PROPERTY - chapter four.

how many days ahead do you have to report address change and administrative actions?

30 days

The producer's license has been suspended for noncompliance with continuing education requirements what is the producer's duty regarding the license : A. destroy it B. promptly return it to the commissioner. C. turn it into the insurer. D. keep it without using it until the suspension is lifted.

B.

according to agency law, the producer always represents the : A. State insurance department B. Insurance company C. client D. public

B.

ensure receives an examination request form dated June 2 from the division of insurance. Then sure you must respond by : A. 7th B. 9th C. 12th D. 16th

C.

how often will the commissioner examine domestic insurers in this state : A. annually. B. 3 years. C. 5 years. D. Biennially.

C.

what is the minimum age for licensing?

18

how many year does maintenance and duration have to be renewed? 5 4 2 1

2

The commissioner has all of the following duties except : A. maintaining records of the insurers that have been examined. B. adopting rules and regulations concerning insurance. C. submitting an annual report to the general assembly. D. writing insurance laws.

D.

which of the following describes a misrepresentation? a. making a deceptive or untrue statement about a person engaged in the insurance business. b. making a maliciously critical statement that is intended to injure another person. c. discriminating among individuals of the same insuring class. d. issuing sales material with exaggerated statements about policy benefits.

d

exempt

excused

immunity

exemption from something

be a _________ character to become licensed.

good

authorized insurer

insurer who has received a Certificate of Authority from the department of insurance to transact insurance in this state

inducement

offer

when produces license is terminated the producer must remit the license to the commissioner within how many days : 5 10 15 30

15 days

of the required 50 hours a prelicensing education, what is the minimum number of hours a applicant must complete on the subject of ethics : 3 6 8 10

3 hours.

and sure who will fl violates a single provision of an unfair trade practice regulation may be fined : 3,000 10,000 15,000 30,000

30,000

an insurer who frequently misses deadlines to respond to inquiries from the division of insurance may be fined, for each violation, as much as : 500 800 1,000 5,000

5,000

In order to facilitate responses to inquiries from the division of insurance, companies must maintain all records for at least : A. The current calendar year, plus the two prior calendar years. B. 12 months from any date on the document. C. four years from the date on the document. D. 52 weeks from the time the document was last assessed.

A.

if the commissioner believes a producer has committed a violation of insurance law, the commissioner will be holding a hearing. What is the purpose of the hearing : A. to allow the aggrieved party to be heard. B. to allow the public to participate in the disciplinary procedures. C. to deliver a season desist order to the violator. D. to officially revoke the producers license.

A.

the purpose of insurance regulations is to : A. protect insurance buying public B. protect the insurance companies C. protect insurance producers D. achieve uniformity with the regulations of other states

A.

An agent offers his client free tickets to a sporting event in exchange for the purchase of an insurance policy. The agent is guilty of : a. rebating b. coercion c. twisting. d. controlled business

a

an insurer with their home office in another state may do business in colorado if : a. they obtain a very of authority in co. b. granted an exemption by the insurance commissioner. c. write insurance for co residents. d. register as a domestic company in co as well.

a

how often must the commissioner examine all insurers to guard against insurance company insolvency? a. 5 years b. 3 years c. annually. d. every time the cert. of authority is renewed.

a

subpoena

a court order requiring appearance and/or testimony

statute

a written law passed by a legislative body

solvency

ability to meet all financial obligations

an insurance producer is prohibited from charging separate fees for any of the following services except : a. quoting premiums b. financial planning c. extending business hours d. making copies of insurance documents

b

an insurance producer sold an insurance policy to his sister. what kind of business is this? a. personal b. controlled. c. illegal. d. internal

b

which of the following is a producers fiduciary duty? a. making commission b. handling premiums c. signing an application d. selling insurance

b

business entity

business

other than individual licensing, what is the other type of licensing?

business entity

any request to modify an insurance license must be submitted to the commissioner : a. in writing by the producer, but only on the license renewal anniversary b. by the appointing insurer. c. in writing by the licensed producer. d. orally by the licensed producer.

c

how often must insurance companies doing business in colorado file financial statements with the commissioner? a. once a month. b. 6 months. c. once a year. d. every other year.

c

which of the following is NOT considered a misrepresentation as it pertains to unfair trade practices? a. exaggerating the benefits provided in the policy. b. stating that the competitors will arbitrarily increase their premiums each year. c. making comparisons between different policies. d. stating that the insurance policy is a share of stock

c

moral turpitude

crime involving a willful wrongdoing, usually a felony

all insurance companies doing business in the state of colorado must file a financial statement with the commissioner : a. annually before or on jan 01. b. semiannually, jan 01 and july 01. c. quarterly. d. annually, on or before march 01

d

if the commissioner believes a person is engaged in unfair business practices, what should the commissioner do? a. temporarily suspend the persons license. b. examine the person's books or records. c. submit a request for action to the governor. d. conduct a hearing for the person to show cause

d

regarding investigations of insurers, the colorado commissioner of insurance may : a. investigate only people and companies that apply for licenses. b. conduct investigations through the state attorney general. c. conduct investigations on his / her own but can't subpoena witnesses. d. subpoena witnesses whenever he or she deems it necessary.

d

commission

payment to agent

what are the two individual licenses?

resident & non resident

disclosure

the action of making new or secret information known

commissioner

the head of the department of insurance

promulgate

to make known officially

cease and desist

to stop or discontinue

aggregate

total