COLORADO SICKNESS & ACCIDENT
INSURANCE FINAL PAPER 2026
QUESTIONS WITH VERIFIED ANSWERS
⩥ The Commissioner of Insurance is appointed by whom? Answer: the
Governor
⩥ The Commissioner of Insurance is subject to confirmation by Answer:
the Senate
⩥ Who assumes control over an insurance company's funds and
management if they become insolvent? Answer: Department of
Insurance (in an effort to rehabilitate the company but they will liquidate
the assets of the company if rehab is not possible.)
⩥ to ensure that companies remain solvent and conduct business of
insurance in compliance with state laws and regulations pertaining to
licensing, policy forms, rates, claims, and market conduct are: Answer:
The purpose of examination
⩥ The Commissioner may examine or investigate any company or
person involved in insurance transactions as often as deemed
appropriate, but ___ Answer: at least once every 5 years
, ⩥ The Governor has asked the Commissioner to examine an insurance
company after a group of insured(s) has filed several complaints against
the company. Who will pay for this examination? Answer: The insurance
company (all reasonable expenses and charges associated with the exam
must be paid directly by the examine to the examiner, regardless of the
reason for the exam.)
⩥ The Commissioner and the examiners have the power to Answer:
issue subpoenas, administer oaths, and examine under oath any person
as to any matter pertinent to the examination.
⩥ The Commissioner may petition a court of competent jurisdiction for
an order compelling the person to appear and testify or produce
documentary evidence if any person Answer: fails to obey a subpoena
⩥ The refusal of any company or its employees to submit to examination
or to comply with any reasonable requests of the examiners will be
grounds for Answer: suspension, revocation, denial, or nonrenewal of
any license held by the company
⩥ Any person who knowingly or willfully testifies falsely in reference to
any matter material to an examination is Answer: guilty of a
misdemeanor and, upon conviction, can be punished by a fine of not
more than $5,000, or by imprisonment for not more than 3 months, or by
both.
INSURANCE FINAL PAPER 2026
QUESTIONS WITH VERIFIED ANSWERS
⩥ The Commissioner of Insurance is appointed by whom? Answer: the
Governor
⩥ The Commissioner of Insurance is subject to confirmation by Answer:
the Senate
⩥ Who assumes control over an insurance company's funds and
management if they become insolvent? Answer: Department of
Insurance (in an effort to rehabilitate the company but they will liquidate
the assets of the company if rehab is not possible.)
⩥ to ensure that companies remain solvent and conduct business of
insurance in compliance with state laws and regulations pertaining to
licensing, policy forms, rates, claims, and market conduct are: Answer:
The purpose of examination
⩥ The Commissioner may examine or investigate any company or
person involved in insurance transactions as often as deemed
appropriate, but ___ Answer: at least once every 5 years
, ⩥ The Governor has asked the Commissioner to examine an insurance
company after a group of insured(s) has filed several complaints against
the company. Who will pay for this examination? Answer: The insurance
company (all reasonable expenses and charges associated with the exam
must be paid directly by the examine to the examiner, regardless of the
reason for the exam.)
⩥ The Commissioner and the examiners have the power to Answer:
issue subpoenas, administer oaths, and examine under oath any person
as to any matter pertinent to the examination.
⩥ The Commissioner may petition a court of competent jurisdiction for
an order compelling the person to appear and testify or produce
documentary evidence if any person Answer: fails to obey a subpoena
⩥ The refusal of any company or its employees to submit to examination
or to comply with any reasonable requests of the examiners will be
grounds for Answer: suspension, revocation, denial, or nonrenewal of
any license held by the company
⩥ Any person who knowingly or willfully testifies falsely in reference to
any matter material to an examination is Answer: guilty of a
misdemeanor and, upon conviction, can be punished by a fine of not
more than $5,000, or by imprisonment for not more than 3 months, or by
both.
