Exam (elaborations)
COLORADO PROPERTY INSURANCE (FOCUSED EXAM REVIEW) QUESTIONS WITH[ A GRADED] ANSWERS
- Module
- Institution
COLORADO PROPERTY INSURANCE (FOCUSED EXAM REVIEW) QUESTIONS WITH[ A GRADED] ANSWERS
[Show more]
Seller
Follow
CLASSROOMGRADE
Content preview
COLORADO PROPERTY INSURANCE(FOCUSED EXAM REVIEW) QUESTIONS
WITH[ A GRADED] ANSWERS
How bvoften bvmust bvan bvinsurer bvwho bvsells bvpersonal bvlines bvproperty bvand
bvcasualty bvpolicies bvrecalculate bva bvconsumer's bvinsurance bvscore bvor bvobtain bvan
bvupdated bvcredit bvreport? bv- bvANS--Every bv36 bvmonths. bv(The bvleast bvoften bvthe
bvinsurer bvmust bvpull bvthe bvcredit bvreport bvis bvonce bvevery bv3 bvyears. bvThe bvmost
bvoften bvan bvinsured bvcan bvrequest bvthat bvthe bvcredit bvreport bvbe bvpulled, bvfor bvthe
bvpurposes bvof bvinsurance bvrating, bvis bvevery bv12 bvmonths bv[annually])
An bvinsurer bvwho bvfrequently bvmisses bvdeadlines bvto bvrespond bvto bvinquiries bvfrom
bvthe bvDivision bvof bvInsurance bvmay bvbe bvfined, bvfor bveach bvviolation, bvas bvmuch
bvas... bv- bvANS--$5,000.
(An bvinsurer bvwho bvfails bvto bvrespond bvto bva bvDivision bvof bvInsurance bvinquiry bvby
bvthe bvdeadline bvfaces bva bv$500 bvcivil bvpenalty bvfor bvthe bvinitial bvviolation. bvFines
bvmay bvreach bvup bvto bv$5,000 bvfor bvsubsequent bvviolations.)
Which bvof bvthe bvfollowing bvwill bvNOT bvbe bvconsidered bvunfair bvdiscrimination bvby
bvinsurers?
a) bvDiscriminating bvin bvbenefits bvand bvcoverages bvbased bvon bvthe bvinsured's bvhabits
bvand bvlifestyle
b) bvCharging bvapplicants bvwith bvsimilar bvhealth bvhistories bvdifferent bvpremiums
bvbased bvon bvtheir bvethnicity
c) bvCancelling bvindividual bvcoverage bvbased bvon bvthe bvinsured's bvmarital bvstatus
d) bvAssigning bvdifferent bvrisk bvclassifications bvto bvapplicants bvbased bvon bvgender
bvidentity bv- bvANS--Discriminating bvin bvbenefits bvand bvcoverages bvbased bvon bvthe
bvinsured's bvhabits bvand bvlifestyle. bv(Discriminating bvbetween bvindividuals bvof bvthe
bvsame bvclass bvwith bvequal bvlife bvexpectancies, bvor bvby bvreason bvof bvrace,
bvnationality, bvor bvethnic bvgroup bvwould bvbe bvconsidered bvunfair bvdiscrimination.
bvInsurers bvare bvalso bvnot bvallowed bvto bvcancel bvindividual bvcoverage bvdue bvto bva
bvchange bvin bvmarital bvstatus. bvDiscriminating bvin bvbenefits bvbased bvon bvthe
bvinsured's bvhabits bvand bvlifestyle bv[such bvas bvsmoking bvor bvdangerous bvhobbies] bv-
bvis bvacceptable.)
An bvinsurer bvwishes bvto bvcancel bva bvCommercial bvGeneral bvLiability bvPolicy. bvThis
bvpolicy bvhas bvbeen bvin bveffect bvfor bvmore bvthan bv60 bvdays bvand bvthe bvcancellation
bvis bvdue bvto bva bvreason bvother bvthan bvnonpayment bvof bvpremium. bvHow bvmany
bvdays bvbefore bvthe bveffective bvdate bvof bvcancellation bvmust bvthe bvinsurer bvsend
bvnotice bvof bvcancellation bvto bvthe bvinsured? bv- bvANS--45 bvdays.
,For bvhow bvmany bvyears bvmust bva bvproducer bvkeep bvsupporting bvdocumentation bvof
bvhis bvor bvher bvcontinuing bveducation bvcompletion? bv- bvANS--5 bvyears bvfollowing
bvlicense bvcontinuation. bv(It bvis bvthe bvresponsibility bvof bvthe bvproducer bvto bvmaintain
bvrecords bvsufficient bvto bvdocument bvsuccessful bvcompletion bvof bv24 bvcredit bvhours
bvon bva bvbiennial bvbasis. bvSupporting bvdocumentation bvmust bvbe bvmaintained bvby
bvthe bvproducer bvfor bv5 bvyears bvfollowing bvlicense bvcontinuation bvand bvmust bvbe
bvavailable bvfor bvaudit bvby bvthe bvDivision bvof bvInsurance bvor bvthe bvContinuing
bvEducation bvAdministrator.)
Under bvColorado's bvUnfair bvClaims bvPractices bvregulations, bvwhen bvdenying bva
bvclaim bvan bvinsurer bvmust bvdo bvall bvof bvthe bvfollowing bvEXCEPT...
a) bvRespond bvpromptly bvto bvclaims bvcommunications.
b) bvConduct bva bvreasonable bvinvestigation.
c) bvPay bva bvclaim bvthat bvoccurs bvafter bvthe bvgrace bvperiod bvhas bvended.
d) bvIndicate bvto bvthe bvclaimant bvwhich bvsection bvof bvthe bvpolicy bvthey bvare bvrelying
bvupon. bv- bvANS--Pay bva bvclaim bvthat bvoccurs bvafter bvthe bvgrace bvperiod bvhas
bvended. bv(A bvclaim bvthat bvoccurs bvduring bva bvgrace bvperiod bvof bva bvpolicy bvis
bvcovered, bvthe bvinsurer bvwill bvsimply bvdeduct bvpremium bvowed bvfrom bvthe bvclaim
bvand bvpay bvthe bvrest bvup bvto bva bvlimit, bvif bvone bvis bvindicated bvon bvthe bvpolicy.
bvOnce bvthe bvgrace bvperiod bvends, bva bvpolicy bvexpires bvand bvno bvfurther bvclaims
bvare bvvalid.)
As bva bvcondition bvof bvinitial bvlicensure, bvan bvindividual bvapplicant bvfor bva bvproducer
bvlicense bvin bvone bvline bvof bvauthority bvwill bvbe bvrequired bvto bvcomplete bvapproved
bvprelicensing bveducation bvof bvhow bvmany bvhours? bv- bvANS--50 bvhours! bv(A bvtotal
bvof bv50 bvhours bvof bvan bvapproved bvcourse bvis bvrequired bvas bva bvcondition bvof bvinitial
bvlicensure. bvOf bvthe bv50 bvhours, bvat bvleast bv3 bvhours bvwill bvpertain bvspecifically bvto
bvethics bvand bv4 bvhours bvwill bvpertain bvspecifically bvto bvstate bvlaws bvrelated bvto bvthe
bvline bvof bvauthority.)
The bvprocess bvof bvdetermining bvthe bvpremium bvcharged bvand bvhow bvmuch
bvinsurance bvis bvrequired bvfor bva bvparticular bvloss bvis bvcalled...? bv- bvANS--Loss
bvvaluation. bv(Loss bvvaluation bvis bvthe bvprocess bvof bvdetermining bvappropriate
bvmonetary bvvalue bvto bva bvparticular bvloss bvand bvits bvresulting bvrepair bvor
bvreplacement.)
What bvis bvthe bvminimum bvamount bvof bvcoverage bvthat bvshould bvbe bvcarried bvon bvan
bvHO-2 bvon bva bvhome bvthat bvwas bvpurchased bvfour bvyears bvago bvfor bv$75,000,
bvwhich bvtoday bvhas bva bvreplacement bvvalue bvof bv$100,000? bv- bvANS--$80,000
(A bvhomeowner, bvat bvthe bvtime bvof bvloss, bvmust bvbe bvinsured bvfor bvat bvleast bv80%
bvof bvreplacement bvcost bvin bvorder bvto bvcollect bvthe bvfull bvreplacement bvcost bvof bva
bvpartial bvloss.)
The bvextension bvof bvcoverage bvunder bvthe bvCommercial bvFine bvArts bvFloater
bvincludes bvcoverage bvfor bvnewly bvacquired bvproperty bvfor bva bvmaximum bvof... bv-
bvANS--$10,000.
, (An bvextension bvof bvcoverage bvis bvincluded bvfor bvnewly bvacquired bvproperty bvfor bv30
bvdays bvfor bvup bvto bv25% bvof bvthe bvtotal bvlimit bvof bvinsurance, bvfor bva bvmaximum bvof
bv$10,000.)
Replacement bvcost bvis bvdefined bvas... bv- bvANS--Full bvreplacement bvof bvproperty bvat
bvits bvcurrent bvcost, bvnew bvand bvwithout bvreduction bvfor bvdepreciation.
Which bvof bvthe bvfollowing bvis bvcovered bvunder bvthe bvMail bvfloater bvof bva
bvCommercial bvInland bvMarine bvpolicy bvONLY bvif bvis bvsent bvby bvregistered bvmail? bv-
bvANS--Currency bvand bvunsold bvtravelers bvchecks.
(Property bvcovered bvonly bvwhen bvsent bvby bvregistered bvmail bvincludes bvthe
bvfollowing: bvbullion; bvplatinum bvand bvother bvprecious bvmetals; bvcurrency bvand
bvunsold bvtravelers bvchecks; bvor bvjewelry, bvwatches, bvprecious bvand bvsemiprecious
bvstones bvand bvsimilar bvproperty.)
Coverage bvunder bvthe bvbuilders bvrisk bvform bvwill bvend bvin bvall bvof bvthe bvfollowing
bvsituations bvEXCEPT...
a) bvThe bvinsured bvhas bvsold bvthe bvproperty.
b) bv60 bvdays bvafter bvthe bvconstruction bvhas bvended.
c) bvConstruction bvhas bvbeen bvabandoned.
d) bv60 bvdays bvafter bvthe bvbuilding bvbecame bvoccupied. bv- bvANS--60 bvdays bvafter
bvthe bvconstruction bvhas bvended.(Coverage bvunder bvthe bvbuilders bvrisk bvform bvends
bvif bvit bvis bvabandoned bvwithout bvany bvplans bvto bvcomplete bvit bvor bvif bvthe bvinsured's
bvinterest bvin bvthe bvproperty bvceases, bvor bv60 bvdays bvafter bvthe bvbuilding bvis
bvoccupied, bvor bv90 bvdays bvafter bvconstruction bvis bvcompleted.)
Flood bvand bvearthquake bvare bvperils bvthat bvare... bv- bvANS--Flood bvand bvearthquake
bvare bvboth bvexcluded bvperils bvin bvall bvproperty bvpolicies. bvHowever, bvcoverage bvfor
bvboth bvor bveither bvone bvusually bvcan bvbe bvpurchased bvseparately bvfor bvan
bvadditional bvpremium bv(by bvendorsement).
Which bvof bvthe bvfollowing bvdoes bvthe bvterm bvproximate bvcause bvrefer bvto? bv- bvANS--
Negligence bvthat bvleads bvto bvan bvinjury. bv(Proximate bvcause bvis bvthe bvreasonably
bvforeseeable bvact bvor bvevent bvthat bvresults bvin bvan bvinjury bvor bvdamage.
bvNegligence bvmay bvoften bvbe bvthe bvproximate bvcause bvof bvthe bvdamage; bvwithout
bvit, bvthe bvaccident bvwould bvnot bvhave bvhappened. bvThis bvis bvalso bvcalled bvdirect
bvliability.)
In bvreturn bvfor bvpremium, bvan bvinsurance bvcompany bvmust... bv- bvANS--Be bvfair bvin
bvunderwriting bvand bvpay bvcovered bvlosses.
The bvinsured bvpurchased bva bv$200,000 bvextra bvexpense bvpolicy. bvIf bvthe
bvpercentages bvapplying bvto bvthe bvlimit bvof bvinsurance bvare bv40%, bv80%, bvand
bv100%, bvwhat bvwould bvbe bvthe bvmaximum bvpayable bvfor bva bv47-day bvloss? bv-
bvANS--$160,000 bv(Extra bvexpense bvcoverage bvis bvwritten bvwith bva bvminimum bvof bv3
bvapplicable bvpercentages bvthat bvapply bvto bvthe bvlimit bvof bvinsurance bvin bvthe
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 CLASSROOMGRADE. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for £10.87. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
50990 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy revision notes and other study material for 15 years now