Colorado Life Producer License Practice Test

When a consumer requests additional information about an investigative consumer report, how long does the insurer have to respond?

1. 10 days

2. 3 days

3. 5 days

4. 15 days

The correct answer is: 5 days

When a consumer requests additional information regarding an investigative consumer report, the insurer is obligated to respond within a specified timeframe to ensure the consumer's right to access information about their report. The correct answer, which indicates a response time of 5 days, aligns with regulations that protect consumer rights. This short response window underscores the importance of timely communication in the insurance process and the need for transparency about the information that may impact a consumer's insurance coverage or rates. In many jurisdictions, if consumers inquire about the data collected or used to make underwriting decisions, insurance providers are mandated to provide that information promptly. This is designed to help consumers understand how their individual circumstances are evaluated, promoting fairness and adherence to ethical standards in the insurance industry.