Life exam Colorado

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What is the maximum penalty for habitual willful noncompliance with the fair credit reporting act?

$2,500

An insurer who frequently misses deadlines to respond to inquiries from the division of insurance may be fined for each violation as much as

$5,000

What is the waiting period on a Waiver of Premium rider in life insurance policies?

6 months

Which of the following is NOT true regarding notice regarding replacement

A copy must be sent to the existing insurer

Which of the following persons is required to hold a producer license?

A person who negotiates insurance contracts

To which of the following situations has replacement occurred?

A policyowner borrows 25% of their cash value to buy a new policy

Who can make a fully deductible contribution to a traditional IRA?

An individual not covered by an employer-sponsored plan who has earned income

Employer contributions made to a qualified plan

Are subject to vesting requirements

Which of the following is a feature of a variable annuity?

Benefit payment amounts are not guaranteed

Which of the following is an eligibility requirement for all SSDI benefits?

Have attained fully insured status

Which provision of a life insurance policy states the insurer's duty to pay benefits upon the death of the insured, and to whom the benefits will be paid?

Insuring clause

Twin brothers are starting a new business. They know it will take several years to build the business to the point that they can pay off the debt incurred in starting the business. What type of insurance would be the most affordable and still provide a death benefit should one of them die?

Joint Life

Which part of the insurance application would contain information regarding the cause of death of the applicants deceased relatives?

Medical information

The policy owner pays for her life insurance annually. Until now she has collected a non taxable dividend check each year. She has decided she would rather use the dividends to help pay her next premium. What option would allow her to do that?

Paid up addition

According to the Colorado fraud statutes, every licensed insurance company doing business in Colorado is required to do all EXCEPT

Pay a fee to the state of Colorado to protect the insurer against fraud

Which of the following is correct concerning taxation of premiums in a key person life insurance policy?

Premiums are not tax deductible as a business expense.

Which of the following determines the length of time that benefits will be received under the fixed amount settlement option?

Size of each installment

Group life insurance policies delivered in Colorado must contain all of the following EXCEPT

Statements on the application are considered warranties

Which of the following would help prevent A universal life policy from lapsing?

Target premium

All of the following employees may use a 403B plan for retirement EXCEPT

The CEO of a private corporation

The contract can be issued without an annuitant

The annuitant must be a natural person

Which is NOT true about beneficiary designations?

The beneficiary must have insurable interest in the insured.

All of the following are true of an annuity owner EXCEPT

The owner must be the party to receive benefits.

A lucky individual won the state lottery, so the state will be sending him a check each month for the next 25 years. What type of annuity products are they likely to use to provide these benefits?

a) Variable annuity

If a beneficiary wants a guarantee that benefits paid from principal and interest would be paid for a period of 10 years before being exhausted, what settlement option should the beneficiary select?

fixed period


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