Exam (elaborations)
COLORADO LIFE & HEALTH INSURANCE STATE LAW SUPPLEMENT PRACTICE EXAM
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COLORADO LIFE & HEALTH INSURANCE STATE LAW SUPPLEMENT PRACTICE EXAM
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COLORADO LIFE & HEALTH INSURANCE STATELAW SUPPLEMENT PRACTICE EXAM
What is the maximum amount the commissioner can fine an insurer for each violation of
a cease-and-desist order? - Answers-$10,000
When appropriate the commissioner reports a violation of insurance law to - Answers-
The district attorney
A company that has not been authorized to operate in Colorado is known as - Answers-
A nonadmitted insurer
An insurer that terminates the producers appointment must inform the commissioner
within how many days? - Answers-30
All of the following are duties of the commissioner except: a. keeping records of the
insurers that he has examined b. adopting rules and regulations c. writing insurance
laws d. submitting an annual report to the General assembly - Answers-See. Writing
insurance laws
When an insurer terminates a producer's appointment, the insurer must notify -
Answers-The commissioner and producer
An insurance producer who solicits insurance on behalf of an insurer represents the -
Answers-Insurer
The commissioner may... - Answers-Conduct investigations and subpoena witnesses
whenever he deems it necessary
How many hours of continuing education must be in courses associated with the lines of
insurance for which the producer is licensed? - Answers-18
All of the following are examples of unfair claims settlement practices except: A. Paying
the claim without conducting an investigation B. Denying a claim promptly but without
explaining the coverage or laws on which the denial is based C. Paying a claim
promptly but without explaining the coverage or laws on which the payment is based D.
Denying the claim without making an investigation - Answers-A. Paying a claim without
conducting an investigation
A producer has how many days to file a written appeal to the commissioner after he has
been terminated by his appointing insurer? - Answers-30
A fraternal benefit society representative need not be licensed as a producer if he sells
life insurance with the face amount equal to or less than: - Answers-50,000
, To be licensed to sell life, accident and health insurance in Colorado, and applicant
must complete: - Answers-100 hours of pre-licensing education
A fiduciary responsibility is defined as: - Answers-A relationship of special trust and
confidence when a person is entrusted with another's funds
A producer who has to write a majority of his insurance business on the employees and
officers of a restaurant owned by his wife is transacting: - Answers-Controlled business
Circulation of a maliciously critical statement about an insurer's financial condition to
damage the insurer's reputation or business is called: - Answers-Defamation
In general, people who represent fraternal benefit society's to solicit insurance are: -
Answers-Considered insurance producers and must meet all licensing requirements
How must insurance producers account for each insurance policy and the premiums
they receive on it? - Answers-As a separate account of the insured
Suppose a producer helps a client set up an estate plan, which is not part of the
producers usual service. The producer can charge a fee for this service if all of the
following circumstances are in place except: A. When it is clear from the beginning that
no sale of an insurance product is related to the service B. When the client signs the
disclosure statement which stipulates that he is not obligated to buy insurance from the
producer in exchange for the service C. When the producer always planned to sell
insurance to the client D. When the financial service is beyond the producers normal
duties - Answers-C. When the producer always planned to sell insurance to the client
The commissioner gives approval to an insurer to do business in Colorado in a
certificate of - Answers-Authority
In Colorado all of the following are considered unfair trade practices except: a.
Misrepresentation b. Rebating c.. Replacement D. Coercion - Answers-C. Replacement
All of the following are violations of Colorado insurance law except: a. Charging
individuals of the same class different premium rates b. Offering tickets to a football
game as an incentive to purchase a policy c. In forming a new policy holder that his new
policy, if lapsed for nonpayment of premium, could be reinstated upon reapplication d.
Having an arrangement to sell stock to a person contingent upon the purchase of an
annuity - Answers-C. In forming a new policy holder that his new policy, if lapsed for
nonpayment of premium, could be reinstated upon reapplication
All of the following insurance practices are illegal in Colorado except: A. Soliciting or
procuring insurance without a license B. Paying a fee for services as an insurance
producer to anyone who is not properly licensed C. Inquiring about an applicant sexual
orientation in connection with an application D. Replacing one life insurance policy with
another - Answers-D. Replacing one life insurance policy with another
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