AD Banker life and Health CHP 14

In Colorado, the free look period for a life policy is:

15 days

In Colorado, what is the maximum amount a person can be required to pay for a 30-day supply of covered prescription insulin?

$100

In Colorado, providing false testimony to an examiner is punishable by a fine up to what amount

$5,000

small employer health benefit plans may not apply any waiting periods that exceed:

90 days

Who among the following would not have an insurable interest in an insured under a life insurance policy?

Employee on the life of their employer would have: Individual on the life of their spouse A lender on the life of a borrower A corporation on the life of directors, officers, or key employees of such corporation

The Commissioner may assign penalties in addition to those authorized by law, including:

Fine the producer up to $3,000 for the violation The Commissioner may fine the producer or insurer a monetary penalty up to $3,000 per violation, up to an aggregate penalty of $30,000. The fine for violating a cease and desist order is up to $10,000. Penalties may still be imposed if a license is lapsed or surrendered. And the Commissioner cannot order an increased payment on a closed claim.

An agent replacing a life policy or annuity must give the applicant and the insurer a:

Signed replacement notice and copy of all sales material

All life insurance policies issued in Colorado must contain a prominent notice that states that:

The insured can return the policy within 15 days for a full refund

In Colorado, an insurer must pay or deny a clean health claim:

Within 30 days if submitted electronically A clean claim must be paid within 45 days if submitted by other than electronic means, and a claim that is other than a clean claim, must be paid within 90 days after receipt.

Compelling insureds to sue by offering substantially less than what a lawsuit would award is an example of which of the following?

unfair claims practice

In Colorado, continuation coverage must be provided for a long-term employee for up to _________ from the termination of employment.

18 months As long as the employee was covered for at least 6 months prior to termination, and has not become eligible for other group coverage, the insurer must offer continuation of coverage for 18 months.

At least how many days in advance must an insurer give an insured notice of non-renewal for a health plan?

180 days

With regard to an individual health policy issued in Colorado, an insured has ________ to take legal action to recover benefits.

3 years An insured may not bring legal action more than 3 years after proof of loss is required.

If a small employer group had their insurance discontinued due to nonpayment of premiums, and then reapplies for coverage in the small group market, a small employer carrier may impose a premium surcharge of up to:

35% above the modified community rate

M forgets to pay the premium on their LTC policy, and the policy lapses. If it is determined that M has a cognitive impairment, M's policy can be reinstated within:

90 days A LTC policy is required to have a 90-day reinstatement period for nonpayment of premium for an insured who has a cognitive impairment.

Which of the following statements regarding group life insurance is not correct?

A group may be formed for the purpose of obtaining insurance

Which of the following is a disclosure requirement when selling annuity contracts?

If the Buyer's Guide and disclosure statement are not provided at or before application, a free look period of at least 15 days must be provided If the Buyer's Guide and disclosure statement are not provided at or before the application, a free look period of no less than 15 days must be provided for the applicant. The Buyer's Guide does not have to be delivered in person. The Buyer's Guide must be delivered within 5 days after the producer receives the application. A contract owner of a deferred annuity must receive a status report at least annually.

Which of the following is true regarding coverage for mammograms and prostate cancer screening?

Prostate cancer screenings are not subject to a deductible

Which of the following is true regarding the duties of replacing and existing insurers?

The replacing insurer and existing insurer must retain records relating to replacements for 5 years

In Colorado, Medicare Supplement policies may exclude or limit pre-existing conditions for up to:

six months Medicare Supplement plans may not deny a claim for losses incurred more than 6 months from the effective date of coverage for a pre-existing condition.