Colorado Life Insurance Exam-Life Latest Update

Colorado Life Insurance Exam-Life Latest Update - with 75 Questions and Verified Correct Answers Golden Ticket to Guaranteed A+ Verified by Professor

A company purchases a life insurance policy on their manager, who is an important part of the operation.When an insured purchased a new home, the insured made an absolute assignment of a life insurance policy to the mortgage company.An insured couple purchases a life insurance policy insuring the life of their grandson.

these are all examples of what? - CORRECT ANSWER: third-party ownership of a life policy

A licensee has met licensing qualifications for Life, Health, Property, and Casualty insurance. How many separate licenses will the Department of Insurance issue? -

CORRECT ANSWER: 1

A man decided to purchase a $100,000 Annually Renewable Term Life policy to provide additional protection until his children finished college. He discovered that his policy -

CORRECT ANSWER: Required a premium increase each renewal.

A producer is subject to criminal prosecution in another jurisdiction. Within what time

frame must the producer report this fact to the Commissioner? - CORRECT ANSWER:

within 30 days after the initial pre-trial hearing

A rider attached to a life insurance policy that provides coverage on the insured's family

members is called the - CORRECT ANSWER: other insured rider

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All insurers that terminate employment with a producer are required to notify the Commissioner within how many days following the effective date of the termination? -

CORRECT ANSWER: 30 days

An applicant is denied insurance because of information found on a consumer report.Which of the following requires that the insurance company supply the applicant with

the name and address of the consumer reporting company? - CORRECT ANSWER:

Fair Credit Reporting Act

An individual has just borrowed $10,000 from his bank on a 5-year installment loan requiring monthly payments. What type of life insurance policy would be best suited to

this situation? - CORRECT ANSWER: Decreasing term

An individual with a legal interest in the continued life of the insured defines the principle

known as - CORRECT ANSWER: insurable interest

An insured and his wife are both involved in a head-on collision. The husband dies instantly, and the wife dies 15 days later. The company pays the death benefit to the estate of the insured. This indicates that the life insurance policy had what provision? -

CORRECT ANSWER: Common Disaster

An insured buys a 5-year level premium term policy with a face amount of $10,000. The policy also contains renewability and convertibility options. When the insured renews the policy in 5 years, what will happen to the premium? - CORRECT ANSWER: it will increase because the insured will be 5 years older than when the policy was originally purchased

An insured has had a life insurance policy that he purchased 3 years ago when he was 40 years old. He is killed in an automobile accident and it is discovered that he is actually 45 years old, and not 43, as stated on the application. What will the company

do?` - CORRECT ANSWER: pay a reduced death benefit

An insured is diagnosed with cancer and needs help paying for her medical treatment

would qualify them for what kind of benefits? - CORRECT ANSWER: accelerated

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