Colorado Life insurance law
Which type of insurer may pay dividends to policyholders? - ✔✔Mutual
You must be licensed to sell all of the following EXCEPT: - ✔✔Travel accident
To obtain a Colorado producer's license as a nonresident, you must: - ✔✔Have a similar license in your
home state
You need an insurance license to sell all EXCEPT: - ✔✔Prepaid Legal
If, after a hearing, the Commissioner finds that an insurer willfully violated insurance law, he may impose
a maximum total fine of _______ in 12 months. - ✔✔$750,000
An insurer who willfully violates a single provision of an unfair trade practice regulation may be fined: -
✔✔$30,000
It is not unfair to deny a claim in which of the following situations? - ✔✔An excluded claim
Colorado's Insurance Continuing Education law requires: - ✔✔24 credit hours every 2 years regardless of
the number of licenses held
What is the maximum a producer may be fined for violating a cease and desist order? - ✔✔$500 - for
each and every act
No insurer shall transact insurance in this state without a: - ✔✔Certificate of Authority
If a producer or insurer is found to have violated an insurance law, the Commissioner may do all of the
following EXCEPT: - ✔✔Impose time in jail
, Under Colorado's Unfair Claims Practices regulations, when denying a claim an insurer must do all of the
following EXCEPT: - ✔✔Pay a claim that occurs after the grace period has ended
As the producer you are required to remit premiums from a trust account to your insurer within how
many days of receipt? - ✔✔45
Which of the following is unlawful? - ✔✔Giving the insured a rebate
Which of the following statements concerning clerical and administration personnel who do not solicit or
get commission is true? - ✔✔Need not be licensed
All of the following are considered misrepresentation EXCEPT: - ✔✔Projecting a dividend on a
participating policy
You need a license to sell all of the following types of policies EXCEPT: - ✔✔Pre-paid legal
Conditions for a corporate insurance agency seeking a Colorado license include: - ✔✔All agency
principals selling insurance to have an individual license
Which of the following would not be considered an unfair claims settlement practice? - ✔✔Refusing to
pay a claim after conducting a proper investigation
All of the following would be prohibited EXCEPT - ✔✔Offering a client a multi-policy discount
A producer who procures a license for the principal purpose of obtaining insurance for herself, her family
members or employees is violating the regulations concerning: - ✔✔Controlled business
Which of the following is correct regarding a producer's license? - ✔✔A producer's license is perpetual,
subject to payment of renewal fees and continuing education
Which type of insurer may pay dividends to policyholders? - ✔✔Mutual
You must be licensed to sell all of the following EXCEPT: - ✔✔Travel accident
To obtain a Colorado producer's license as a nonresident, you must: - ✔✔Have a similar license in your
home state
You need an insurance license to sell all EXCEPT: - ✔✔Prepaid Legal
If, after a hearing, the Commissioner finds that an insurer willfully violated insurance law, he may impose
a maximum total fine of _______ in 12 months. - ✔✔$750,000
An insurer who willfully violates a single provision of an unfair trade practice regulation may be fined: -
✔✔$30,000
It is not unfair to deny a claim in which of the following situations? - ✔✔An excluded claim
Colorado's Insurance Continuing Education law requires: - ✔✔24 credit hours every 2 years regardless of
the number of licenses held
What is the maximum a producer may be fined for violating a cease and desist order? - ✔✔$500 - for
each and every act
No insurer shall transact insurance in this state without a: - ✔✔Certificate of Authority
If a producer or insurer is found to have violated an insurance law, the Commissioner may do all of the
following EXCEPT: - ✔✔Impose time in jail
, Under Colorado's Unfair Claims Practices regulations, when denying a claim an insurer must do all of the
following EXCEPT: - ✔✔Pay a claim that occurs after the grace period has ended
As the producer you are required to remit premiums from a trust account to your insurer within how
many days of receipt? - ✔✔45
Which of the following is unlawful? - ✔✔Giving the insured a rebate
Which of the following statements concerning clerical and administration personnel who do not solicit or
get commission is true? - ✔✔Need not be licensed
All of the following are considered misrepresentation EXCEPT: - ✔✔Projecting a dividend on a
participating policy
You need a license to sell all of the following types of policies EXCEPT: - ✔✔Pre-paid legal
Conditions for a corporate insurance agency seeking a Colorado license include: - ✔✔All agency
principals selling insurance to have an individual license
Which of the following would not be considered an unfair claims settlement practice? - ✔✔Refusing to
pay a claim after conducting a proper investigation
All of the following would be prohibited EXCEPT - ✔✔Offering a client a multi-policy discount
A producer who procures a license for the principal purpose of obtaining insurance for herself, her family
members or employees is violating the regulations concerning: - ✔✔Controlled business
Which of the following is correct regarding a producer's license? - ✔✔A producer's license is perpetual,
subject to payment of renewal fees and continuing education
