Iowa Property & Casualty Practice Questions with Certified Answers

Iowa Property & Casualty Practice Questions with Certified Answers $10,000 The maximum fine for failing to adhere to a cease and desist order The Insurance Commissioner The business of insurance is regulated in Iowa by The producer's license will automatically terminate at expiration If a producer fails to comply with the Iowa continuing education requirements Nonadmitted companies Surplus lines producers place coverage with 30 days A producer must notify the insurance division of a name change within False True or false: admitted insurance companies accept surplus and excess lines business 60 days An insurer must notify the fraud bureau within __ days of receipt of a claim it believes to be fraudulent False True or false: Persons are always civilly liable as the result of filing reports with law enforcement agencies A rebate The activity of exchanging a gift or other consideration as an inducement for the purchase of insurance is The insurance department, A.M. Best Company, and the National Association of Insurance Commissioners (NAIC) The following organizations assemble and review detailed information on the financial condition of insurance companies The insurer A producer represents BI of $100,000 per person/$300,000 per accident/PD of $50,000 per accident The split limit of $100,000/$300,000/$50,000 means An underwriting profit A combined ratio under 100 means the insurer is making Hospital, doctor and ambulance charges and loss of wages Special damages include Comparative negligence An individual that is found liable for a judgment is also found to have contributed to the accident. In this example, the judgment is reduced under Salvage An insurer reduces its losses through Provisional premium A premium payment that is an estimate of a business's operations BEST describes True True or false: The only way to determine if an insurance company is making an underwriting profit is by its combined ratio Reduced by the percent underinsured If an insured fails to satisfy the coinsurance requirements of an insurance policy, settlement will b