Colorado Life and Health Insurance Agent Exam
Need of a License: An individual who is acting as an agent or producer needs a license to sell life and health insurance in Colorado.Who Grants a License: Licenses are granted by the Colorado Department of Regulatory Agencies, Division of Insurance.
Qualifications to receive a License: Qualified insurance producers are issued a single Colorado Producer license that lists the lines of authority that the producer is qualified to sell. The producer must meet the licensing requirements for each line of authority prior to licensure. To qualify for a resident Colorado Producer license or a Public Insurance Adjuster license, the applicant must be:
• A Colorado Resident.
• At least 18 years of age.
• Trustworthy, competent, financially responsible, and of good personal and business reputation and disclose on the licensure application all insurance licenses that have been previously revoked, denied, or suspended.
• At least 18 years of age.
• Trustworthy, competent, financially responsible, and of good personal and business reputation and disclose on the licensure application all insurance licenses that have been previously revoked, denied, or suspended.
It is highly recommended that the Colorado Insurance Handbook be reviewed, and special attention be given to the content outlines (available at www.pearsonvue.com), before taking an examination. Individuals who wish to obtain an insurance license in the State of Colorado must:
1. Complete all prelicensing education requirements.
2. Make a reservation and pay the examination fee.
3. Pass the examination.
4. Apply for a license.
2. Make a reservation and pay the examination fee.
3. Pass the examination.
4. Apply for a license.
All resident applicants must complete the minimum pre-licensing training requirements for the specified lines of authority prior to taking the Pearson VUE licensing examination. For detailed information on pre-licensing requirements, contact one of the approved pre-licensing providers. A list of providers is available at www.sircon.com/colorado.
Applying for the Agent Exam: The Colorado Division of Insurance utilizes Pearson VUE as its producer licensing vendor and contracts with SIRCON/Vertafore to provide electronic application, license management and appointment services for Colorado insurance producers. All exams must be applied for online at www.pearsonvue.com. You can contact Pearson VUE by phone, if needed, at: (800) 274-2616.
After completing the pre-licensing training, the pre-licensing provider will report training completion information to Pearson VUE, however, the applicant must provide the 5-digit training school code at the time of making their Pearson VUE licensing examination reservation. Pre-licensing training courses are valid for one year.
Test Information: Each line of authority exam contains both general knowledge content, as well as state-specific content. The Colorado Insurance Handbook contains specific content information beyond the following general outlines:
Life – General Knowledge Content (50 scoreable questions plus 10 pretest questions)
I. TYPES OF POLICIES (12)
A. Traditional whole life products
B. Interest/market-sensitive life products
C. Term life
D. Annuities
E. Combination plans and variations
B. Interest/market-sensitive life products
C. Term life
D. Annuities
E. Combination plans and variations
II. POLICY RIDERS, PROVISIONS, OPTIONS, AND EXCLUSIONS (19)
A. Policy riders
B. Policy provisions and options
C. Policy exclusions
III. COMPLETING THE APPLICATION, UNDERWRITING, AND DELIVERING THE POLICY (11)B. Policy provisions and options
C. Policy exclusions
A. Completing the application
B. Underwriting
C. Delivering the policy
B. Underwriting
C. Delivering the policy
IV. TAXES, RETIREMENT, AND OTHER INSURANCE CONCEPTS (8)
A. Third-party ownership
B. Group life insurance
C. Retirement plans
D. Life insurance needs analysis/suitability
E. Social Security benefits and taxes
F. Tax treatment of insurance premiums, proceeds, and dividends
B. Group life insurance
C. Retirement plans
D. Life insurance needs analysis/suitability
E. Social Security benefits and taxes
F. Tax treatment of insurance premiums, proceeds, and dividends
LIFE - COLORADO SPECIFIC CONTENT (30 scoreable questions plus 5 pretest questions)
I. COLORADO STATUTES, RULES, AND REGULATIONS COMMON TO LIFE, SICKNESS AND ACCIDENT, PROPERTY (FIRE), AND CASUALTY INSURANCE (20)
A. Insurance Commissioner (4)
B. Licensing and producers’ legal responsibility (8)
C. Unfair competition and deceptive practices (8)
B. Licensing and producers’ legal responsibility (8)
C. Unfair competition and deceptive practices (8)
II. COLORADO STATUTES, RULES, AND REGULATIONS PERTINENT TO LIFE INSURANCE ONLY (10)
A. Policy replacement (3-4)
B. Group Life (2-3)
C. Suicide (0-1)
D. Free Look period/Disclosure (0-1)
E. Interest on Proceeds (0-1)
F. Sales and Marketing of Life and Annuities (2-3)
G. Insurable Interest (0-1)
B. Group Life (2-3)
C. Suicide (0-1)
D. Free Look period/Disclosure (0-1)
E. Interest on Proceeds (0-1)
F. Sales and Marketing of Life and Annuities (2-3)
G. Insurable Interest (0-1)
ACCIDENT & HEALTH – GENERAL KNOWLEDGE CONTENT (50 scoreable questions plus 10 pretest questions)
I. TYPES OF POLICIES (14)
A. Disability income
B. Accidental death and dismemberment
C. Medical expense insurance
D. Medicare supplement policies
E. Group insurance
F. Long Term Care (LTC)
G. Limited Benefit Plans
B. Accidental death and dismemberment
C. Medical expense insurance
D. Medicare supplement policies
E. Group insurance
F. Long Term Care (LTC)
G. Limited Benefit Plans
II. POLICY PROVISIONS, CLAUSES, AND RIDERS (20)
A. Mandatory provisions
B. Optional provisions
C. Other provisions and clauses
D. Riders
E. Rights of renewability
B. Optional provisions
C. Other provisions and clauses
D. Riders
E. Rights of renewability
III. SOCIAL INSURANCE (3)
A. Medicare
B. Medicaid
C. Social Security benefits
B. Medicaid
C. Social Security benefits
IV. OTHER INSURANCE CONCEPTS (4)
A. Total, partial, and residual disability
B. Owner’s rights
C. Dependent children benefits
D. Primary and contingent beneficiaries
E. Modes of premium payments
F. Nonduplication and coordination of benefits
G. Occupational vs. non-occupational
H. Tax treatment of premiums and proceeds of insurance contracts
I. Managed care
J. Workers Compensation
K. Subrogation
B. Owner’s rights
C. Dependent children benefits
D. Primary and contingent beneficiaries
E. Modes of premium payments
F. Nonduplication and coordination of benefits
G. Occupational vs. non-occupational
H. Tax treatment of premiums and proceeds of insurance contracts
I. Managed care
J. Workers Compensation
K. Subrogation
V. FIELD UNDERWRITING PROCEDURES (9)
A. Completing application and obtaining necessary signatures
B. Explaining sources of insurability information
C. Initial premium payment and receipt and consequences of the receipt
D. Submitting application (and initial premium if collected) to company for underwriting
E. Ensuring delivery of policy and related documents to client
F. Explaining policy and its provisions, riders, exclusions, and ratings to clients
G. Replacement
H. Contract law
B. Explaining sources of insurability information
C. Initial premium payment and receipt and consequences of the receipt
D. Submitting application (and initial premium if collected) to company for underwriting
E. Ensuring delivery of policy and related documents to client
F. Explaining policy and its provisions, riders, exclusions, and ratings to clients
G. Replacement
H. Contract law
ACCIDENT & HEALTH COLORADO SPECIFIC CONTENT (30 scoreable questions plus 6 pretest questions)
I. COLORADO STATUTES, RULES, AND REGULATIONS COMMON TO LIFE, SICKNESS AND ACCIDENT, PROPERTY (FIRE), AND CASUALTY INSURANCE (19)
A. Insurance Commissioner (3)
B. Licensing and producers’ legal responsibility (8)
C. Unfair competition and deceptive practices (8)
II. COLORADO STATUTES, RULES, AND REGULATIONS PERTINENT TO SICKNESS AND ACCIDENT INSURANCE ONLY (11)B. Licensing and producers’ legal responsibility (8)
C. Unfair competition and deceptive practices (8)
A. Common requirements for Sickness and Accident (2)
B. Individual coverage (2)
C. Group coverage (2)
D. Small group coverage (2-3)
E. Fair marketing standards (0-1)
F. Specified products (1-2)
G. Commission Disclosure (0-1)
B. Individual coverage (2)
C. Group coverage (2)
D. Small group coverage (2-3)
E. Fair marketing standards (0-1)
F. Specified products (1-2)
G. Commission Disclosure (0-1)
How to Apply for the License: The Division has an electronic application submission process for producer licensing. After completing any required pre-licensing training and passing the required examinations, the applicant must complete the online application at www.sircon.com/colorado or www.nipr.com. If you have difficulty navigating the site, contact Pearson VUE at (800) 275-8247. If you need to correspond through standard mail, the following addresses are appropriate:
Pearson Vue Colorado Insurance
3131 S Vaughn Way, Suite 205
Aurora, CO 80014
(800) 275-8247
www.pearsonvue.com
Colorado Division of Insurance
Department of Regulatory Agencies
1560 Broadway, Suite 850
Denver, CO 80202
(303) 894-7499
www.dora.colorado.gov/doi/producer
License Renewal Requirements: Individual Producer licenses must be renewed every two years and there is a continuing education requirement.
Applicable Regulations: Life and health insurance agents in Colorado are regulated by the Colorado Department of Regulatory Agencies, Division of Insurance.
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