3 CCR 702-5 - Colorado Division of Insurance Regulations, PROPERTY AND CASUALTY (the whole series: Regulations 5-1-1 onward and the 5-2 automobile series)

What this document is

3 CCR 702-5 - Colorado Division of Insurance Regulations, PROPERTY AND CASUALTY (the whole series: Regulations 5-1-1 onward and the 5-2 automobile series) is a regulation published by Colorado Secretary of State, Code of Colorado Regulations (sos.state.co.us/CCR). It is one of the Colorado documents that insurance license exam questions are written from, including colorado property & casualty, colorado personal lines practice questions. This page summarizes it and points to the official version, which is the text to rely on.

Sections cited in practice questions

Each practice answer shows the exact passage it comes from. These are sections of this document that questions cite, with a short excerpt from the source text.

• 3 CCR 702-5, Regulation 5-1-2, Sections 4 and 5 (Application and Binder Forms)

  “A. “Binder” means a writing which describes the subject and amount of insurance and temporarily binds insurance coverage pending the issuance of an insurance policy. B. “Application” shall include any application form or enrollment form for coverage under any policy. Section 5 Rules A producer...”

• 3 CCR 702-5, Regulation 5-1-15, Section 5 (Notification to Additional Insureds Whose Interests Are Affected by a Claim Under a General Liability Policy)

  “A. An insurer shall notify any additional insured by endorsement on a general liability policy, whose interests are affected by a liability claim, of the results of the insurer's investigation of such claim and the status of the claim within a reasonable period of time. B. Notice to the additional...”

• 3 CCR 702-5, Regulation 5-1-6, Section 4.A.5 (Nationwide inland marine definition: personal property floater risk covering individuals)

  “Personal property floater risk covering individuals. a. Personal Effects Floater Policies; b. The Personal Property Floater; c. Government Service Floaters; d. Personal Fur Floaters; e. Personal Jewelry Floaters; f. Wedding Present Floaters for not exceeding ninety (90) days after the date of the wedding;”

• 3 CCR 702-5, Regulation 5-1-6, Section 4.A.6.j (Commercial Property Floater Risks: Mobile Articles, Machinery and Equipment Floaters)

  “Mobile Articles, Machinery and Equipment Floaters, excluding motor vehicles designed for highway use and auto homes, trailers and semi-trailers except when hauled by tractors not designed for highway use and snow plows constructed exclusively for highway use; covering identified property of a...”

• 3 CCR 702-5, Regulation 5-1-6, Section 4.A.6.i (Commercial Property Floater Risks: Builders' Risks or Installation Risks)

  “Builders’ Risks or Installation Risks covering interest of owner, seller or contractor, against loss or damage to machinery, equipment, building materials or supplies, being used with and during the course of installation, testing, building, renovating or repairing. The policies may cover at points...”

• 3 CCR 702-5, Regulation 5-1-17, Section 4.A (Availability of fire insurance: definition of fire insurance policy)

  ““Fire insurance policy” means a policy of insurance on real or personal property, which includes commercial residential property, including Homeowner Association properties, non-commercial dwelling fire, homeowners, tenant homeowners, or mobile homeowners.”

• 3 CCR 702-5, Regulation 5-1-1, Section 5.C (Mass Merchandising of Group Property and Liability Insurance)

  “Each eligible member insured must be issued the same form of policy, varying only as to the amounts of insurance coverage and limits of liability; except that, in the case of automobile insurance, uniform limits for bodily injury and property damage perils may be established and uniform...”

• 3 CCR 702-5, Regulation 5-1-6, Section 4.A.5.k (Nationwide inland marine definition: Mobile Articles, Machinery and Equipment Floaters among the personal property floater risks covering individuals)

  “k. Mobile Articles, Machinery and Equipment Floaters, excluding motor vehicles designed for highway use and auto homes, trailers and semi-trailers except when hauled by tractors not designed for highway use, covering identified property of a mobile or floating nature pertaining to or usual to a...”

• 3 CCR 702-5, Regulation 5-2-17, Sections 4.E and 5.A (Private passenger automobile coverage limitations: definition of a step-down provision and the required disclosure)

  “E. “Step-down provision” means, for the purpose of this regulation, an endorsement, amendment or policy provision that reduces the amount of purchased liability insurance coverage for permissive users. Section 5 Rules A. Any insurer that issues a private passenger automobile policy that includes a...”

• 3 CCR 702-5, Regulation 5-1-23, Section 5.A.1 and 5.A.1.a (Streamlined inventory process: payment of contents coverage on a total loss)

  “1. Within five (5) days from the insurer’s timely determination of a valid total loss claim, of an owner-occupied residence, the insurer must offer the policyholder a minimum of thirty (30) percent of the limits of the contents coverage indicated on the declaration page of the policy without...”

• 3 CCR 702-5, Regulation 5-1-14, Section 4.A.1.a (Penalties for failure to promptly address property and casualty first party claims: time to decide or pay)

  “All insurers authorized to write property and casualty insurance policies in Colorado, shall make a decision on claims and/or pay benefits due under the policy within sixty (60) days after receipt of a valid and complete claim unless there is a reasonable dispute between the parties concerning such...”

• 3 CCR 702-5, Section 5.B.5.a(3) (Notice of intended actions)

  “A simple recitation of dates and incidents, without specific detail, is not acceptable. With regard to an at-fault accident, the notice shall include the driver’s name, date of loss, total amount of the claim payment and a description of the loss.”

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