Laws and rules

A producer must remit premiums to the insurer within ___ days after receipt.

45 days

When replacing an existing life insurance policy, the replacing insurer must notify the existing insurer within

5 days

How long must a replacing insurer maintain the records of a replacement transaction?

5 years

When recommending the purchase or exachangd of an annuity, a producer must determine the suitability of the purchase by performing all of the following except

Determining the marital status of the application

Employer noncontributory group life policies must allow for all of the following except

Insured can determine the benefit amount

If an applicant for an annuity refuses to provide suitability information, the producer should

Obtain thr consumers signed statement documentinf his or her refusal to provide suitability information

If a producer chooses to conduct business under an assumed name, when must notification be given to the Commissioner?

Prior to using the assumed name

As a condition to be approved for a loan, a creditor may require the borrower to

obtain an insurance policy through an insurer of the borrower's preference

If an insurer is authorized to conduct business in another state and wishes to conduct business in Colorado, it must

receive a certificate of authority from Colorado

Interest on Life Insurance Proceeds

required if the claim was not paid within 30 days of the date insurer received the claim

If an annuity application was not taken in person, an insurer must provide the applicant a Buyer's Guide

within 5 business days of the insurer receiving the application

An producer who violates a cease and desist order may, after a hearing, be fined up to

$500

Which of the following statements regarding the notice regarding replacement of life insurance is correct?

A copy of the notice must be signed by the applicant and submitted with the application

When a minor is designated as the sole primary beneficiary,

A guardian will be court-appointed in the event of a death claim

Which of the following statements is CORRECT regarding insurable interest in a life insurance contract?

A person generally is considered to have an unlimited insurable interest in himself or herself

A life insurance applicant realized he failed to disclose material medical history and calls the producer. Any changes made to the application must be initiated by the

Applicant

If an insurance company wishes to discriminate rates based on gender, it must

Be justified by actuarial statistics

A producer that only sells insurance to family members is said to be engaging in

Controlled business

Which of the following statements is true regarding the replacement of a life insurance policy in Colorado?

The replacing insurer must maintain copies of all records regarding the replacement for at least 5 years

An insurer cannot deny a claim unless

There is a reasonable explanation of the claim

To be valid, a group life insurance policy

May not be issued to a group formed solely for the purpose of obtaining insurance.

Which of the following is required for a life insurance lapse notice?

Reason stated why the policy will lapse

If a producer offers to refund part of a prospect's premium in exchange for the purchase of a life insurance policy, the producer is committing the illegal act of

Rebating

If a producer completes an insurance application, collects the initial premium, and issues the appropriate receipt,

coverage will be contingent upon the insurer's underwriting policies

Which of the following potential insurance sales would be subject to replacement regulations?

A new policy that causes an existing life insurance policy to be surrendered