Iowa Insurance Exam Latest 2024 Already Passed

Iowa Insurance Exam Latest 2024 Already Passed Riders add-on provision to a basic insurance policy that provides additional benefits to the policyholder at an additional cost Licensing Requirements -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? 90 Commissioner can issue temporary producer license for up to ___ days without requiring the temp licensee to pass the exam 180 Duration of license -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 false, maliciously critical, or derogatory statements intended to injure a person in the insurance business Twisting misrepresentation to persuade an insured to terminate and existing policy and to buy a new one Iowa Insurance Fraud Act 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 60 Cancellation/Nonrenewal Can NOT cancel policy with out notice to insured Notice of Cancelation Delivered to insured at least 20 days before cancelation Nonpayment of Premium Notice 10 days before cancelation Notice of Intention NOT to renew -30 days prior to expiration date -45 days prior to a commercial policy If policy is canceled by insured Insured must pay short rates to company If policy is canceled by insurance company Insurer may retain only the pro rata basis Standard Fire Policy Direct loss by fire and lightning -pays actual cash value Insurance Commissioner Governor appoints them, subject to the Iowa Senate's confirmation, for a 4 year term Ambiguity language that is vague and creates doubt Arbitrations to settle on a disagreement without court Rebating illegal practice of a producer giving back to the insured to purchase insurance Boycott/Coercion entering into an agreement to commit an act of boycott or coercion or intimidation resulting in unreasonable restraint of trade or monopoly in the business of insurance Fair Credit Reporting established to protect consumers from unfair and inaccurate information contained in the files of credit reporting agencies Excess/Surplus Lines exposures that are not available or cannot be procured through admitted or authorized Ex: amusement parks, are high risk activities Proximate cause chain of events Actual Cash Value replacement cost less depreciation Notice of Cancellation for Property Insurance 10 days for reason of nonpayment or premium 30 days in advance for all other reasons Notice of cancellation for Auto Inssurance 10 days for nonpayment of premium 20 days for all other reasons Personal Effects Floater personal items (usually worn or carried) while traveling or vacationing Personal Property Floaters insured usually doesn't have a homeowner policy; provides open peril coverage on an unscheduled basis for basic categories, with separate limits for each category Examination of Records for Companies examined every 5 years Temporary license issued for 90 days with extensions allowed, no longer than 180 days Producer License is required to sell insureance Producer is any person, firm or corporation appointed by an insurer possessing the authority to sell insurance When are producers required to provide a written notification within 30 days of name change, address, administrative action or initial hearing related to a criminal prosecution When do producers need to submit a renewal report? needs to be filed by the last day of their birth month and pay the appropriate fees Fair Credit and Reporting Act was established to protect consumers from unfair and inaccurate information contained in the files of credit reporting agencies What is the maximum penalty for fraudulent use of consumer information? $5,000 Admitted/Authorized INsurer one that is authorized by the state insurance division to conduct business Nonadmitted/Unauthorized Insurer one that is not authorized or admitted by the state insurance division to conduct business Alien companies are located outside of the US Foreign Companies are located outside of the the state of Iowa Assignment Provision 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