Colorado Property & Casualty exam Already Passed!!

If a producer misrepresents a part of a policy, will the Insurer cover a claim made for the misrepresentation? - 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? - June 30th Estoppel - Prevents a party from enforcing a right that it voluntarily waived by its past conduct. Captive Insurance Company - Formed to cover the risks of the parent organization that owns it. Sophisticated form of Self-Insurance. Indemnity - When a loss victim is financially restored to the amount of the loss. How long must disclosures be kept on record? - Disclosures must be kept on record for 3 years. Legal Contract - Legal contract is formed when application is completed, sent with premium to the insurer, and accepted by the insurer. What producer is exempt from CO continuing education courses? - A Title Insurance Producer. What source of funds are used during prosecution of alleged Insurance Fraud? - During prosecution of alleged Insurance fraud, the source of funds is from fees collected from entities regulated by the Division. What is the time limit to pay or reject claims in Colorado? - Insurers must reject or pay claims within 60 days.