Colorado Laws and Rules Pertinent to
Insurance Quiz with correct Answers.
According to the Colorado Fraud Statute, all of the following must
contain a warning against insurance fraud except:
- applications
- policies
- certificates of authority
- claim forms - certificates of authority
In Colorado, which of the following is true regarding the commingling of
an insurer's funds with the funds of the producer?
- it it ok with the insured's written approval
- it is ok with the insurer's written approval
- it is never ok
- It is ok if records are kept on the transaction - it is never ok
If an insurance company wishes to discriminate rates based on gender,
it must:
,- receive prior approval from the Department of Insurance
- allow for no more than a 10% rate difference
- be justified by actuarial statistics
- disclose the rate difference on the application - be justified by
actuarial statistics
As a condition to be approved for a loan, a creditor may require the
borrower to...
- obtain an insurance policy through an insurer of the borrower's
preference
- obtain an insurance policy through an insurer of lender's preference
- obtain an insurance policy through the lender
- obtain an insurance policy for more than the loan amount - obtain
an insurance policy through an insurer of the borrower's preference
Which of the following documents are NOT required to mention to the
Colorado fraud Statute?
- policies
- certificates of authority
- claim forms
- applications - certificates of authority
, An insurer can deny a claim under a long-term care insurance policy for
any material misrepresentation made by the insured if It has been in
effect for
- fewer than 6 months
- more than 6 months
- at least 1 year
- no more than 2 years - fewer than 6 months
When may the Commissioner conduct an examination if an insurance
policy?
max once per year
mac every 3 yrs
max every 5 years
as often as deemed necessary as often as deemed necessary
An insurer cannot deny a claim unless...
- the Commissioner gives a written approval
- it exceeds a specific dollar amount
- there is a reasonable explanation of the claim
Insurance Quiz with correct Answers.
According to the Colorado Fraud Statute, all of the following must
contain a warning against insurance fraud except:
- applications
- policies
- certificates of authority
- claim forms - certificates of authority
In Colorado, which of the following is true regarding the commingling of
an insurer's funds with the funds of the producer?
- it it ok with the insured's written approval
- it is ok with the insurer's written approval
- it is never ok
- It is ok if records are kept on the transaction - it is never ok
If an insurance company wishes to discriminate rates based on gender,
it must:
,- receive prior approval from the Department of Insurance
- allow for no more than a 10% rate difference
- be justified by actuarial statistics
- disclose the rate difference on the application - be justified by
actuarial statistics
As a condition to be approved for a loan, a creditor may require the
borrower to...
- obtain an insurance policy through an insurer of the borrower's
preference
- obtain an insurance policy through an insurer of lender's preference
- obtain an insurance policy through the lender
- obtain an insurance policy for more than the loan amount - obtain
an insurance policy through an insurer of the borrower's preference
Which of the following documents are NOT required to mention to the
Colorado fraud Statute?
- policies
- certificates of authority
- claim forms
- applications - certificates of authority
, An insurer can deny a claim under a long-term care insurance policy for
any material misrepresentation made by the insured if It has been in
effect for
- fewer than 6 months
- more than 6 months
- at least 1 year
- no more than 2 years - fewer than 6 months
When may the Commissioner conduct an examination if an insurance
policy?
max once per year
mac every 3 yrs
max every 5 years
as often as deemed necessary as often as deemed necessary
An insurer cannot deny a claim unless...
- the Commissioner gives a written approval
- it exceeds a specific dollar amount
- there is a reasonable explanation of the claim
