Life insurance/Colorado laws Exam Questions and Answers 100% Pass

Life insurance/Colorado laws Exam Questions and Answers 100% Pass The commissioners job is to - Correct Answer ️️ -Administer insurance laws to protect the public The commissioner does or does not make laws or pass statutes - Correct Answer ️️ - Does not, the legislature does Can the commissioner amend insurance laws - Correct Answer ️️ -Yes The commissioner has the power to - Correct Answer ️️ -Issue orders, cease and desist Can a commissioner deny, revoke or suspend a producers license after a hearing - Correct Answer ️️ -Yes The insurance commissioner may or may not impose jail time - Correct Answer ️️ - May not, but may make a referral to the DA who may press criminal charges The commissioner must audit all admitted insurance companies at least once every - Correct Answer ️️ -5 years If an insurer violates a cease and desist order the commissioner may fine the insurer - Correct Answer ️️ -$10,000 If a producer violates a cease and desist order the commissioner may fine the producer - Correct Answer ️️ -$500 Insurance producers represent the - Correct Answer ️️ -Insurer not the insured No producer may represent an insurer unless - Correct Answer ️️ -appointed by that insurer Can a producer be appointed by more than one insurer and may be either an agency or individual - Correct Answer ️️ -Yes To obtain a producer license an individual must - Correct Answer ️️ -Be at least 18, complete the required prelicensing training, pass the appropriate examination and submit a licensing application with the state department of insurance Do salaried persons who don't solicit insurance, company officers, customer service representatives, and employees of producers need to be licensed - Correct Answer ️️ - No A producer using an assumed name must file the assumed name - Correct Answer ️️ - With the insurance commissioner prior to use The producer's license is ___ until canceled or revoked, subject to the payment of renewal fees and continuing education requ