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INSURANCE EXAM: LIFE (IOWA LAWS, RULES, AND
REGULATIONS PERTINENT TO LIFE ONLY)
Actual Qs and Ans - Expert-Verified Explanation -Guaranteed passing score -51 Questions and Answers
-Format: Multiple-choice / Flashcard
Question 1: conversion privilege in group life insurance policies must be exercised within what period of time after termination of group coverage
- 10 days
- 31 days
- 90 days
- 6 months
Answer:
31 days
Question 2: what is the required annuity training for producers in this state?
- annual 4 credit training course
- one time 4 credit training course
- 3 hours of continuing education every renewal period
- there is no requirements
Answer:
one time 4 credit training course
Question 3: During replacement of life insurance, a replacing insurer must do which of the following?
- designate a new producer for a replaced policy
- send a copy of the notice regarding replacement to the department of insurance
- obtain a list of all life insurance policies that will be replaced
- guarantee a replacement for each existing policy
Answer:
obtain a list of all life insurance policies that will be replaced Question 4: which of the following types of insurance policies is most commonly used in credit life insurance
- whole life
- equity indexed life
- decreasing term
- increasing term
Answer:
decreasing term Question 5: which of the following terms means a result of calculation based on the average number of months the insured is projected to live due to medical history and mortality factors
- risk exposure
- morbidity
- life expectancy
- mortality rate
Answer:
life expectancy
Question 6: To be eligible to purchase a group insurance policy, a nonprofit industrial association must be incorporated for how long?
- 3 years
- 5 years
- 10 years
- 1 year
Answer:
10 years Question 7: violation of life insurance policy replacement rules may result in which of the following penalties for an insurance producer and/or insurer
- monetary fine
- suspension or revocation of license
- forfeiture of commissions
- an or all of the above
Answer:
any or all of the above
Question 8: what is the purpose of life insurance solicitation regulations
- to help producers understand different policies
- to help consumers compare life insurance products in regard to their relative cost
- to provide information regarding replacement of policies
- to name producers required and prohibited actions for product advertising
Answer:
to help consumers compare life insurance products in regard to their relative cost
Question 9: which of the following means having an illness or sickness that can reasonably be expected to result in death in 24 months or less?
- fatal illness
- malignant illness
- terminal illness
- chronic illness
Answer:
terminal illness Question 10: Which rule would apply if an agent knows an applicant is going to cash in an old policy and use the funds to purchase new insurance?
- disclosure rule
- replacement rule
- reinstatement rule
- conversion rule
Answer:
replacement rule Question 11: which of the following documents must be provided to the Policyowner or applicant during policy replacement?
- notice regarding replacement
- disclosure authorization form
- buyers guide and policy summary
- policy illustration
Answer:
notice regarding replacement
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