100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Previously searched by you
Previously searched by you
logo
Colorado Property & Casualty - from practice exam questions with correct answers CA$23.22   Add to cart
Quickly navigate to
Preview
  2.  
  3. Property & Casualty
  4.  
  5. Property & Casualty

Exam (elaborations)

Colorado Property & Casualty - from practice exam questions with correct answers
 13 views  0 purchase
  • Course
  • Property & Casualty
  • Institution
  • Property & Casualty

If a producer misrepresents a part of a policy, will the Insurer cover a claim made for the misrepresentation? CORRECT ANSWER 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 reimburs...

[Show more]

Preview 2 out of 12  pages

Document information

  • October 19, 2023
  • 12
  • 2023/2024
  • Exam (elaborations)
  • Questions & answers

Subjects

  • colorado property casualty from practice exam

Written for

  • Property & Casualty
  • Property & Casualty

Seller

avatar-seller
cracker

Reviews received

Content preview

Colorado Property & Casualty - from practice exam questions with correct answers
If a producer misrepresents a part of a policy, will the Insurer cover a claim made for the misrepresentation? CORRECT ANSWER 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 Agent for their error.
When must a certificate of Authority be renewed each year in the State of Colorado? CORRECT ANSWER June 30th
Estoppel CORRECT ANSWER Prevents a party from enforcing a right that it voluntarily waived by its past conduct.
Captive Insurance Company CORRECT ANSWER Formed to cover the risks of the parent organization that owns it. Sophisticated form of Self-Insurance.
Indemnity CORRECT ANSWER When a loss victim is financially restored to the amount of the loss.
How long must disclosures be kept on record? CORRECT ANSWER Disclosures must be kept on record for 3 years.
Legal Contract CORRECT ANSWER Legal contract is formed when application is
completed, sent with premium to the insurer, and accepted by the insurer.
What producer is exempt from CO continuing education courses? CORRECT ANSWER A Title Insurance Producer. What source of funds are used during prosecution of alleged Insurance Fraud? CORRECT ANSWER During prosecution of alleged Insurance fraud, the source of funds is from fees collected from entities regulated by the Division.
What is the time limit to pay or reject claims in Colorado? CORRECT ANSWER Insurers must reject or pay claims within 60 days.
Are Averse Economic Conditions a cause for revision of a policy upon renewal? CORRECT ANSWER Adverse economic conditions will NOT cause an insurer to revise a standard policy form at renewal.
Licensee vs Invitee CORRECT ANSWER Licensee would be a Door to Door salesman. A Delivery person is an invitee.
Proximate Causation CORRECT ANSWER Proximate Causation is where a plaintiff must prove that the defendants action set in motion a chain of events that could've reasonably been anticipated to lead to the damage suffered.
Strict Liability CORRECT ANSWER Strict Liability holds people responsible even if they haven't been careless/negligent. But because they broke the law or ignored clear signs for specific behavior.
Contributory Negligence CORRECT ANSWER Contributory Negligence considers the plaintiffs conduct as a cause of their own injury, and bars them from any recovery. (Ex. a pedestrian walking when they don't have the right of way, red flashing light, and get hit by a car legally moving through the green light.)

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller cracker. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for CA$23.22. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

77254 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
CA$23.22
  • (0)
  Add to cart