life - colorado law

An insurer who willfully violates a single provision of an unfair trade practice regulation may be fined:

$30,000

Colorado's Insurance Continuing Education law requires:

24 credit hours every 2 years regardless of the number of licenses held

Continuing education requirements in the state of Colorado include

24 hours total

Which of the following is correct regarding a producer's license?

A producer's license is perpetual, subject to payment of renewal fees and continuing education

Conditions for a corporate insurance agency seeking a Colorado license include:

All agency principals selling insurance to have an individual license

Which type of insurer may pay dividends to policyholders?

Mutual

It is not unfair to deny a claim in which of the following situations?

An excluded claim

Which of the following would not be a penalty for a consumer that violated the Fraud Warning?

Automatic increase in premiums

No insurer shall transact insurance in this state without a:

Certificate of Authority

Replacement regulations are designed to protect whom?

Consumers

A producer who procures a license for the principal purpose of obtaining insurance for herself, her family members or employees is violating the regulations concerning:

Controlled business

Which of the following is unlawful?

Giving the insured a rebate

If a producer or insurer is found to have violated an insurance law, the Commissioner may do all of the following EXCEPT:

Impose time in jail

As an insurance producer, you represent:

Insurers

All of the following are true regarding the "Facility of Payment" provision EXCEPT:

It applies to all types of life insurance

All of the following would be prohibited EXCEPT

Offering a client a multi-policy discount

Under Colorado's Unfair Claims Practices regulations, when denying a claim an insurer must do all of the following EXCEPT:

Pay a claim that occurs after the grace period has ended

You need an insurance license to sell all EXCEPT:

Prepaid Legal

What is the maximum time a Colorado producer's license may be issued for?

2 years

Which type of insurer may pay dividends to policyholders

Mutual

If an insured commits suicide within the first year of a new policy, the insurer will:

Refund all premiums less any indebtedness

Which of the following would not be considered an unfair claims settlement practice?

Refusing to pay a claim after conducting a proper investigation

If, after a hearing, the Commissioner finds that an insurer willfully violated insurance law, he may impose a maximum total fine of _______ in 12 months.

$750,000

An insured surrenders his policy for cash. The insurance company must pay interest from:

30 days after claim

As the producer you are required to remit premiums from a trust account to your insurer within how many days of receipt?

45

The free look starts at policy delivery. On a new life insurance policy, a full refund of complete premiums is required at the insured's request when it is requested when?

Within 15 days of delivery

All of the following would be prohibited use of a senior certification EXCEPT

Using a certification that has been accredited by the American National Standards Institute (ANSI)

You need a license to sell all of the following types of policies EXCEPT:

Pre-paid legal

All of the following are considered misrepresentation EXCEPT

Projecting a dividend on a participating policy

All of the following are considered misrepresentation EXCEPT:

Projecting a dividend on a participating policy

Who is responsible for giving the "Notice" to the replacing insurer in a replacement life transaction?

The producer

Which of the following accurately describes the ability of a licensed Colorado resident producer to become licensed in other states?

The producer can get a non-resident license in all reciprocal states

You must be licensed to sell all of the following EXCEPT:

Travel accident

What is the maximum a producer may be fined for violating a cease and desist order?

$500 - for each and every act

Forcing a client to buy insurance from a particular producer as a condition to a loan is defined as

Coercion

All of the following are considered to be misuses of fiduciary funds EXCEPT

Collecting interest on customer balances held in a producer's trust account

Insurers must determine whether a new life policy or annuity will replace existing insurance by reviewing the "Statement" within how many days after receipt of the application?

5

All group life policies issued in Colorado must contain all of the following EXCEPT:

Incontestability after 1 year in force

Regarding replacement, the new insurer must do all of the following EXCEPT:

Inform the existing insurer of the transaction, even if the "Statement" is not returned by the applicant, or is returned unsigned

All are true about the "Notice" regarding replacement of life insurance EXCEPT:

It states that the existing insurer is required to refund any advance premiums if their policy is replaced

All of the following are true regarding the principle of indemnity EXCEPT:

Life insurance policies follow this principle

Which of the following statements concerning clerical and administration personnel who do not solicit or get commission is true?

Need not be licensed

To renew your producer's license you must:

Pay your fees and complete 24 hours of CE by the end of your fourth year of being licensed

Colorado's Insurable Interest Act allows all of the following except:

Stranger-originated life insurance

To obtain a Colorado producer's license as a nonresident, you must:

Have a similar license in your home state

Which of the following is not considered an unfair method of competition?

Commingling