$100 - answer-All group and individual health plans issued in Colorado that provide coverage for hospital, surgical, or medical expenses must cover diabetes, including equipment, supplies, and, when administered by a professional diabetes expert, outpatient self-management training and education. T...
COLORADO LIFE & HEALTH INSURANCE EXAM
$100 - answer-All group and individual health plans issued in Colorado that provide coverage for
hospital, surgical, or medical expenses must cover diabetes, including equipment, supplies, and,
when administered by a professional diabetes expert, outpatient self-management training and
education. This includes how much $ for a 30-day insulin supply?
$3,000 - answer-The Commissioner may assign penalties in addition to those authorized by law,
including: fine the producer up to $? for the violation.
$3,000; $30,000 - answer-If, after a hearing, the Commissioner finds that someone has engaged in
an unfair method of competition, deceptive act or practice, or has violated any other rules or laws,
they may impose a civil fine up to ____ per unintentional violation and up to a maximum of
_________ for all unintentional violations.
$750,000 - answer-The maximum penalty for a knowing violation of an unfair trade practice is:
1-3% - answer-Disability insurance is typically what percentage of someone's income?
102% - answer-COBRA states that with continuation of coverage, employers may require a former
employee or their surviving spouse to pay up to 102% of the premium.
12 months - answer-Long-term care insurance is any insurance policy designed to provide coverage
for not less than ___ consecutive months.
14 days - answer-Employees must be notified of their right to continue coverage within ___ days of a
qualifying event. The employee or the beneficiary must notify the employer within 60 days if they
elect to continue coverage.
15-year policy - answer-Which of the following term life insurance policies would have the highest
1st-year annual premium, all other factors being equal?
5-year
10-year
15-year
18 months - answer-In Colorado, continuation coverage must be provided for a long-term employee
for up to ________ from the termination of employment.
180 days - answer-At least how many days in advance must an insurer give an insured notice of non-
renewal for a health plan?
90 days
180 days
60 days
30 days
20 - answer-Employers with ___ + employees are required to offer COBRA for up to 18 months after
an employee is terminated.
24 - answer-How many credit hours of continuing education must a Colorado producer complete
every license renewal period?
, 3 - answer-With regard to an individual health policy issued in Colorado, an insured has ________
years to take legal action to recover benefits.
3 months - answer-All individual health benefit plans issued to policyholders that receive federal
subsidies under the ACA must contain a provision for a grace period of:
3 years - answer-With regard to an individual health policy issued in Colorado, an insured has
________ years to take legal action to recover benefits -- in other words, how long, typically, is the
reinstatement period from policy lapse?
3-month - answer-All individual health benefit plans issued for policyholders that receive federal
subsidies under the Affordable Care Act must contain a provision that the policyholder is entitled to
a ___ month grace period beginning the first month premium has not been received, as long as the
policyholder has previously paid at least 1 full month's premium during the current benefit year.
30 days - answer-If a producer is the subject of criminal prosecution in any jurisdiction, the producer
must report to the Commissioner after the initial pretrial hearing date within what time period?
10 days
30 days
60 days
90 days
30 days for electronic; 45 days for paper - answer-With a clean claim, the insured has ? days for
paying or denying electronic and ? days for paper claims.
5 years - answer-Every ____ years, a licensed insurer must be examined by the state commissioner.
6 months - answer-In Colorado, Medicare Supplement policies may exclude or limit pre-existing
conditions for up to:
60 days - answer-The special enrollment period states that following a triggering/qualifying event, a
carrier must provide a special enrollment period of ____ days.
60 days, up to 3 years - answer-No one may take action to recover benefits under a health insurance
policy:
Until at least 60 days after the insurer has received written proof of loss;
No more than 3 years after the written proof of loss is required to be submitted
60% - answer-In loss ratio, the LTC policy benefits will be deemed reasonable in relation to
premiums if the expected loss ratio is at least _____ %
7-pay test - answer-A limitation of the total amount that can be paid into a policy in the first 7 years.
90 days - answer-In Colorado, if a claim submitted for payment of health care expenses is not clean,
it must be paid, denied, or settled within:
90-day - answer-To help avoid unintentional lapse, an LTC policy must allow the policyholder to
designate a third party to receive notification if the policy is about to lapse for nonpayment of
premium. It must also provide a _______ - day reinstatement period after lapse for nonpayment of
premium for policyholders who have a cognitive impairment.
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