CO Life Producer — Information & Free Practice

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CO Life Producer

Provider: Pearson VUE
Format: Computer-based written examination with general-knowledge and Colorado-specific portions.
Exam questions: 50 scored general-knowledge questions plus 5 pretest questions; 30 scoreable Colorado-specific questions plus 5 pretest questions.
Time limit: 2 hours
Exam fee: $41; up to two examinations in one session for the single fee.

Examination outline

Life — General Knowledge: I. TYPES OF POLICIES
- A. Traditional whole life products
- A. Traditional whole life products > A.1. Ordinary whole life
- A. Traditional whole life products > A.2. Limited-pay and single-premium life
- B. Interest/market-sensitive/adjustable life products
- B. Interest/market-sensitive/adjustable life products > B.1. Universal life
- B. Interest/market-sensitive/adjustable life products > B.2. Variable whole life
- B. Interest/market-sensitive/adjustable life products > B.3. Variable universal life
- B. Interest/market-sensitive/adjustable life products > B.4. Interest-sensitive whole life
- B. Interest/market-sensitive/adjustable life products > B.5. Indexed life
- C. Term life
- C. Term life > C.1. Types
- C. Term life > C.1. Types > C.1.a. Level
- C. Term life > C.1. Types > C.1.b. Decreasing
- C. Term life > C.1. Types > C.1.c. Return of premium
- C. Term life > C.1. Types > C.1.d. Annually renewable
- C. Term life > C.2. Special features
- C. Term life > C.2. Special features > C.2.a. Renewable
- C. Term life > C.2. Special features > C.2.b. Convertible
- D. Annuities
- D. Annuities > D.1. Single and flexible premium
- D. Annuities > D.2. Immediate and deferred
- D. Annuities > D.3. Fixed and variable
- D. Annuities > D.4. Indexed
- D. Annuities > D.5. Accumulation and Annuity Periods
- D. Annuities > D.6. Payout options
- E. Combination plans and variations
- E. Combination plans and variations > E.1. Joint life (first to die)
- E. Combination plans and variations > E.2. Survivorship life (second to die)
Life — General Knowledge: II. LIFE PROVISIONS, RIDERS, OPTIONS, AND EXCLUSIONS
- A. Policy riders
- A. Policy riders > A.1. Waiver of premium and waiver of monthly deduction
- A. Policy riders > A.2. Guaranteed insurability
- A. Policy riders > A.3. Payor benefit
- A. Policy riders > A.4. Accidental death and/or accidental death and dismemberment
- A. Policy riders > A.5. Term riders
- A. Policy riders > A.6. Other insureds
- A. Policy riders > A.7. Long term care
- A. Policy riders > A.8. Return of premium
- A. Policy riders > A.9. Disability
- A. Policy riders > A.10. Cost of Living
- B. Policy provisions and options
- B. Policy provisions and options > B.1. Entire contract
- B. Policy provisions and options > B.2. Insuring clause
- B. Policy provisions and options > B.3. Free look
- B. Policy provisions and options > B.4. Consideration
- B. Policy provisions and options > B.5. Owner’s rights
- B. Policy provisions and options > B.6. Beneficiary designations
- B. Policy provisions and options > B.6. Beneficiary designations > B.6.a. Primary and contingent
- B. Policy provisions and options > B.6. Beneficiary designations > B.6.b. Revocable and irrevocable
- B. Policy provisions and options > B.6. Beneficiary designations > B.6.c. Common disaster
- B. Policy provisions and options > B.6. Beneficiary designations > B.6.d. Minor beneficiaries
- B. Policy provisions and options > B.6. Beneficiary designations > B.6.e. Designation by class
- B. Policy provisions and options > B.7. Premium Payment
- B. Policy provisions and options > B.7. Premium Payment > B.7.a. Modes
- B. Policy provisions and options > B.7. Premium Payment > B.7.b. Grace period
- B. Policy provisions and options > B.7. Premium Payment > B.7.c. Automatic premium loan
- B. Policy provisions and options > B.7. Premium Payment > B.7.d. Level or flexible
- B. Policy provisions and options > B.8. Reinstatement
- B. Policy provisions and options > B.9. Policy loans, withdrawals, partial surrenders
- B. Policy provisions and options > B.10. Non-forfeiture options
- B. Policy provisions and options > B.11. Dividends and dividend options (eg. participating, non-participating)
- B. Policy provisions and options > B.12. Incontestability
- B. Policy provisions and options > B.13. Assignments
- B. Policy provisions and options > B.14. Suicide
- B. Policy provisions and options > B.15. Misstatement of age and gender
- B. Policy provisions and options > B.16. Settlement options
- B. Policy provisions and options > B.17. Accelerated death benefits
- C. Policy exclusions
- C. Policy exclusions > C.1. War
- C. Policy exclusions > C.2. Aviation
- C. Policy exclusions > C.3. Dangerous Occupation
Life — General Knowledge: III. COMPLETING THE APPLICATION, UNDERWRITING, AND DELIVERING THE POLICES
- A. Completing the application
- A. Completing the application > A.1. Required signatures
- A. Completing the application > A.2. Changes in the application
- A. Completing the application > A.3. Consequences of incomplete applications
- A. Completing the application > A.4. Warranties and representations
- A. Completing the application > A.5. Collecting the initial premium and issuing the receipt
- A. Completing the application > A.6. Replacement
- A. Completing the application > A.7. Disclosures at point of sale (e.g., HIPAA, HIV consent)
- A. Completing the application > A.8. USA PATRIOT Act/anti-money laundering
- A. Completing the application > A.9. Gramm-Leach-Bliley Act (GLBA) Privacy
- B. Underwriting
- B. Underwriting > B.1. Insurable interest
- B. Underwriting > B.2. Medical information and consumer reports
- B. Underwriting > B.3. Fair Credit Reporting Act
- B. Underwriting > B.4. Risk classification
- B. Underwriting > B.5. Stranger/Investor-owned life insurance (STOLI/IOLI)
- C. Delivering the policy
- C. Delivering the policy > C.1. When coverage begins
- C. Delivering the policy > C.2. Explaining the policy and its provisions, riders, exclusions, and ratings to the client
- D. Contract law
- D. Contract law > D.1. Elements of a contract
- D. Contract law > D.1. Elements of a contract > D.1.a. Consideration
- D. Contract law > D.1. Elements of a contract > D.1.b. Offer and Acceptance
- D. Contract law > D.1. Elements of a contract > D.1.c. Competent parties
- D. Contract law > D.1. Elements of a contract > D.1.d. Legal purpose
- D. Contract law > D.2. Unique aspects of the insurance contract
- D. Contract law > D.2. Unique aspects of the insurance contract > D.2.a. Conditional
- D. Contract law > D.2. Unique aspects of the insurance contract > D.2.b. Unilateral
- D. Contract law > D.2. Unique aspects of the insurance contract > D.2.c. Adhesion
- D. Contract law > D.2. Unique aspects of the insurance contract > D.2.d. Aleatory
Life — General Knowledge: IV. RETIREMENT, AND OTHER INSURANCE CONCEPTS
- A. Third-party ownership
- B. Life Settlements
- C. Group life insurance
- C. Group life insurance > C.1. Conversion privilege
- C. Group life insurance > C.2. Contributory vs. noncontributory
- D. Retirement plans
- D. Retirement plans > D.1. Qualified plans
- D. Retirement plans > D.2. Nonqualified plans
- E. Life insurance needs analysis/suitability
- E. Life insurance needs analysis/suitability > E.1. Personal insurance needs
- E. Life insurance needs analysis/suitability > E.2. Business insurance needs
- E. Life insurance needs analysis/suitability > E.2. Business insurance needs > E.2.a. Key person
- E. Life insurance needs analysis/suitability > E.2. Business insurance needs > E.2.b. Buy sell
- F. Social Security benefits
- G. Tax treatment of insurance premiums, proceeds, and dividends
- G. Tax treatment of insurance premiums, proceeds, and dividends > G.1. Individual life
- G. Tax treatment of insurance premiums, proceeds, and dividends > G.2. Group life
- G. Tax treatment of insurance premiums, proceeds, and dividends > G.3. Modified Endowment Contracts (MECs)
Life — Colorado Specific: I. COLORADO STATUTES, RULES, AND REGULATIONS COMMON TO LIFE, SICKNESS AND ACCIDENT, PROPERTY (FIRE), AND CASUALTY INSURANCE
- A. Insurance Commissioner
- A. Insurance Commissioner > A.1. Power and duties
- A. Insurance Commissioner > A.2. Hearings and penalties
- A. Insurance Commissioner > A.3. License suspension and revocation
- A. Insurance Commissioner > A.4. Records and requests for information
- B. Licensing and producers’ legal responsibility
- B. Licensing and producers’ legal responsibility > B.1. Persons required to be licensed
- B. Licensing and producers’ legal responsibility > B.2. Payment and acceptance of commissions/fees
- B. Licensing and producers’ legal responsibility > B.3. Fiduciary/commingling
- B. Licensing and producers’ legal responsibility > B.4. Pre-licensing and continuing education
- B. Licensing and producers’ legal responsibility > B.5. Unauthorized entities
- C. Unfair competition and deceptive practices
- C. Unfair competition and deceptive practices > C.1. Coercion
- C. Unfair competition and deceptive practices > C.2. Misrepresentation
- C. Unfair competition and deceptive practices > C.3. Unfair discrimination
- C. Unfair competition and deceptive practices > C.4. Controlled business
- C. Unfair competition and deceptive practices > C.5. Defamation
- C. Unfair competition and deceptive practices > C.6. Rebates
- C. Unfair competition and deceptive practices > C.7. Unfair claims practices
- C. Unfair competition and deceptive practices > C.8. Colorado Fraud Statute
Life — Colorado Specific: II. COLORADO STATUTES, RULES, AND REGULATIONS PERTINENT TO LIFE INSURANCE ONLY
- A. Policy replacement
- A. Policy replacement > A.1. Replacement forms
- A. Policy replacement > A.2. Record keeping of replacements
- B. Group Life
- C. Suicide
- D. Free Look period/Disclosure
- E. Interest on Proceeds
- F. Sales and Marketing of Life and Annuities
- F. Sales and Marketing of Life and Annuities > F.1. Unfair trade practices
- F. Sales and Marketing of Life and Annuities > F.2. Suitability requirements
- F. Sales and Marketing of Life and Annuities > F.3. Disclosures
- F. Sales and Marketing of Life and Annuities > F.4. Advertising
- G. Insurable Interest
- H. Lapse Notice Requirement

Examination sources

Colorado Insurance Content Outlines
Cover, outline effective date
Colorado Insurance Content Outlines
Page S1, Life general knowledge heading
Colorado Insurance Content Outlines
Page S2, Life Colorado-specific heading
Colorado Insurance Licensing Candidate Handbook
Page 23, Content outlines define the examinations
Colorado Insurance Content Outlines
Page S1, Life general-knowledge scored questions
Colorado Insurance Content Outlines
Page S2, Life Colorado-specific scoreable questions
Colorado Insurance Licensing Candidate Handbook
Page 22, Scaled Score
Colorado Insurance Licensing Candidate Handbook
Page 27, Available Exams, Life (01)
Colorado Insurance Licensing Candidate Handbook
Page 27, reservation and examination fee
Pearson VUE, Colorado Insurance, Find an exam
Test Center Delivery, InsCO_Life01 / CO Life Producer
Colorado Insurance Licensing Candidate Handbook
Page 23, two parts of major-line examinations

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colorado agency producer license; Colorado Producer License — Life; Temporary Insurance Producer License