Laws and rules

Pataasin ang iyong marka sa homework at exams ngayon gamit ang Quizwiz!

Which of the following is NOT a required provision for an accident and health policy?

Insurance with other insurers

Which information is not included in the Colorado Supplement to the summary of benefits and coverage form?

Insurer's prior year financials

The primary difference between the Colorado partnership LTC policy and other LTC policies is

Medicaid asset

Which of the following is an example of defamation?

A brochure including an untrue statement regarding a competitor's ability to pay claims

Which of the following is correct regarding s producer's fiduciary responsibility with clients funds?

A producer may never commingle personal funds with funds paid by or to a client

Which of the following is not required to be disclosed to an applicant for health insurance?

Any contingent compensation received

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

Be justified by actuarial statistics

According to the Colorado Fraud Statue, all of the following must contain a warning against insurance fraud except

Certificates of authority

Which of the following documents are NOT required to mention the Colorado Fraud State?

Certificates of authority

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

Controlled business

In Colorado, what is required to be covered in individual and group medical expense policies?

Diabetes

A producer license may be suspended or revoked if the producer is found to be engaging in

Misrepresentation

A verbal or written statement which misleads a policy's features, benefits, or coverage is considered

Misrepresentation

If s producer is found to be writing primarily controlled business

The commissioner will not renew the license

An insurer cannot deny a claim unless

There is a reasonable explanation of the claim

Circulation of a maliciously critical statement about any insurer's financial condition to injure the insurer is called:

defamation

A company that has not been authorized to operate in Colorado is known as

nonadmitted insurer

T calls to file a claim on his health insurance policy. Within how many days must the insurer provide T's proof of loss forms?

15 days

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

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

Which of the following is an example of rebating

returning a portion of a premium as inducement to purchase insurance

What is the maximum amount the commissioner can fine an insurer for each violation of a cease and desist order?

$10,000

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

$500

When an employee's coverage terminates under a group health policy, the employee must be offered continuation coverage for

18 months

An insurer that terminates a producer's appointment must inform the Commissioner within how many days?

30

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

45 days

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

5 years

Upon request, when must the Colorado Supplement to the summary of benefits and coverage form be provided?

7 business days

All of the following are considered a form of advertisement except

Communication or materials used within an insurer's own organization

Who is not eligible to receive commissions from the sale of an insurance product?

Corporate executive

Which of the following is an example of misrepresentation?

Describing a universal life policy as a security

Which of the following offered an insurance applicant the right to review the contract and receive a full refund?

Free-look period

All of the following penalties apply to anyone giving intentional false testimony during an insurance examination except

Guilty of a felony

All accident and health policies issued in Colorado that provide major medical services must offer policyholders the opportunity to purchase

Home health care coverage

When may the Commissioner issue an emergency cease and desist order?

If there is suspicion of an unauthorized person engaging in insurance business without being licensed

Ultimately, who is responsible for a producer-generated advertisement?

Insurer

In Colorado, which of the following is true regarding the commingling of an insured's funds with the funds of the producer?

It is never okay

Which of the following coverage exclusions or limitations is permitted under a long-term care policy issued in Colorado?

Preexisting conditions?

In Colorado, all of the following are considered unfair trade practices except

Replacement

Licensing is required for all of the following except

Selling prepaid legal services

A license is deemed to be used for a controlled business if, during the immediately preceding 12 - month period

The licensee's total premiums on controlled business exceeded the total premiums on all other business

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

From what point must the insurer pay interest on the proceeds of a death claim?

date of death

If a producer is going to deposit any premium into a bank account prior to remitting the funds to the insurer, he/she must use a

separate insurance trust account

An insurer can deny a claim under a long-term care insurance policy for any material misrepresentation made by the insured if it has been in effect for

Fewer than 6 months

In addition to suspending/revoking licenses and issuing fines, the commissioner has the authority to do all of the following except

Issue prison sentences

A fiduciary responsibility is defined as

a relationship of special trust and confidence when a person is entrusted with another's funds

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


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