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!

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What is the duration of the free look period for a new life insurance policy?

30 days
15 days
45 days
60 days

The correct answer is: 15 days

The duration of the free look period for a new life insurance policy is typically 15 days. This period allows the policyholder to review the policy terms and conditions after the purchase and to determine if it meets their needs. During this time, the insured can cancel the policy without any penalty and receive a full refund of any premiums paid. This regulation helps to ensure that consumers have adequate time to understand their coverage and make an informed decision. In some situations or states, the duration might vary slightly, but 15 days is the standard period established in many jurisdictions, including Colorado.