IOWA INSURANCE EXAM WITH ALL
CORRECT & VERIFIED ANSWERS (UPDATED
TO PASS)
Riders Correct answer-add-on provision to a basic insurance policy that provides additional
benefits to the policyholder at an additional cost
Licensing Requirements Correct 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
Results of license exam are valid for ___ days? Correct answer-90
Commissioner can issue temporary producer license for up to ___ days without requiring the temp
licensee to pass the exam Correct answer-180
Duration of license Correct answer--Valid for 3 years, begins on 1st day of producer's birth month
and ends on the last day of the producer's month in the renewal year
Producer pays fee and fulfills continuing education requirements
Defamination Correct answer-false, maliciously critical, or derogatory statements intended to
injure a person in the insurance business
Twisting Correct answer-misrepresentation to persuade an insured to terminate and existing policy
and to buy a new one
Iowa Insurance Fraud Act Correct 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
When an insurer believes that it has received a fraudulent insurance application or claim, it must
notify the Bureau within _____ days Correct answer-60
Cancellation/Nonrenewal Correct answer-Can NOT cancel policy with out notice to insured
Notice of Cancelation Correct answer-Delivered to insured at least 20 days before cancelation
Nonpayment of Premium Correct answer-Notice 10 days before cancelation
Notice of Intention NOT to renew Correct answer--30 days prior to expiration date
CORRECT & VERIFIED ANSWERS (UPDATED
TO PASS)
Riders Correct answer-add-on provision to a basic insurance policy that provides additional
benefits to the policyholder at an additional cost
Licensing Requirements Correct 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
Results of license exam are valid for ___ days? Correct answer-90
Commissioner can issue temporary producer license for up to ___ days without requiring the temp
licensee to pass the exam Correct answer-180
Duration of license Correct answer--Valid for 3 years, begins on 1st day of producer's birth month
and ends on the last day of the producer's month in the renewal year
Producer pays fee and fulfills continuing education requirements
Defamination Correct answer-false, maliciously critical, or derogatory statements intended to
injure a person in the insurance business
Twisting Correct answer-misrepresentation to persuade an insured to terminate and existing policy
and to buy a new one
Iowa Insurance Fraud Act Correct 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
When an insurer believes that it has received a fraudulent insurance application or claim, it must
notify the Bureau within _____ days Correct answer-60
Cancellation/Nonrenewal Correct answer-Can NOT cancel policy with out notice to insured
Notice of Cancelation Correct answer-Delivered to insured at least 20 days before cancelation
Nonpayment of Premium Correct answer-Notice 10 days before cancelation
Notice of Intention NOT to renew Correct answer--30 days prior to expiration date
