What is the primary purpose of the surplus lines market?
Co Sl Markets
Question · Easy
In Colorado, which agency is the primary regulator of surplus lines insurance?
Co Sl Regulation
In federal law, the surplus lines ___ is the licensee who sells, solicits or negotiates coverage with nonadmitted insurers.
Definitions
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What is Lloyd's of London?
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What prerequisite license must a Colorado surplus lines broker hold?
Under federal law, this kind of state is an insured's principal place of business or, for a person, principal residence.
How many scored questions are on the Colorado surplus lines broker exam?
Question · Medium
What is a diligent search requirement in surplus lines insurance?
Co Sl Diligent Search
To place insurance with a nonadmitted insurer under Colorado's Nonadmitted Insurance Act for an insured whose home state is Colorado.
Procurement
What does 'non-admitted insurer' mean?
Co Sl Eligibility
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Term Match
What is the surplus lines premium tax rate in Colorado?
Co Sl Taxation
2010 federal law that gives an insured's home state exclusive authority over premium tax and most regulation of coverage placed with unlicensed carriers.
Who is responsible for collecting and remitting surplus lines premium taxes in Colorado?
What is the Nonadmitted and Reinsurance Reform Act (NRRA)?
Kind of insurer formed under the laws of a foreign country.
Carrier eligibility
Which testing provider administers the Colorado surplus lines broker exam?
Flip two cards at a time to find matching terms.
Term Pairs
What is the passing score for the Colorado surplus lines broker exam?
NAIC unit, named in the federal surplus lines law, that keeps the quarterly list of eligible offshore carriers and Lloyd's syndicates.
What is an 'alien insurer'?
Under the NRRA, which state has authority to regulate surplus lines?
London marketplace where syndicates underwrite specialist risks; the corporation that oversees it is not itself an insurer.
What protection do policyholders lose with surplus lines coverage?
Co Sl Coverages
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Term Search
What is the approximate exam fee for the Colorado surplus lines broker exam?
Body of state regulators that publishes a quarterly list of approved non-U.S. carriers.
What type of coverage is commonly placed in the surplus lines market in Colorado?
What disclosure must a Colorado surplus lines broker provide to the insured?
Co Sl Compliance
Annual roster of nonadmitted insurers whose applications the Colorado commissioner has reviewed and found qualified under the federal surplus lines law.
What is the primary difference between admitted and non-admitted insurers?
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In surplus lines practice generally, what is an 'export list'?
___ insurance: broad class including ocean and wet forms that covers vessels, hulls, cargoes or builders' risks and is exempt from Colorado's nonadmitted placement rules when a licensed broker places it.
Exemptions
What are 'pretest questions' on the Colorado surplus lines exam?
What financial standard must a non-admitted insurer meet for surplus lines eligibility?
In federal law's wording, the due diligence ___ a broker makes to find coverage from admitted insurers before placing it with nonadmitted ones.
What is E&S lines insurance?
What is a 'syndicate' at Lloyd's?
Preliminary authorization showing coverage is in force before the insurer formally approves a policy.
Disclosures
What records must a Colorado surplus lines broker maintain?
What is a 'surplus lines stamping office'?
___-made policy: Colorado requires a bold declaration-page statement that liability coverage applies only if a demand is made during the policy period or an extended reporting period.
What happens if a surplus lines insurer becomes insolvent?
Colorado's legalized cannabis industry creates unique surplus lines needs. What coverage is most relevant?
Surplus lines ___: its declaration page must carry, in bold, a statement that the issuing insurer is not licensed in Colorado and that guaranty association protection does not apply.
Under the NRRA, what defines the 'home state' of a commercial insured?
Question · Hard
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