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Colorado Laws, Rules, and Regulations Pertinent to Life Insurance Only

Terms in this set (11)

Insurer must give a policyowner ___ days' notice before an individual life insurance policy will lapse due to nonpayment of premium.
25 days
Group Life Insurance:

Grace period for group life insurance.
31 days
Group Life Insurance:
Facility of Payment Provision

If no beneficiary, the insurer may pay up to $__ to anyone who incurs verifiable funeral expenses.
$5,000
Life Policy Provisions:
Suicide Provision

After the policy has been in force ___ year, the insurer may not deny death benefits (other than accidental death) due to suicide.
1 year
Life Policy Provisions:

Free-look for life insurance
15 days
Life Policy Provisions:

Free-look for life insurance replacements
30 days
Replacements:

Replacing insurer must notify any other existing insurers within ___ business days of receiving an application
5 days
Replacements:

Replacing insurers must retain sales material, illustrations, signed statements (including the Notice Regarding Replacement) for at least ___ years after policy expires or is terminated
5 years
Advertising:

Insurers must maintain files of all advertisements for at least ___ years (or until next DOI examination, whichever is longer)
5 years
Annuity:

Producers must complete a ___-hour annuity suitability training course
4 hour
When a life insurance policy is being replaced, the replacing insurer must give the policyholder the right to return the policy for a full refund. The insurer is required to give the policyholder this right for at least ___.
30 days
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