Colorado Licensing Rules / Regulations Questions 100% Answered!!v

Colorado Licensing Rules / Regulations Questions 100% Answered!!
Applicant's min age complete pre-licensing education requirement. Pass the licensing exam/ Pay required licensing fee -ANSWER Age 18
Producer's time to notify the DOI of name or address change -ANSWER 30 days
A producer license is not required of a fraternal benefit society representative if the representative did not receive sales compensation and: In the preceding calendar year, the representative sold the society life insurance contracts w a face amount of $_____ or less; OR sold any other kind of insurance on behalf of the society to _____ or fewer individuals and received no compensation from these policies -ANSWER $50,
Number of required Pre-licensing Education Hours P&C Insurance Producer -ANSWER 50 hours
Number of required Pre-Licensing Education Hours -- of each 50 hour course ____ hours must cover industry ethics -ANSWER 3 hours
Appt Termination - When terminating a PRODUCER appt for cause, an insurer must inform the Commissioner within _____ days of the termination -ANSWER 30
The INSURER has an additional ____ days to notify the PRODUCER of appointment termination -ANSWER 15 DAYS
Within ____ days of notification the PRODUCER may file a written response w the Commissioner for appt termination -ANSWER 30 days
Appointment Termination: The INSURER has an additional ______ days to notify the producer. -ANSWER 15 days
Appointment Termination: Within ____ days of notification, the PRODUCER may file a written response with the Commissioner -ANSWER 30 days
FIDUCIARY: A PRODUCER must REMIT premiums to insurer within ____ days after the receipt -ANSWER 45 days after the receipt
FIDUCIARY: A PRODUCER must RETURN all premiums to insured within ____ days -
ANSWER 30 days PRODUCER'S LICENSE RENEWAL PERIOD: The license may be continually renewed
as long as the proper fees are paid and continuing education requirements are met -
ANSWER 2 years
CONTINUING EDUCATION: Requirements for each 2 year CE term -ANSWER 24 credit hours
CONTINUING EDUCATION: Number of hours required of ethics CE -ANSWER 3 hours
in ethics
CONTINUING EDUCATION: Number of hours in the lines of insurance for which the PRODUCER is licensed -ANSWER 18 hours
CONTINUING EDUCATION: Number of hours a property or personal lines producer must complete on homeowners insurance coverage -ANSWER 3 hours
CONTINUING EDUCATION: Number of hours on subjects designated by the Commissioner -ANSWER 6 hours
CONTINUING EDUCATION: Number of hours a producer can accumulate and apply to the next CE period -ANSWER 12 hours
CONTINUING EDUCATION: Length of CE extension from the commissioner for good cause -ANSWER 1 year
CONTINUING EDUCATION: Length of time a producer must maintain CE completion records -ANSWER 5 years
CONTROLLED BUSINESS: A license is deemed to be used for controlled business if, during any 12-month period, the total premiums on controlled business _____ the total premiums on all other business -ANSWER EXCEED
P&C COLORADO LAWS: INSURERS must pay first-party claims under P&C policies within ___ days of receiving a complete claim (unless disputed) -ANSWER 60 days
P&C COLORADO LAWS: Rate regulation classification for worker's compensation pure premium, and assigned risk auto insurance -ANSWER Type 1
P&C COLORADO LAWS: Rate regulation classification for fire, casualty, inland marine, title and credit -ANSWER Type II
COMMERCIAL POLICY REQUIREMENTS: INSURER must give the INSURED at least ____ notice for cancellation, non-renwal, increasing premiums, or reducing coverage at policy renewal -ANSWER 45 days