State statute · Colorado

Colorado Life Insurance and Annuity Contracts, Standard Nonforfeiture and Valuation

C.R.S. Title 10, Article 7, Parts 1, 3, 4, 5, 7 and 8

Publisher: leg.colorado.gov
Edition: Colorado Revised Statutes 2024
Last checked: 2026-09-02
Status: CO statutes, public domain

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Status. CO statutes, public domain (state government edict).

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What this document is

Colorado Life Insurance and Annuity Contracts, Standard Nonforfeiture and Valuation - C.R.S. Title 10, Article 7, Parts 1, 3, 4, 5, 7 and 8 is a state statute published by leg.colorado.gov. It is one of the Colorado documents that insurance license exam questions are written from, including colorado life & health practice questions. This page summarizes it and points to the official version, which is the text to rely on.

Sections cited in practice questions

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C.R.S. tit. 10 art. 7 § 10-7-302 (1)(a) (Standard Nonforfeiture and Valuation Act: compulsory policy provisions)
“On and after the operative date of this part 3, no policy of life insurance, except as stated in section 10-7-307, shall be delivered or issued for delivery in this state by any foreign or domestic life insurance company unless it contains in substance the following provisions or corresponding...”
C.R.S. tit. 10 art. 7 § 10-7-704 (1)(i) (Insurable Interest Act: creditor's insurable interest)
“A financial institution or other person to whom a debt is owed, whether for the purposes of premium financing or otherwise, has an insurable interest in the life of the borrower or any of the owners, directors, officers, partners, or managers of the borrower; key employees, guarantors, or key...”
C.R.S. tit. 10 art. 7 § 10-7-102 (1)(i) (Life insurance policies - requirements: grace period)
“A provision for a grace of one month, not less than thirty days, for the payment of every premium after the first year which is subject to an interest charge, during which month the insurance shall continue in force; but if the insured dies within the month of grace, the unpaid premium for the...”
C.R.S. tit. 10 art. 7 § 10-7-102 (1)(b) (Life insurance policies - requirements: entire contract and incontestability)
“A provision that the policy shall constitute the entire contract between the parties and shall be incontestable after it has been in force during the lifetime of the insured for two years from its date, except for nonpayment of premiums and except for violation of the conditions of the policy...”
C.R.S. tit. 10 art. 7 § 10-7-102 (1)(d) (Life insurance policies - requirements: misstatement of age)
“A provision that, if the age of the insured is misstated, the amount payable under the policy shall be such as the premium would have purchased at the correct age;”
C.R.S. tit. 10 art. 7 § 10-7-105.5 (2) (Lapse of life insurance policy - notice)
“(2) A notice of lapse of an individual life insurance policy for nonpayment of premium is effective only if: (a) The information is mailed along with the reason for the lapse by first-class United States mail to the last-known address of the policy owner at least twenty-five days before the...”
C.R.S. tit. 10 art. 7 § 10-7-803 (2) (Unclaimed Life Insurance Benefits Act: duty to compare names with death master file and locate beneficiaries)
“(2) An insurer shall perform a comparison of its insureds' in-force policies, contracts, and retained asset accounts against a death master file, on at least a semiannual basis, by using the full death master file once and thereafter using the death master file update files for future comparisons...”
C.R.S. tit. 10 art. 7 § 10-7-113 (1) (Acceleration of benefits)
“10-7-113. Acceleration of benefits. (1) Any policy of life or endowment insurance or annuity contract or contract supplemental thereto may contain benefits providing for the acceleration of life or endowment or annuity benefits in advance of the time they would otherwise be payable for an insured:...”
C.R.S. tit. 10 art. 7 § 10-7-103 (3) (Life insurance policies - prohibition: medical aid-in-dying)
“(3) A life insurance company doing business in Colorado shall not deny or alter benefits otherwise available to an individual with a terminal disease based on the availability of medical aid-in-dying pursuant to article 48 of title 25.”
C.R.S. tit. 10 art. 7 § 10-7-109 (Suicide no defense for nonpayment)
“10-7-109. Suicide no defense for nonpayment. The suicide of a policyholder after the first policy year of any life insurance policy issued by any life insurance company doing business in this state shall not be a defense against the payment of a life insurance policy, whether said suicide was...”
C.R.S. tit. 10 art. 7 § 10-7-707 (1) (Insurable Interest Act: consent of insured)
“10-7-707. Consent of insured. (1) A policy upon the life of an individual, other than a policy of noncontributory group life insurance, shall not be effected unless, at or before the time the policy is effectuated, the individual insured, having legal capacity to contract, applies for or consents...”
C.R.S. tit. 10 art. 7 § 10-7-112 (2) (Interest payable on benefits or proceeds: election of other than a lump sum)
“(2) This section shall not require the payment of interest in any case in which the beneficiary elects in writing, delivered to the insurer, to receive the proceeds of the policy by any means other than a lump sum payment thereof.”

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