Colorado Property Insurance exam Already Passed!!

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? - 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 Insurance may be fined, for each violation, as much as... - $5,000. (An insurer who fails to respond to a Division of Insurance inquiry by the deadline faces a $500 civil penalty for the initial violation. Fines may reach up to $5,000 for subsequent violations.) Which of the following will NOT be considered unfair discrimination by insurers? a) Discriminating in benefits and coverages based on the insured's habits and lifestyle b) Charging applicants with similar health histories different premiums based on their ethnicity c) Cancelling individual coverage based on the insured's marital status d) Assigning different risk classifications to applicants based on gender identity - Discriminating in benefits and coverages based on the insured's habits and lifestyle. (Discriminating between individuals of the same class with equal life expectancies, or by reason of race, nationality, or ethnic group would be considered unfair discrimination. Insurers are also not allowed to cancel individual coverage due to a change in marital status. Discriminating in benefits based on the insured's habits and lifestyle [such as smoking or dangerous hobbies] - is acceptable.) An insurer wishes to cancel a Commercial General Liability Policy. This policy has been in effect for more than 60 days and the cancellation is due to a reason other than nonpayment of premium. How many days before the effective date of cancellation must the insurer send notice of cancellation to the insured? - 45 days. For how many years must a producer keep supporting documentation of his or her continuing education completion? - 5 years following license continuation. (It is the responsibility of the producer to maintain records sufficient to document successful completion of 24 credit hours on a biennial basis. Supporting documentation must be maintained by the producer for 5 years following license continuation and must be available for audit by the Division of Insurance or the Continuing Education Administrator.)Under Colorado's Unfair Claims Practices regulations, when denying a claim an insurer must do all of the following EXCEPT... a) Respond promptly to claims communications. b) Conduct a reasonable investigation. c) Pay a claim that occurs after the grace period has ended. d) Indicate to the claimant which section of the policy they are relying upon. - Pay a claim that occurs after the grace period has ended. (A claim that occurs during a grace period of a policy is covered, the insurer will simply deduct premium owed from the claim and pay the rest up to a limit, if one is indicated on the policy. Once the grace period ends, a policy expires and no further claims are valid.)