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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When the buyer's guide and disclosure statement are not provided at or before time of application, what is the free look period?

10 days
15 days
20 days
30 days

The correct answer is: 15 days

The correct duration for the free look period in situations where the buyer's guide and disclosure statement are not provided at or before the time of application is 15 days. This free look period allows the policyholder to review the policy after purchase and determine if it meets their needs. If the insured finds the policy unsatisfactory, they can return it within this 15-day window for a full refund of premiums. This regulation emphasizes consumer protection by providing an opportunity for the buyer to reassess their decision without financial penalty.