question: Which of the following words may be used in the advertisement of life
insurance or annuities?

Risk-free

Guaranteed

Investment

Savings - ANSWER-Guaranteed



Question: A producer must remit premiums to the insurer within ___ days after
receipt.

10

15

30

45 - ANSWER-45