Laws & Rules Pertinent To Life Insurance Exam Questions with Correct Answers
| 100% Verified solutions
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 ÇÇInsured 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 ÇÇSingle 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
ÇÇThe 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 ÇÇGuaranteed
A producer must remit premiums to the insurer within days after receipt.
10
15
30
45 ÇÇ45
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 ÇÇrequired if the claim was not paid within 30 days of the date
insurer received the claim
| 100% Verified solutions
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 ÇÇInsured 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 ÇÇSingle 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
ÇÇThe 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 ÇÇGuaranteed
A producer must remit premiums to the insurer within days after receipt.
10
15
30
45 ÇÇ45
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 ÇÇrequired if the claim was not paid within 30 days of the date
insurer received the claim
