Colorado Life and Health Exam 2023 Questions and Answers 100% Accurate when does a certificate of authority expire - ANSWER June 30th when do you report administrative actions - ANSWER within 30 days Penalty for license denial, suspension, or revocation - ANSWER 3,000 Penalties for falsifying books/documents - ANSWER maximum fine of 5,000 and between 2-12 months imprisonment Unfair Trade Practices and methods of competition fines - ANSWER 3000 maximum per violation 30,000 maximum aggregate 30,000 insurer maximum per 750,000 insurer maximum aggregate Claims must be paid by insurers within - ANSWER 60 days Violation of Cease and Desist orders - ANSWER 500$ maximum for the individual 10,000 maximum for insurer Emergency cease and desist order fine - ANSWER 25,000$ Minimum age for license - ANSWER 18 Change of address must be reported in - ANSWER 30 days Minimum hours required for industry ethics - ANSWER 3 hours Prelicensing Requirements - ANSWER 50 hours Terminating an appointment - ANSWER the commissioner must be notified in 30 days Insurer has 15 days to notify the producer Producer license renewal period - ANSWER 2 years After reciept producer must remit premiums to insurer within - ANSWER 45 days
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