A license is deemed to be used for controlled business if, during any 12 month period, the total premiums on controlled business ____ the total premiums on all other business. - answer-Exceed
A producer must remit premiums to insurer within ____ days after receipt. - answer-45
A producer must...
COLORADO LIFE INSURANCE LAW EXAM
A license is deemed to be used for controlled business if, during any 12 month period, the total
premiums on controlled business ____ the total premiums on all other business. - answer-Exceed
A producer must remit premiums to insurer within ____ days after receipt. - answer-45
A producer must return all premium to the insured within ____ days. - answer-30
After the policy has been in force ____ year, the insurer may not deny death benefits (other than
accidental death) due to suicide. - answer-1
An insurer has an additional ____ days to notify the producer - answer-15 (45 total)
Any administrative actions or criminal prosecutions must be reported to Commissioner within -
answer-30 days
Certificate of authority expires on - answer-June 30 each year, renew annually
Change of address (resident producers) must be reported in writing within - answer-30 days
Commissioner Examinations - answer-Conduct formal financial examination of every insurer license
in CO at least every 5 years, examinations outside of the state will be paid by insurance company,
refusal to comply license could be suspended, revoked, denied, or non-renewed
Commissioner must examine every licensed insurer at least once every - answer-5 years
Commissioner's Duties - answer--Maintaining records that insurers are required by law to file in
Commissioner's office, annual report by March 1
-Requiring domestic insurers to keep adequate records and complies with the law
-Certificate of authority- insurer's license to transact insurance business, expires on June 30 and
renewed annually
-Investigating violations of insurance laws and presenting findings
-Transmitting funds collected by Division of Insurance to state Department of Treasury
-Oversee operation of electronic data interchange projects for billing and health benefit coverage's
-Adopting rules and regulations
-Determining whether rates are excessive, inadequate, or unfairly discriminatory
Controlled Business - answer-Insurance written in licensee's own interests or interests of spouse or
employer, if total during 12 month period premiums on controlled business exceed the total
premiums on all other business, Commissioner will not grant or renew any license used for
controlled business
Conversion Rights for Group Policies - answer-If group policy terminates insurance of any class, each
insured in that class who has been insured for at least 5 years before termination is entitled to an
individual life policy
Defamation - answer-Making oral or written statements that are false, maliciously critical, or
derogatory to financial condition of insurer or intended to injure anyone in insurance business
-Misdemeanor
-Fine $500, imprisonment 12 months, or both
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