Chapter 6: Colorado Statutes, Rules and Regulations Pertinent to Casualty Only

Producers must keep a copy of an insured's disclosure statement for A. (x years) B. From date of ____

A. 3 years B. from date of completion

Anti-Fraud plans must be submitted to the commissioner

Annually

How often will the Commissioner examine domestic insurers in CO?

At least once every 5 years

Sole proprietors, partners and corporate officers actively engaged in business may...

Elect to be included by an endorsement as an employee of the insured employer

Insurer uses intimidation strategy to corner a portion of the market. This is ____

Illegal

When denying a claim, an insurer must do all of the following EXCEPT

Pay a claim that occurs after grace period has ended

Only reason an insurer can cancel a 60+ day policy with 10 days notice is if

the policy premium is not paid when due

Liability limit of death for one person in CO: ($x)

$25,000

Type I insurances:

-Assigned motor vehicle insurance -Employer liability -Worker's Comp

Type II insurances:

-Inland Marine -Fire -Casualty -Title -Credit

Pre-licensing certificate is valid for (x year(s))

1 year

Notice of an injury compensable under Workers Compensation must be given to the employer to the division and the insurance carrier within (x days)

10 days

A producer is required to remit premiums from a trust account to an insurer within (x days) of receipt

45 days

An insurer who violates a single provision of an unfair trade practice regulation may be fined (up to x dollars)

Up to $30,000