State RegulationsCO specificDifficulty 1/5
Under Colorado Insurance Regulation 4-1-4, when must a producer submit the signed replacement statement for a life insurance replacement?
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Answer & full 3-part explanation (select an option above, or peek)
Why B is correct
Colorado Insurance Regulation 4-1-4 requires a signed statement identifying whether the transaction is a replacement to be submitted with the application for the new policy. Submitting it up front puts the replacing insurer on notice so it can apply the regulation's notice and recordkeeping requirements to the transaction from the start.
Why the other options are wrong
- A) Waiting until after delivery violates the regulation; the signed statement must accompany the application, not follow it weeks later.
- C) The statement is due whether or not the old policy has been surrendered by that point; the trigger is the application for new coverage.
- D) Division examination is when records may be reviewed, not when the statement is first required; it goes in with the application.
Memory hook
Application up, statement attached — no surprises later.