State RegulationsCO specificDifficulty 1/5
Which documents form the core of the record a replacing insurer keeps of a life replacement under Colorado Insurance Regulation 4-1-4?
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Answer & full 3-part explanation (select an option above, or peek)
Why C is correct
Under Colorado Insurance Regulation 4-1-4, the replacement record centers on the signed replacement statement submitted with the application and the Notice Regarding Replacement that was given to the applicant. Together they show whether the applicant was told which new and existing policies were involved and what the disadvantages of the switch were. These records must be maintained so replacement practices are readily ascertainable to the Colorado Division of Insurance on examination.
Why the other options are wrong
- A) Commission statements and flyers are marketing material, not the replacement documents the regulation names.
- B) Underwriting reports bear on insurability, not on whether the applicant was properly warned about replacing.
- D) Beneficiary forms and premium receipts are routine policy documents unrelated to the replacement disclosure duty.
Memory hook
The file is the statement plus the notice — nothing else anchors the record.