Title Insurance Test Questions 1-45 - Colorado and Answers RATED A+
Who acts as the representative for a title insurance company? - ANSWER-Licensed agent's employee
Where are agents' licenses to represent a title insurance company conducting a nationwide business issued from? - ANSWER-The commissioner of Insurance of the state of Colorado
What does a title insurance license allow one to write? - ANSWER-Title insurance only
What is the scope of an agent's authority if their license has been issued? - ANSWER-
Limited by terms and conditions in the license
What is the penalty for an insurance agent who procures payment by fraudulent representations? - ANSWER-Guilty of a misdemeanor and upon conviction is subject to a fine and/or imprisonment
What is the penalty for an unlicensed agent? - ANSWER-Guilty of a misdemeanor and upon conviction is subject to both fines and/or imprisonment
Who normally requires an agent's license? - ANSWER-The prospective agent
What is a person called who investigates or adjusts losses arising under insurance policies? - ANSWER-An insurance adjuster
Who regulates the rates charged for title insurance? - ANSWER-The Commissioner of Insurance
What is the Colorado Title Insurance Rating Bureau? - ANSWER-A non-profit Colorado corporation organized on behalf of title insurance companies
What does the prevailing title industry rate schedule establish? - ANSWER-Establishes minimum charges
Is giving a commission to an owner or mortgagee by a title insurer or its agent allowed? - ANSWER-Prohibited
What rates are included in title insurance in Colorado? - ANSWER-Premiums, cost of doing business, and reasonable profit What is prudent to consider in relation to Articles of Incorporation for title insurance purposes? - ANSWER-Current officers authorized to acquire and dispose of corporation
real property
Is the definition of 'premium' under the Title Insurance Code of Colorado inclusive of service charge? - ANSWER-No
What is the definition of 'title insurance agent' under the Title Insurance Code of Colorado? - ANSWER-Person authorized by the title insurance company to solicit insurance, to collect premiums, or to issue/countersign policies on its behalf
What is the definition of 'title insurance' under the Title Insurance Code of Colorado? - ANSWER-Insuring, guaranteeing, or indemnifying owners of real property or others interested therein against loss or damage suffered by reason of liens or encumbrances upon, defects in, or the unmarketability of the title to said property
Under the Title Insurance Code of Colorado, what is required before writing a policy? - ANSWER-Reasonable examination of title and determination of insurability of title in accordance with sound underwriting practices
Under the Title Insurance Code of Colorado, is evidence of examination and determination of insurability required to be retained by the title insurance company for any period of time? - ANSWER-Yes
Under the Title Insurance Code of Colorado, what reserve must be established and maintained by title insurance companies? - ANSWER-unearned premium reserve
Under the Title Insurance Code of Colorado, is it required for foreign or alien title insurance companies to maintain an unearned premium reserve? - ANSWER-Yes
Under the Title Insurance Code of Colorado, each title insurance company shall establish and maintain reserves against unpaid losses and loss expense. True or false?
- ANSWER-True
Under the Title Insurance Code of Colorado, title insurance rates and rating organizations shall be regulated in the manner provided for regulation of casualty and surety insurance under the applicable Colorado laws. True or false? - ANSWER-True
What is the definition of 'Insurance Agent'? - ANSWER-A person appointed by an insurer to solicit applications for a policy of insurance or to negotiate a policy of insurance on its behalf.
No person shall act as or hold himself out to be an insurance agent unless he is duly licensed. True or false? - ANSWER-True
Who acts as the representative for a title insurance company? - ANSWER-Licensed agent's employee
Where are agents' licenses to represent a title insurance company conducting a nationwide business issued from? - ANSWER-The commissioner of Insurance of the state of Colorado
What does a title insurance license allow one to write? - ANSWER-Title insurance only
What is the scope of an agent's authority if their license has been issued? - ANSWER-
Limited by terms and conditions in the license
What is the penalty for an insurance agent who procures payment by fraudulent representations? - ANSWER-Guilty of a misdemeanor and upon conviction is subject to a fine and/or imprisonment
What is the penalty for an unlicensed agent? - ANSWER-Guilty of a misdemeanor and upon conviction is subject to both fines and/or imprisonment
Who normally requires an agent's license? - ANSWER-The prospective agent
What is a person called who investigates or adjusts losses arising under insurance policies? - ANSWER-An insurance adjuster
Who regulates the rates charged for title insurance? - ANSWER-The Commissioner of Insurance
What is the Colorado Title Insurance Rating Bureau? - ANSWER-A non-profit Colorado corporation organized on behalf of title insurance companies
What does the prevailing title industry rate schedule establish? - ANSWER-Establishes minimum charges
Is giving a commission to an owner or mortgagee by a title insurer or its agent allowed? - ANSWER-Prohibited
What rates are included in title insurance in Colorado? - ANSWER-Premiums, cost of doing business, and reasonable profit What is prudent to consider in relation to Articles of Incorporation for title insurance purposes? - ANSWER-Current officers authorized to acquire and dispose of corporation
real property
Is the definition of 'premium' under the Title Insurance Code of Colorado inclusive of service charge? - ANSWER-No
What is the definition of 'title insurance agent' under the Title Insurance Code of Colorado? - ANSWER-Person authorized by the title insurance company to solicit insurance, to collect premiums, or to issue/countersign policies on its behalf
What is the definition of 'title insurance' under the Title Insurance Code of Colorado? - ANSWER-Insuring, guaranteeing, or indemnifying owners of real property or others interested therein against loss or damage suffered by reason of liens or encumbrances upon, defects in, or the unmarketability of the title to said property
Under the Title Insurance Code of Colorado, what is required before writing a policy? - ANSWER-Reasonable examination of title and determination of insurability of title in accordance with sound underwriting practices
Under the Title Insurance Code of Colorado, is evidence of examination and determination of insurability required to be retained by the title insurance company for any period of time? - ANSWER-Yes
Under the Title Insurance Code of Colorado, what reserve must be established and maintained by title insurance companies? - ANSWER-unearned premium reserve
Under the Title Insurance Code of Colorado, is it required for foreign or alien title insurance companies to maintain an unearned premium reserve? - ANSWER-Yes
Under the Title Insurance Code of Colorado, each title insurance company shall establish and maintain reserves against unpaid losses and loss expense. True or false?
- ANSWER-True
Under the Title Insurance Code of Colorado, title insurance rates and rating organizations shall be regulated in the manner provided for regulation of casualty and surety insurance under the applicable Colorado laws. True or false? - ANSWER-True
What is the definition of 'Insurance Agent'? - ANSWER-A person appointed by an insurer to solicit applications for a policy of insurance or to negotiate a policy of insurance on its behalf.
No person shall act as or hold himself out to be an insurance agent unless he is duly licensed. True or false? - ANSWER-True
