COLORADO LIFE INSURANCE ACTUAL EXAM TEST PAPER FULL QUESTIONS CORRECT
RESPONSES
Question:
Commissioner's Duties.
Answer:
-Maintaining records that insurers are required by law to file in Commissioner's office, annual report
by March 1 Requiring domestic insurers to keep adequate records and complies with the law
Certificate of authority- insurer's license to transact insurance business, expires on June 30 and
renewed annually Investigating violations of insurance laws and presenting findings Transmitting
funds collected by Division of Insurance to state Department of Treasury Oversee operation of
electronic data interchange projects for billing and health benefit coverage's Adopting rules and
regulations Determining whether rates are excessive, inadequate, or unfairly discriminatory
Question:
Commissioner Examinations.
Answer:
Conduct formal financial examination of every insurer license in CO at least every 5 years,
examinations outside of the state will be paid by insurance company, refusal to comply license could
be suspended, revoked, denied, or non- renewed
Question:
Investigating Possible Violations.
Answer:
Commissioner is allowed free access to books and documents relating to insurer's business and may
subpoena witnesses and administer oaths during an investigation
Question:
, Investigation of Application for Insurance Producer License.
Answer:
Commissioner can examine/investigate person who is applying for license to determine if person
has violated insurance laws or rules of the state or any other state
Question:
Unfair Trade Practices.
Answer:
Unfair method of competition or unfair deceptive act
Question:
Emergency Cease and Desist Order.
Answer:
Without a hearing if an unauthorized person is engaged in insurance business without license or in
violation of a rule and appears to be fraudulent, creates immediate danger, or is about to cause
significant public injury
Question:
Records and Requests for Information.
Answer:
Must be maintained for current calendar year plus 2 years prior
Question:
Requests for Information.
Answer:
Response to any Division inquiry must be within 20 calendar days from date of inquiry -Inquiries
during market conduct or financial examination within 10 calendar days
RESPONSES
Question:
Commissioner's Duties.
Answer:
-Maintaining records that insurers are required by law to file in Commissioner's office, annual report
by March 1 Requiring domestic insurers to keep adequate records and complies with the law
Certificate of authority- insurer's license to transact insurance business, expires on June 30 and
renewed annually Investigating violations of insurance laws and presenting findings Transmitting
funds collected by Division of Insurance to state Department of Treasury Oversee operation of
electronic data interchange projects for billing and health benefit coverage's Adopting rules and
regulations Determining whether rates are excessive, inadequate, or unfairly discriminatory
Question:
Commissioner Examinations.
Answer:
Conduct formal financial examination of every insurer license in CO at least every 5 years,
examinations outside of the state will be paid by insurance company, refusal to comply license could
be suspended, revoked, denied, or non- renewed
Question:
Investigating Possible Violations.
Answer:
Commissioner is allowed free access to books and documents relating to insurer's business and may
subpoena witnesses and administer oaths during an investigation
Question:
, Investigation of Application for Insurance Producer License.
Answer:
Commissioner can examine/investigate person who is applying for license to determine if person
has violated insurance laws or rules of the state or any other state
Question:
Unfair Trade Practices.
Answer:
Unfair method of competition or unfair deceptive act
Question:
Emergency Cease and Desist Order.
Answer:
Without a hearing if an unauthorized person is engaged in insurance business without license or in
violation of a rule and appears to be fraudulent, creates immediate danger, or is about to cause
significant public injury
Question:
Records and Requests for Information.
Answer:
Must be maintained for current calendar year plus 2 years prior
Question:
Requests for Information.
Answer:
Response to any Division inquiry must be within 20 calendar days from date of inquiry -Inquiries
during market conduct or financial examination within 10 calendar days
