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Colorado Property & Casualty - From Practice Exam Questions And Answers 100% Pass If a producer misrepresents a part of a policy, will the Insurer cover a claim made for the misrepresentation? - ANS Yes, if an agent mistakenly says something untrue about a policy, the company WILL cover the loss b/c the agent legally represents the insurer. The insurer may seek reimbursement from Agent for their error. When must a certificate of Authority be renewed each year in the State of Colorado? - ...

Colorado Property & Casualty - from practice exam / Questions & Detailed Solutions.

Who will not have a copy of the listing agreement? Seller Listing broker Buyer's agent Listing agent - Answer Buyer's agent Mr. and Mrs. Snively have a contract to purchase a home for $257,000. A hailstorm damaged the roof to the tune of $27,500 before closing. What remedy does the buyer have? Snively's can be entitled to credit for half the insurance proceeds resulting from the damage Snively's broker can wait until the roof is repaired then make a decision whether t...

If a producer misrepresents a part of a policy, will the Insurer cover a claim made for the misrepresentation? - Answer Yes, if an agent mistakenly says something untrue about a policy, the company WILL cover the loss b/c the agent legally represents the insurer. The insurer may seek reimbursement from Agent for their error. When must a certificate of Authority be renewed each year in the State of Colorado? - Answer June 30th Estoppel - Answer Prevents a party from enforcing a rig...

How often must an insurer who sells personal lines property and casualty policies recalculate a consumer's insurance score or obtain an updated credit report? - Answer Every 36 months. (The least often the insurer must pull the credit report is once every 3 years. The most often an insured can request that the credit report be pulled, for the purposes of insurance rating, is every 12 months [annually]) An insurer who frequently misses deadlines to respond to inquiries from the Division of...

Abandonment - Answer Non-payment of taxes Abstract of title - Answer A history of the ownership of parcel of land which lists transfers of title, rights, and liabilities. Acceleration Clause - Answer Upon default, all the principal installments come due to immediately Accesion - Answer owner of land is entitled to all the soil produces or all that is added to the land either intentionally or by mistake. Trade fixtures not removed are "assessed" by the owner of the property...

If a producer misrepresents a part of a policy, will the Insurer cover a claim made for the misrepresentation? - ANSWER-Yes, if an agent mistakenly says something untrue about a policy, the company WILL cover the loss b/c the agent legally represents the insurer. The insurer may seek reimbursement from Agent for their error. When must a certificate of Authority be renewed each year in the State of Colorado? - ANSWER-June 30th Estoppel - ANSWER-Prevents a party from enforcing a right that i...

Colorado Property & Casualty - from practice exam Questions and Answers 100% Pass If a producer misrepresents a part of a policy, will the Insurer cover a claim made for the misrepresentation? - Correct Answer ️️ -Yes, if an agent mistakenly says something untrue about a policy, the company WILL cover the loss b/c the agent legally represents the insurer. The insurer may seek reimbursement from Agent for their error. When must a certificate of Authority be renewed each year in the Stat...

Colorado Property & Casualty - from practice exam Questions and Answers 100% Pass If a producer misrepresents a part of a policy, will the Insurer cover a claim made for the misrepresentation? - Correct Answer ️️ -Yes, if an agent mistakenly says something untrue about a policy, the company WILL cover the loss b/c the agent legally represents the insurer. The insurer may seek reimbursement from Agent for their error. When must a certificate of Authority be renewed each year in the Stat...

Colorado Property & Casualty Exam with Questions and Answers Which of the following describes the Lay Up Warranty under the Yacht Policy? A It is an additional coverage that applies when the yacht is being repaired or serviced B It is a limitation of coverage on the yacht that applies when the yacht is outside its navigational limits C It applies when the insured yacht is in storage and allows a return of premium due to the lower risk D It states that coverage is suspended while the y...