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Life and Health Insurance Producer Exam

Replacement (CO): practice questions

Our Life & Health Insurance bank has 4 questions on this topic. Here are 3 of them with answers; the full mock exam draws from every topic, like the real one.

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Question 1 · Colorado

A Colorado producer takes a life application, and the signed statement shows the applicant has NO existing policies or annuities. What remains of the producer's replacement duties?

  1. The producer must still read the replacement notice aloud
  2. The producer must still deliver a policy summary to the insurer
  3. None; the producer's replacement duties are complete
  4. The producer must notify every insurer the applicant names
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C. None; the producer's replacement duties are complete — 3 CCR 702-4-1-4, sec. 5.A.

Question 2 · Colorado

When existing coverage exists, by when must a Colorado producer present and read the replacement notice to the applicant?

  1. Within 10 days after the policy is delivered to the applicant
  2. No later than when the application is taken
  3. Only when the existing insurer requests it
  4. Before the first premium on the new policy is due
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B. No later than when the application is taken — 3 CCR 702-4-1-4, sec. 5.B.

Question 3 · Colorado

In a Colorado life or annuity replacement, how long a free-look period must the replacing insurer give the owner?

  1. 20 days from delivery, with a pro-rata refund
  2. 10 days from delivery, less any administrative fee
  3. 15 days from the date the application was signed
  4. 30 days from delivery, with an unconditional full refund
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D. 30 days from delivery, with an unconditional full refund — 3 CCR 702-4-1-4, sec. 7.A.4.

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