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.

If a producer doesn't provide a buyers guide and disclosure statement at the time of application, how long is the free look period?

30 days
15 days
10 days
45 days

The correct answer is: 15 days

The correct answer is 15 days. In the context of life insurance policies, the "free look period" refers to the period during which a policyholder can review the policy after it has been delivered and choose to cancel it for a full refund of premiums paid. If a producer fails to provide a buyer's guide and disclosure statement at the time of the application, the insurance company is required to extend the free look period to 15 days. This extension is designed to allow the consumer ample time to review the policy details and make an informed decision without feeling rushed, especially if critical information was not initially provided by the producer. This consumer protection measure ensures that individuals have the opportunity to fully understand their insurance coverage and any associated rights before fully committing to the purchase.