Colorado Life & Health Insurance License Exam Questions and Answers with Complete Solutions

A certificate of authority expires on _____ each year and must be renewed annually June 30 Any administrative actions or criminal prosecutions must be reported to the commissioner within _____ days 30 days The commissioner must examine every licensed insurer at least once every _____ years 5 years A civil penalty of up to $_____ per violation for license denial, suspension, or revocation $3,000 Unfair trade practices: Maximum per violation fine for violations $3,000 Unfair trade practices: Maximum aggregate fine for violations $30,000 Unfair trade practices: Insurer maximum per violation fine for violations committed knowingly $30,000 Unfair trade practices: Insurer maximum aggregate fine for violations committed knowingly $750,000 Unfair Claims Practices: First-party P&C claims must be paid by insurers within _____ of receipt unless disputed 60 days Violation of Cease & Desist Order: Maximum fine per violation (individual) $500