Exam (elaborations)
Colorado Property & Casualty - from practice exam 2024/2025 already graded A+
- Module
- Institution
Colorado Property & Casualty - from practice exam 2024/2025 already graded A+
[Show more]
Seller
Follow
Ashley96
Reviews received
Content preview
Colorado Property & Casualty - frompractice exam
If a producer misrepresents a part of a policy, will the Insurer cover a claim made for the
misrepresentation? - ANSYes, 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? - ANSJune
30th
Estoppel - ANSPrevents a party from enforcing a right that it voluntarily waived by its past
conduct.
Captive Insurance Company - ANSFormed to cover the risks of the parent organization that
owns it. Sophisticated form of Self-Insurance.
Indemnity - ANSWhen a loss victim is financially restored to the amount of the loss.
How long must disclosures be kept on record? - ANSDisclosures must be kept on record for 3
years.
Legal Contract - ANSLegal 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? - ANSA Title Insurance
Producer.
What source of funds are used during prosecution of alleged Insurance Fraud? - ANSDuring
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? - ANSInsurers must reject or pay
claims within 60 days.
Are Averse Economic Conditions a cause for revision of a policy upon renewal? - ANSAdverse
economic conditions will NOT cause an insurer to revise a standard policy form at renewal.
Licensee vs Invitee - ANSLicensee would be a Door to Door salesman. A Delivery person is an
invitee.
, Proximate Causation - ANSProximate 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 - ANSStrict 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 - ANSContributory 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.)
Is damage caused by flood a covered peril under a Home property insurance policy? - ANSNo,
damage caused by flood is excluded under a property insurance policy's water damage
exclusion.
Compensatory Damages - ANSSpecial and General damages
Policy Reduction Coverage - ANSPolicy reduction coverage occurs when a property is vacant
for 60 days.
Negligence - ANSNegligence is the failure to use the degree of reasonable care, without intent
to injure.
Territory Provision of a casualty policy - ANSTerritory Provision of a casualty policy indicates
where coverage would apply if a loss occurs.
If an Insurer fails to meet the requirement before an existing policy expires... - ANSthe insurer
must renew the policy to the same terms, conditions, and premium for an identical policy period.
No Benefit to Bailee - ANSNo Benefit to Bailee provision makes it clear that no coverage is
provided if it benefits a bailee.
Morale Hazards - ANSMorale Hazards arise from a state of mind, attitude, or indifference to
loss.
Abandonment Provision - ANSAn Abandonment Provision in property policies specifies that the
insured cannot walk away from damaged property and turn it over to the insurer. The insurer
ISN'T required to accept any property that an insured has abandoned.
Loss of Income by a business - ANSThe loss of income sustained by a business while repairing
damage to its facility is an indirect loss resulting from damage.
The benefits of buying summaries with Stuvia:
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
You can quickly pay through credit card for the summaries. There is no membership needed.
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 Ashley96. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for £10.62. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
67474 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy revision notes and other study material for 14 years now