Colorado State Laws

Question 1

brings together consumers, the insurance industry and other stakeholders to create an inclusive, firm and fair regulatory approach to all lines of insurance such as auto, health, homeowner, life, property and casualty, title and workers’ compensation.

Answer 1

Power and Duties

Question 2

Unfair decimation
Misrepresentation

Answer 2

Hearings and penalties

Question 3

Conviction of a felony
The use of fraudulent coercive, or dishonest practices or demonstrating incompetence, untrustworthiness, or financial irresponsibility in this state or elsewhere;

Forgery of another’s name to an application for insurance or to any document related to an insurance transaction;

Answer 3

License denial, suspension, revocation, termination

Question 4

Insurance Producer

Answer 4

Persons required to be licensed

Question 5

All premiums belonging to insurers and all unearned premiums belonging to insureds received by an insurance producer licensee under this article shall be treated by such insurance producer in a fiduciary capacity. The commissioner may promulgate such rules as are necessary and proper relating to the treatment of such premiums.

Answer 5

Fiduciary/commingling

Question 6

24 hours of continuing education, 3 of those hours being in ethics every 2-year license term

Answer 6

Pre-licensing and continuing education

Question 7

Every person acting in the capacity of insurance adviser, counselor, or analyst shall report to the commissioner every insurance policy or contract covering a subject of insurance in this state which has been entered into by an insurer not authorized to transact such insurance business in this state.

Answer 7

Unauthorized entities

Question 8

Require, as a condition precedent to the lending of money, or extension of credit, or to entering into any lease transaction, or any renewal of any of them, that the person to whom such money or credit is extended, or the lessee,

Answer 8

Coercion

Question 9

it is unlawful to knowingly provide false, incomplete, or misleading facts or information to an insurance company for the purpose of defrauding or attempting to defraud the company.

Answer 9

Misrepresentation

Question 10

when similar risks are treated differently and premiums are based not on relative risk but on factors like race.

Answer 10

Unfair discrimination

Question 11

when an insurance agent sells insurance policies on his/herself and others with whom the agent has a financial likeness.

Answer 11

Controlled Business

Question 12

any intentional or negligent act that results in publishing false or derogatory information about another person, harming that person’s reputation.

Answer 12

Defamation

Question 13

a practice of giving money back to a policyholder in order to incentivize or “induce” a sale.

Answer 13

Rebates

Question 14

the claims representative keeps “forgetting” to send the claim forms.

Answer 14

Unfair Claims Practice

Question 15

It is unlawful to knowingly provide false, incomplete, or misleading facts or information to an insurance company for the purpose of defrauding or attempting to defraud the company.

Answer 15

Colorado Fraud Statue