Laws and rules
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
