review

misrepresentation

A false statement or lie

who is a third-party owner

A policyowner who is NOT the insured

date of medical exam

An individual applied for an insurance policy and paid the initial premium. The insurer issued a conditional receipt. Five days later the applicant had to submit to a medical exam. If the policy is issued, what would be the policy's effective date?

One-Year Term Option

Dividend option in which the policyowner uses the dividend as a single premium to purchase one-year term protection.

universal life option A

What policy would have an IRS required corridor or gap between the cash value and the death benefit?

insurable interest

an individual with the legal interest in the continued life of the insured defines the principle known as?

NOT a third-party ownership of a life insurance policy

an insured borrows money from the bank and makes a collateral assignment of a part of the death benefit to secure the loan

30,000

an insurer who willfully violates a single provision of an unfair trade practice regulation will be fined

producers in Colorado who intend to sell annuities are required to?

complete an initial 4-Hour annuity training course and then four hours of continuing education related to annuities every licensing period

if an annuitant dies before annuitization occurs what will the beneficiary receive

either the amount paid into the plan or the cash value of the plan whichever is the greater amount

lottery ticket 25 years?

immediate annuity. 25 year fixed. Distribution most suitable

Adhesion

insurance policies are not drawn up their negotiations and an insured has little to say about its Provisions what contract characteristic does this describe

parent buying life insurance policy on a child or the parent is a policy owner?

is considered third-party ownership and also business situations

an insured has a life insurance policy that requires him to only pay premiums for a specified number of years until the policy is paid up. what kind of policy is it

limited pay life

military service or War

name of the Clause that is included in a policy that limits or eliminates the death benefit if the insured dies as a result of war or while serving in the military

how often must insurance companies doing business in Colorado file financial statements to the commissioner?

once a year

a participating insurance policy may do?

pay dividends to the policy owner

a producers license suspended for non-compliance with continuing education requirements?

promptly returned your license to the commissioner

Policy Summary

provides specific information about the policy purchased, such as the premium and benefits.

which nonforfeiture option provides coverage for the longest period of time?

reduced paid-up

wife wants husband is beneficiary but wants to retain All rights of ownership

revocable beneficiary

children's Riders attached to Whole Life policies are usually issued as what type of insurance

term

under an extended term nonforfeiture option the policy cash value is converted to?

the same face amount as in the whole life policy

guaranteed insurability rider

this Rider is available to all insured with no additional premium

STOLI agreement

violate the principle of insurable Interest and are considered an unfair or deceptive practice and are prohibited in this state

25,000 dollars

what is the maximum civil penalty per violation if an unauthorized entity violates the Commissioners cease and desist order

return of Premium Rider

when an insured under a life insurance policy died the designated beneficiary received the face amount of the policy as well as a refund of all the premiums paid