Colorado Life & Health , Property and Casualty Insurance bundled exams with complete solution

accelerated benefits - Riders attached to life insurance policies which allow death benefits to be used to cover nursing or convalescent home expenses. accidental death benefits - A policy rider that states that the cause of death will be analyzed to determine if it complies with the policy descr...

What is the maximum amount the commissioner can fine an insurer for each violation of a cease-anddesist order? - $10,000 When appropriate the commissioner reports a violation of insurance law to - The district attorney A company that has not been authorized to operate in Colorado is known as - A n...

Which type of insurer may pay dividends to policyholders? - Mutual You must be licensed to sell all of the following EXCEPT: - Travel accident To obtain a Colorado producer's license as a nonresident, you must: - Have a similar license in your home state You need an insurance license to sell al...

PO (Preferred Provider Organization) - An arrangement under which a selected group of independent hospitals and medical practitioners, in a certain area, agree to provide services to subscribers at a prearranged cost. Fraternal Benefit Societies - Fraternal benefit societies are primarily social ...

Mandatory Uniform Provisions - Must be included in every individual accident policy, no additional provisions may be included which otherwise restrict or modify a uniform provision, designed to protect the insured's interest Entire Contract Clause- Mandatory Uniform - Includes the policy and pro...

when does a certificate of authority expire - June 30th when do you report administrative actions - within 30 days Penalty for license denial, suspension, or revocation - 3,000 Penalties for falsifying books/documents - maximum fine of 5,000 and between 2-12 months imprisonment Unfair Trade Pra...

A person has inherited a sum of money. She is age 60 and desires to purchase an annuity that will appreciate with market and economic conditions. Which of the following types of annuities should she consider? - Variable A statement that an applicant for life insurance makes on their application, ...

How often must an insurer who sells personal lines property and casualty policies recalculate a consumer's insurance score or obtain an updated credit report? - Every 36 months. (The least often the insurer must pull the credit report is once every 3 years. The most often an insured can request t...

The legal process that gives the insureer, after payment of a loss, the right to seek recovery from a third party that was responsible for the loss is known as - subrogation What type of liability would a person who owns a swimming pool have? - Absolute Which of the following is NOT an element of...

If a producer misrepresents a part of a policy, will the Insurer cover a claim made for the misrepresentation? - Yes, if an agent mistakenly says something untrue about a policy, the company WILL cover the loss b/c the agent legally represents the insurer. The insurer may seek reimbursement from ...

Law of Large Numbers - This states that the larger the number of people with a similar exposure to loss, the more predictable actual losses will be. This law forms the basis for statistical prediction of loss upon which insurance rates are calculated Example of Law of Large Numbers - When an insu...