Colorado Life Producer License Practice Test

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Study for the Colorado Life Producer License Test. Utilize flashcards and multiple choice questions with hints and explanations. Prepare for success!

Practice this question and more.

How soon after the delivery of a life insurance policy must a purchaser be allowed to return it?

Within 30 days
Within 10 days
Within 15 days
Within 45 days

The correct answer is: Within 15 days

In Colorado, after receiving a life insurance policy, the purchaser has a period of 15 days to review the policy and return it if they choose to do so. This period is designed to give the policyholder a chance to assess the terms of the policy without pressure, ensuring that they have made the right decision. If the policy is returned within this 15-day window, the insurer is required to refund any premiums paid. This provision helps protect consumers by allowing them to change their minds without penalty shortly after acquiring a policy.