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Iowa Life Insurance Questions and Correct
Answers
How is the insurance commissioner appointed? PAGE 2 Ans:
Appointed by the governor and confirmed by the senate
How long is a term for the Iowa Insurance Commissioner? PAGE 2
Ans: 4 Years
The power to examine and investigate into the affairs of every
person engaged in the business of insurance resides with
the...PAGE 2 Ans: Commissioner of Insurance
Domestic Companies must be examined by the commissioner at
least once every _____ years? PAGE 2 Ans: Every 4 years
The commissioner may give notice of a hearing to say such person
engaging in any unfair method of competition or any unfair or
deceptive act or practice. The hearing shall not be less than how
many days after notice of a hearing is served? PAGE 2 Ans: 10
Days
If a person knew or reasonably should have known the person was
in violation of insurance trade practices, the penalty shall not
exceed________________. PAGE 2 Ans: $5,000 for each violation,
maximum of $50,000
If the commissioner finds that a producer has engaged in an unfair
trade practice, commissioner may... PAGE 2 Ans: impose a
monetary penalty, suspend the producer's license, revoke the
producer's license
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, 2 | Page
What will be issued if the commissioner finds that a producer has
engaged in an unfair trade practice? PAGE 2 Ans: a cease and
desist order
A person applying for a resident insurance producer license would
be required to_____________. PAGE 2 Ans: Be at least 18, be of good
repute, and successfully complete an exam
An insurance producer doing business under any name other than
the insurance producer's legal name is required to... PAGE 2 Ans:
Notify the commissioner prior to using the assumed name
Which of the following would be required to take an insurance
licensing examination?
A) A sales employee soliciting insurance
B) A person not receiving commission
C) A licensed attorney providing surety bonds incident to the
attorney's practice.
D) An administrative employee only indirectly related to the sale
of insurance
PAGE 6 Ans: Answer = A
A licensing exam would NOT be required of which of the
following?
A) A clerical employee quoting prices to a prospective customer
B) An executive negotiating the sale of insurance
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, 3 | Page
C)An insurer
D) A managerial employee receiving a commission
PAGE 6 Ans: --------> Answer = C
The commissioner may terminate a producer's license for which of
the following reasons?
A) Changing the producer's address
B)Changing the producer's name
C) Having been convicted of a felony
D) Having multiple company appointments
PAGE 6 Ans: C
The commissioner may NOT penalize an insurance producer for
failing to pay which of the following?
A) Child support
B) College Student Loans
C) State Income Tax
D) Estimated taxes
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, 4 | Page
PAGE 6 Ans: A) Child support B) College Student Loans C) State
Income Tax D) Estimated taxes ------> Answer = D
The commissioner would NOT penalize an insurance producer for
which of the following?
A) Improperly using notes on an insurance exam
B) Knowingly accepting insurance business from an individual who
is licensed
C) Attempting to obtain a license through misrepresentation or
fraud D) Forging another's name to an application
PAGE 6 Ans: ------> Answer = B
If the commissioner denies an application for a license, the
commissioner would NOT do which of the following?
A) Issue a cease and desist order
B) Notify the applicant of the denial of application
C) Advise the applicant in writing the reason for denial of
application D) Conduct a hearing at the request of the applicant
PAGE 6 Ans: ------> Answer = A
A producer's license may be revoked for which of the following?
A) Failing to join a professional organization
B) Failing to get company appointment
© 2025 All rights reserved
Iowa Life Insurance Questions and Correct
Answers
How is the insurance commissioner appointed? PAGE 2 Ans:
Appointed by the governor and confirmed by the senate
How long is a term for the Iowa Insurance Commissioner? PAGE 2
Ans: 4 Years
The power to examine and investigate into the affairs of every
person engaged in the business of insurance resides with
the...PAGE 2 Ans: Commissioner of Insurance
Domestic Companies must be examined by the commissioner at
least once every _____ years? PAGE 2 Ans: Every 4 years
The commissioner may give notice of a hearing to say such person
engaging in any unfair method of competition or any unfair or
deceptive act or practice. The hearing shall not be less than how
many days after notice of a hearing is served? PAGE 2 Ans: 10
Days
If a person knew or reasonably should have known the person was
in violation of insurance trade practices, the penalty shall not
exceed________________. PAGE 2 Ans: $5,000 for each violation,
maximum of $50,000
If the commissioner finds that a producer has engaged in an unfair
trade practice, commissioner may... PAGE 2 Ans: impose a
monetary penalty, suspend the producer's license, revoke the
producer's license
© 2025 All rights reserved
, 2 | Page
What will be issued if the commissioner finds that a producer has
engaged in an unfair trade practice? PAGE 2 Ans: a cease and
desist order
A person applying for a resident insurance producer license would
be required to_____________. PAGE 2 Ans: Be at least 18, be of good
repute, and successfully complete an exam
An insurance producer doing business under any name other than
the insurance producer's legal name is required to... PAGE 2 Ans:
Notify the commissioner prior to using the assumed name
Which of the following would be required to take an insurance
licensing examination?
A) A sales employee soliciting insurance
B) A person not receiving commission
C) A licensed attorney providing surety bonds incident to the
attorney's practice.
D) An administrative employee only indirectly related to the sale
of insurance
PAGE 6 Ans: Answer = A
A licensing exam would NOT be required of which of the
following?
A) A clerical employee quoting prices to a prospective customer
B) An executive negotiating the sale of insurance
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, 3 | Page
C)An insurer
D) A managerial employee receiving a commission
PAGE 6 Ans: --------> Answer = C
The commissioner may terminate a producer's license for which of
the following reasons?
A) Changing the producer's address
B)Changing the producer's name
C) Having been convicted of a felony
D) Having multiple company appointments
PAGE 6 Ans: C
The commissioner may NOT penalize an insurance producer for
failing to pay which of the following?
A) Child support
B) College Student Loans
C) State Income Tax
D) Estimated taxes
© 2025 All rights reserved
, 4 | Page
PAGE 6 Ans: A) Child support B) College Student Loans C) State
Income Tax D) Estimated taxes ------> Answer = D
The commissioner would NOT penalize an insurance producer for
which of the following?
A) Improperly using notes on an insurance exam
B) Knowingly accepting insurance business from an individual who
is licensed
C) Attempting to obtain a license through misrepresentation or
fraud D) Forging another's name to an application
PAGE 6 Ans: ------> Answer = B
If the commissioner denies an application for a license, the
commissioner would NOT do which of the following?
A) Issue a cease and desist order
B) Notify the applicant of the denial of application
C) Advise the applicant in writing the reason for denial of
application D) Conduct a hearing at the request of the applicant
PAGE 6 Ans: ------> Answer = A
A producer's license may be revoked for which of the following?
A) Failing to join a professional organization
B) Failing to get company appointment
© 2025 All rights reserved
