If an insurer fails to have on file a summary disclosure form, the insurer may be found guilty of a/an?

The correct answer is C, as failing to have a summary disclosure form on file can be considered an unfair trade practice under Colorado law. Unfair trade practices encompass a range of actions by insurers that are found to be deceptive or not in the best interest of consumers. Having a summary disclosure form is essential for transparency and ensuring that policyholders are adequately informed about the terms and conditions of their insurance policies. If an insurer does not maintain this documentation, it can compromise the consumer's ability to make informed choices regarding their coverage, thereby violating regulatory standards designed to protect consumers in the insurance market.

A felony represents more serious criminal offenses and generally involves significant harm or risk to individuals or society, which is not applicable in this instance. A misdemeanor may involve lesser offenses but still pertains primarily to criminal conduct rather than regulatory issues. Fraud typically involves intentional deception for financial gain, whereas not maintaining a summary disclosure form is more about procedural compliance than fraudulent intent. These distinctions illustrate why the failure to have such a form on file falls specifically under the category of unfair trade practices rather than more severe legal classifications.