Colorado Life & Health Insurance State Law Supplement Practice Exam

What is the maximum amount the commissioner can fine an insurer for each violation of a cease-and-desist order? - Answer- $10,000 When appropriate the commissioner reports a violation of insurance law to - Answer- The district attorney A company that has not been authorized to operate in Colorado is known as - Answer- A nonadmitted insurer An insurer that terminates the producers appointment must inform the commissioner within how many days? - Answer- 30 All of the following are duties of the commissioner except: a. keeping records of the insurers that he has examined b. adopting rules and regulations c. writing insurance laws d. submitting an annual report to the General assembly - Answer- See. Writing insurance laws When an insurer terminates a producer's appointment, the insurer must notify - Answer- The commissioner and producer An insurance producer who solicits insurance on behalf of an insurer represents the - Answer- Insurer The commissioner may... - Answer- Conduct investigations and subpoena witnesses whenever he deems it necessary The commissioner gives approval to an insurer to do business in Colorado in a certificate of - Answer- Authority In Colorado all of the following are considered unfair trade practices except: a. Misrepresentation b. Rebating c.. Replacement D. Coercion - Answer- C. Replacement All of the following are violations of Colorado insurance law except: a. Charging individuals of the same class different premium rates b. Offering tickets to a football game as an incentive to purchase a policy c. In forming a new policy holder that his new policy, if lapsed for nonpayment of premium, could be reinstated upon reapplication d. Having an arrangement to sell stock to a person contingent upon the purchase of an annuity - Answer- C. In forming a new policy holder that his new policy, if lapsed for nonpayment of premium, could be reinstated upon reapplication All of the following insurance practices are illegal in Colorado except: A. Soliciting or pro