The Colorado Revised Statutes, found here:

http://198.187.128.12/colorado/lpext...102JD_10-1-102

defines "insurance" as "a contract whereby one, for consideration, undertakes to indemnify another or to pay a specified or ascertainable amount or benefit upon determinable risk contingencies, and includes annuities."

As defined by the legislature of Colorado, "Award Guard/Privilege Flyer" as described in the Statutes, is selling insurance. Are they licensed to do so? Have they met the regulatory and reserve requirments that would allow them to do so?

Is Award Guard/Privilege Flyer/Randy Petersen registered and licensed to sell insurance in Colorado, it's residence? Do they have reserves which are verified by governmental authorities which allow them to make the guarantees they do on their website?

If "Award Guard/Privilege Flyer" is not licensed as an insurance company, it may be a significant problem. Since according to the Statutes the product they are selling is insurance, a claim that what they are selling is something other than "insurance," he/she in my opinion may be violating various provisions of the Colorado Consumer Protection Act, found here:

http://198.187.128 .12/colorado/lpext.dll/Infobase/3470/3472/3474?f=templates&fn=document-frame.htm&q=consumer%20protection%20act&x=Advanced &2.0#LPHit1LPHit1

Caveat emptor.



[This message has been edited by iwass (edited 03-23-2003).]