Questions Missed in Practice Quiz Chapter 5

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

$30,000

A licensee has met licensing qualifications for Life, Health, Property, and Casualty insurance. How many separate licenses will the Department of Insurance issue?

1

Which of the following will NOT be considered unfair discrimination by insurers?

Discriminating in benefits and coverages based on the insured's habit and lifestyle

Noncompliance with the regulation regarding fees charged by producers may result in which of the following penalties?

Fines and license suspension or revocation

Which of the following is NOT a penalty for violating provisions of the Insurance Code?

Imprisonment

Which of the following scenarios would be an example of coercion on the part of a lender?

Requiring the debtor to acquire a policy from a specific producer

Which of the following is a requirement for producers who want to start selling variable life insurance and annuities?

Register with FINRA and pass the Series 6 examination

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

Insurers must complete claims investigations

Promptly

Believing a producer has violated provisions of the Insurance Code, the Commissioner will schedule a hearing

To allow the producer to show why penalties should not be assessed