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IOWA INSURANCE EXAM
Actual Qs and Ans - Expert-Verified Explanation -Guaranteed passing score -42 Questions and Answers
-Format: Multiple-choice / Flashcard
Question 1: Licensing Requirements
Answer:
-At least 18 years old -Must not have committed any act that is grounds for denial, suspension, or revocation of the license -Paid required license fee -Must have passed the license exam for the lines of authority for which they are applying -Must possess the character and competence required of producers
Question 2: Examination of Records for Companies
Answer:
examined every 5 years
Question 3: Fair Credit Reporting
Answer:
established to protect consumers from unfair and inaccurate information contained in the files of credit reporting agencies
Question 4: Cancellation/Nonrenewal
Answer:
Can NOT cancel policy with out notice to insured
Question 5: Twisting
Answer:
misrepresentation to persuade an insured to terminate and existing policy and to buy a new one
Question 6: Riders
Answer:
add-on provision to a basic insurance policy that provides additional benefits to the policyholder at an additional cost Question 7: When an insurer believes that it has received a fraudulent insurance application or claim, it must notify the Bureau within _____ days
Answer:
60
Question 8: Notice of Cancellation for Property Insurance
Answer:
10 days for reason of nonpayment or premium 30 days in advance for all other reasons
Question 9: When are producers required to provide a written notification
Answer:
within 30 days of name change, address, administrative action or initial hearing related to a criminal prosecution
Question 10: Notice of Cancelation
Answer:
Delivered to insured at least 20 days before cancelation
Question 11: Admitted/Authorized INsurer
Answer:
one that is authorized by the state insurance division to conduct business
Question 12: When do producers need to submit a renewal report?
Answer:
needs to be filed by the last day of their birth month and pay the appropriate fees
Question 13: Personal Effects Floater
Answer:
personal items (usually worn or carried) while traveling or vacationing Question 14: What is the maximum penalty for fraudulent use of consumer information?
Answer:
$5,000
Question 15: Producer
Answer:
is any person, firm or corporation appointed by an insurer possessing the authority to sell insurance
Question 16: Iowa Insurance Fraud Act
Answer:
Led to creation of Iowa insurance fraud bureau-seeks to identify and eliminate fraudulent insurance claims -filing claim known to contain false info -helping another person file claim known to contain false info -submitting an application for insurance coverage that contains false info
Question 17: Ambiguity
Answer:
language that is vague and creates doubt
Question 18: Fair Credit and Reporting Act
Answer:
was established to protect consumers from unfair and inaccurate information contained in the files of credit reporting agencies
Question 19: Defamination
Answer:
false, maliciously critical, or derogatory statements intended to injure a person in the insurance business
Question 20: Notice of cancellation for Auto Inssurance
Answer:
10 days for nonpayment of premium 20 days for all other reasons
Question 21: Assignment Provision
Answer:
of a life insurance policy provides the owner of the policy the right to transfer to another some or all of the rights of the owner
Question 22: Nonadmitted/Unauthorized Insurer
Answer:
one that is not authorized or admitted by the state insurance division to conduct business
Question 23: Notice of Intention NOT to renew
Answer:
-30 days prior to expiration date -45 days prior to a commercial policy
Question 24: Temporary license
Answer:
issued for 90 days with extensions allowed, no longer than 180 days
Question 25: Proximate cause
Answer:
chain of events
Question 26: Nonpayment of Premium
Answer:
Notice 10 days before cancelation
Question 27: Producer License
Answer:
is required to sell insureance
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