Earn your ce credits online for the state of Colorado. Whether you are life insurance agent, Property broker or health insurance agent - online credits are available for Colorado.
Sample Course Description:
The Essentials of Insurance Law for Colorado
Examines those legal concepts that are central to the insurance contract and to the transacting of insurance. The course begins with a discussion of the basic contract law concepts of offer, acceptance and consideration and applies those concepts of contract law to the insurance contract. Chapter two considers the fundamental concepts of insurance law, including the notions of indemnity, insurable interest and insurable value. It discusses the nature of collateral and absolute assignments and contrasts warranties and representations. Misrepresentation is described, and the tests of materiality are described. Chapter two concludes with a discussion of conventional and legal subrogation, and the use of subrogation in various types of insurance coverage. The law of agency is discussed in Chapter three along with a description of the traditional defenses to insurer liability: waiver, estoppel, election and course of conduct and custom. The chapter ends with a discussion of the incontestable and suicide provisions
in life insurance contracts. The legal issues that affect life insurance tax treatment are considered in Chapter four. In this chapter, the definition of life insurance found in §7702 of the Internal Revenue Code and the tests prescribed by the Code section—the Cash Value Accumulation Test (CVAT) and the Guideline Premium and Cash Value Corridor Test—are examined in some detail. The tax consequences of a failure to meet the definition are discussed, and tax examples are provided. Modified endowment contracts (MECs) are also described as are the consequences of MEC status on policy distributions. The chapter ends with an examination of the transfer for value rule and the results of a policy transfer for value to a non-exempt transferee. Upon successful completion of this course, the agent should be able to: 1. Explain the elements of a contract 2. Describe the common characteristics of insurance contracts 3. Discuss the concepts of insurable interest and insurable value 4.
Explain the difference between insurable interest and insurable value 5. Describe the process of subrogation and its use in various types of insurance 6. Discuss the basic law of agency and the authority conveyed to agents 7. Discuss the use of the traditional defenses to liability: waiver, estoppel, election and course of conduct and custom 8. Explain the legal issues that affect the tax treatment of life insurance
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