Iowa Insurance Questions and Answers Rated A+

Iowa Insurance Questions and Answers Rated A+ Exclusion In a life insurance policy, which feature state that the policy will not cover certain risk? Claim will be paid and coverage will remain in force A disability income policy owner recently submitted a claim for a chronic neck problem that has now resulted in total disability. The original neck injury occurred before the application 5 years prior. Never disclosed to the insurer. How will the insurer handle this claim? 3 years How long does a business entity's remain in effect? 10 % penalty is applied to withdrawals before age 59 1/2 All of the following statements about traditional retirement accounts are false except Delivery receipt is the signed document that starts the free look period Policy owner Life insurance replacement regulation protects the interest of Cash surrender an existing whole life policy and purchasing a new one An example of life insurance policy replacement would be T is receiving $3,000/month from a Disability Income policy in which T's employer had paid the premiums. How are the $3,000 benefit payments taxable? Benefits are taxable to T Rating services All of these are considered sources of underwriting information about an applicant EXCEPT Request of the change will be refused T is covered by an accidental death and dismemberment (AD&D) policy that has IRREVOCABLE beneficiary. What action will the insurance company take if T requests a change in Beneficiary? 31 days According to the Mandatory Uniform Policy Provisions, what is the maximum amount of time after the premium due date during which the policy remains in force even though the premium has not been paid? turning down a claim without providing the basis of denial An example of an unfair claims settlement practice is prevents an insured covered by two health plans from making profit on a covered loss the coordination of benefits provision Legal purpose Stranger Originated Life Insurance (STOLI) has been found to be in violation of which of the following contractual elements? P