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Which of the following is an example of defamation?
Which of the following is an example of defamation?
According to the Colorado Fraud Statute, all of the following must contain a warning against insurance fraud EXCEPT?
According to the Colorado Fraud Statute, all of the following must contain a warning against insurance fraud EXCEPT?
Paying insurance premiums on a more frequent basis will cause the policy to have:
Paying insurance premiums on a more frequent basis will cause the policy to have:
Higher premiums
Employee or non-contributory group life policies must allow for all of the following EXCEPT:
Employee or non-contributory group life policies must allow for all of the following EXCEPT:
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A producer who violates a cease and desist order may, after a hearing, be fined up to:
A producer who violates a cease and desist order may, after a hearing, be fined up to:
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How many days is the free-look period for life insurance?
How many days is the free-look period for life insurance?
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How does the Commissioner attain this position?
How does the Commissioner attain this position?
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As a condition to be approved for a loan, a creditor may require the borrower to:
As a condition to be approved for a loan, a creditor may require the borrower to:
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Which of the following documents are NOT required to mention the Colorado Fraud Statute?
Which of the following documents are NOT required to mention the Colorado Fraud Statute?
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Which of the following potential insurance sales would be subject to replacement regulations?
Which of the following potential insurance sales would be subject to replacement regulations?
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Ultimately, who is responsible for a producer-generated advertisement?
Ultimately, who is responsible for a producer-generated advertisement?
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Which of the following is required for a life insurance Lapse Notice?
Which of the following is required for a life insurance Lapse Notice?
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Which of the following is not a problem when existing life insurance is replaced with new coverage?
Which of the following is not a problem when existing life insurance is replaced with new coverage?
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If a producer completes an insurance application, collects the initial premium, and issues the appropriate receipt, then:
If a producer completes an insurance application, collects the initial premium, and issues the appropriate receipt, then:
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With a life insurance underwriter is determining insurability, it is illegal to base these decisions on:
With a life insurance underwriter is determining insurability, it is illegal to base these decisions on:
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An insurer cannot deny a claim unless:
An insurer cannot deny a claim unless:
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If an applicant for an annuity refuses to provide suitability information, the producer should:
If an applicant for an annuity refuses to provide suitability information, the producer should:
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If a producer is going to deposit any premium into a bank account prior to remitting the funds to the insurer, he/she must use a:
If a producer is going to deposit any premium into a bank account prior to remitting the funds to the insurer, he/she must use a:
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Interest on life insurance proceeds is:
Interest on life insurance proceeds is:
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Which of the following words may be used in the advertisement of life insurance or annuities?
Which of the following words may be used in the advertisement of life insurance or annuities?
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If an annuity application was not taken in person, an insurer must provide the applicant a Buyer's Guide:
If an annuity application was not taken in person, an insurer must provide the applicant a Buyer's Guide:
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From what point must the insurer pay interest on the proceeds of a death claim?
From what point must the insurer pay interest on the proceeds of a death claim?
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A producer must remit premiums to the insurer within how many days after receipt?
A producer must remit premiums to the insurer within how many days after receipt?
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A license is deemed to be used for a controlled business if, during the immediately preceding 12-month period:
A license is deemed to be used for a controlled business if, during the immediately preceding 12-month period:
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When recommending the purchase or exchange of an annuity, a producer must determine the suitability of the purchase by performing all of the following EXCEPT:
When recommending the purchase or exchange of an annuity, a producer must determine the suitability of the purchase by performing all of the following EXCEPT:
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Which of the following statements is true regarding the replacement of a life insurance policy in Colorado?
Which of the following statements is true regarding the replacement of a life insurance policy in Colorado?
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The USA Patriot Act was signed into law as a response to:
The USA Patriot Act was signed into law as a response to:
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If a producer chooses to conduct business under an assumed name, when must notification be given to the commissioner?
If a producer chooses to conduct business under an assumed name, when must notification be given to the commissioner?
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Renewing a producer's license requires __ hours of continued education every 2 years.
Renewing a producer's license requires __ hours of continued education every 2 years.
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When replacing an existing life insurance policy, the replacing insurer must notify the existing insurer within:
When replacing an existing life insurance policy, the replacing insurer must notify the existing insurer within:
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A producer that only sells insurance to family members is said to be engaging in:
A producer that only sells insurance to family members is said to be engaging in:
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On June 1, 2004, G takes out a $20,000 whole life insurance policy with an accidental death and dismemberment rider. On July 15, 2005, G intentionally overdoses and takes her own life. What will G's beneficiary receive as a death benefit?
On June 1, 2004, G takes out a $20,000 whole life insurance policy with an accidental death and dismemberment rider. On July 15, 2005, G intentionally overdoses and takes her own life. What will G's beneficiary receive as a death benefit?
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If a producer is found to be writing primarily controlled business, then:
If a producer is found to be writing primarily controlled business, then:
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Upon request, when must the Colorado Supplement to the Summary of Benefits and Coverage Form be provided?
Upon request, when must the Colorado Supplement to the Summary of Benefits and Coverage Form be provided?
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A producer license may be suspended or revoked if the producer is found to be engaging in:
A producer license may be suspended or revoked if the producer is found to be engaging in:
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When is it appropriate for the producer's spouse to be the primary beneficiary on an applicant's life insurance policy?
When is it appropriate for the producer's spouse to be the primary beneficiary on an applicant's life insurance policy?
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What is the maximum amount the commissioner can fine an insurer for each violation of a cease and desist order?
What is the maximum amount the commissioner can fine an insurer for each violation of a cease and desist order?
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A life insurance applicant realized he failed to disclose material medical history and called the producer. Any changes made to the application must be initialed by the:
A life insurance applicant realized he failed to disclose material medical history and called the producer. Any changes made to the application must be initialed by the:
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An insurer that terminates a producer's appointment must inform the Commissioner within how many days?
An insurer that terminates a producer's appointment must inform the Commissioner within how many days?
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Licensing is required for all of the following EXCEPT:
Licensing is required for all of the following EXCEPT:
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When may the Commissioner issue an emergency cease and desist order?
When may the Commissioner issue an emergency cease and desist order?
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Which of the following is a duty of the Commissioner?
Which of the following is a duty of the Commissioner?
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Which information is not included in the Colorado Supplement to the Summary of Benefits and Coverage form?
Which information is not included in the Colorado Supplement to the Summary of Benefits and Coverage form?
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What is the Unfair Trade Practices Act?
What is the Unfair Trade Practices Act?
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Study Notes
Defamation and Insurance Fraud
- Defamation example: A brochure that contains false statements about a competitor’s financial capabilities.
- Colorado Fraud Statute mandates warnings against insurance fraud in most documents, except certificates of authority.
Insurance Premiums and Policies
- Paying insurance premiums frequently results in higher costs.
- Non-contributory group life policies do not allow insured individuals to choose their own benefit amounts.
Producer Regulations and Responsibilities
- Producers violating cease and desist orders may be fined up to $500 after a hearing.
- Insurance coverage from a completed application is contingent on the insurer's underwriting policies.
- Producers must remit collected premiums to the insurer within 45 days.
Life Insurance Procedures
- The life insurance free-look period is 15 days, allowing cancellation without penalty.
- Lapse notices for life insurance must specify the reason for impending policy cancellation.
- Insurers pay interest on life insurance proceeds if claims are unpaid for over 30 days.
Annuities and Suitability Requirements
- Loans may require borrowers to obtain insurance from a preferred insurer.
- Producers should document any refusal for suitability information when applying for an annuity.
Advertising and Marketing Regulations
- "Guaranteed" can be used in advertisements for life insurance.
- The replacing insurer must maintain records of policy replacement for at least 5 years.
Licensing and Controlled Business
- A license is considered for controlled business if premiums from it exceed other premiums in the past year.
- Producers focusing solely on family members are said to be engaging in controlled business, risking license non-renewal.
Commissioner Duties and Actions
- The Commissioner is appointed by the governor and responsible for reviewing license applications.
- An emergency cease and desist order can be issued if unauthorized insurance activities are suspected.
- Insurers must inform the Commissioner about producer appointments terminated within 30 days.
Miscellaneous Regulations and Provisions
- Insurers cannot deny claims without reasonable justification.
- The USA PATRIOT Act was a response to the 9/11 terrorist attacks, enhancing security measures.
- Suitability determinations for annuities do not require knowledge of the applicant's marital status.
Death Benefits and Claims
- For a suicide case, a beneficiary receives the policy amount unless explicitly excluded.
- Changes to an insurance application due to undisclosed information must be initialed by the applicant.
Consumer Protection and Coverage Guidelines
- The Colorado Supplement to the Summary of Benefits and Coverage must be provided within seven business days upon request.
- Financial information from the prior year is not part of the Colorado Supplement document.
- Unfair Trade Practices Act addresses deceptive advertising practices and has been adopted in various states.
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Description
Test your knowledge of laws and rules with this exam review quiz. Questions cover topics like defamation and fraud statutes, helping you prepare effectively. Perfect for students and professionals looking to brush up on legal terminology.
