Iowa Life and Health Insurance Exam
Questions and Answers
Unfair Discrimination Example - ANS-An Insurance company that charges different
premiums for insured's in the same risk classification
Disability Income - ANS-In the Event of An illness this policy would reimburse an
insured for loss of earnings.
Insuring Clause - ANS-the clause in an Accident and Health policy which defines the
benefit amounts the insurer will pay is called?
Resident Producer - ANS-Which of these individuals would require continuing
education?
Under an Individual Health Insurance Policy , The Time Limit of Certain Defenses
provision states that nonfraudulent misstatements first become incontestable for two
years - ANS-From the date the policy was issued
Accidental Death and Dismemberment - ANS-Which of these is NOT a required group
life provision ?
8% - ANS-A life policy loan in Iowa cannot charge a fixed rate of interest higher than ?
Submit the claim in any form - ANS-what should an insured do if the insurer does not
send claims forms within the time period set forth in a health policy's Claims Forms
provision
S recently received a $500,000 lump sum retirement buyout from her employer. She
would like to buy an annuity that will immediately furnish her with a guaranteed income
for life. What type of annuity is best suited for her situation? - ANS-Single Premium
S buys a $10,000 Whole Life policy in 2003 and pays an annual premium of $100. S
dies 5 years later in 2008 and the insurer pays the beneficiary $10,500. What kind of
rider did S include on the policy? - ANS-Return of Premium Rider
An accident policy will most likely pay a benefit for a(n) - ANS-off-the-job accident
What must the policyowner provide to the insurer for validation that a loss has
occurred? - ANS-Proof of Loss
, T and S are named co-primary beneficiaries on a $500,000 Accidental Death and
Dismemberment policy insuring their father. Their mother was named contingent
beneficiary. Five years later, S dies of natural causes and the father is killed in a scuba
accident shortly afterwards. How much of the death benefit will the mother receive? -
ANS-$0
(because T is still alive)
In Iowa, Long- Term Care policy must be _______________ renewable - ANS-
Guaranteed
During an insurance transaction, who does the producer represent? - ANS-Insurer
A hearing must be held before a producers license can be suspended or revoked .Prior
to hearing the Commisoner is required to - ANS-give written notice to producer
A life insurance policy that provides a policy owner with cash value along with level face
amount is called? - ANS-Whole Life
A __________ rider may be used to include coverage for children under their parents
life insurance policy - ANS-Term rider
What type of life policy has a death benefit that adjust periodically and is written for a
specific period of time - ANS-Decreasing Term Policy
During the course of Medicare Supplement Sale ,T the producer determines there is an
existing policy being replaced . which of these actions is T NOT required to perform? -
ANS-Notify the replaced insurance company
Which Unfair Trade Practice involves an agent suggesting that an insurance policy is
like a share of stock?
*Twisting
*Intimidation
*Misrepresentation
*Sliding - ANS-Misrepresentation
Nursing home benefits must be provided for at least 12 consecutive months in which of
the following types of policies? - ANS-Long-Term Care
Which of the following organizations would make reimbursement payments directly to
the insured individual for covered medical expenses? - ANS-Comercial Insurer
Which of these is NOT a source funding for Social Security benefits ? - ANS-Federal
government
Questions and Answers
Unfair Discrimination Example - ANS-An Insurance company that charges different
premiums for insured's in the same risk classification
Disability Income - ANS-In the Event of An illness this policy would reimburse an
insured for loss of earnings.
Insuring Clause - ANS-the clause in an Accident and Health policy which defines the
benefit amounts the insurer will pay is called?
Resident Producer - ANS-Which of these individuals would require continuing
education?
Under an Individual Health Insurance Policy , The Time Limit of Certain Defenses
provision states that nonfraudulent misstatements first become incontestable for two
years - ANS-From the date the policy was issued
Accidental Death and Dismemberment - ANS-Which of these is NOT a required group
life provision ?
8% - ANS-A life policy loan in Iowa cannot charge a fixed rate of interest higher than ?
Submit the claim in any form - ANS-what should an insured do if the insurer does not
send claims forms within the time period set forth in a health policy's Claims Forms
provision
S recently received a $500,000 lump sum retirement buyout from her employer. She
would like to buy an annuity that will immediately furnish her with a guaranteed income
for life. What type of annuity is best suited for her situation? - ANS-Single Premium
S buys a $10,000 Whole Life policy in 2003 and pays an annual premium of $100. S
dies 5 years later in 2008 and the insurer pays the beneficiary $10,500. What kind of
rider did S include on the policy? - ANS-Return of Premium Rider
An accident policy will most likely pay a benefit for a(n) - ANS-off-the-job accident
What must the policyowner provide to the insurer for validation that a loss has
occurred? - ANS-Proof of Loss
, T and S are named co-primary beneficiaries on a $500,000 Accidental Death and
Dismemberment policy insuring their father. Their mother was named contingent
beneficiary. Five years later, S dies of natural causes and the father is killed in a scuba
accident shortly afterwards. How much of the death benefit will the mother receive? -
ANS-$0
(because T is still alive)
In Iowa, Long- Term Care policy must be _______________ renewable - ANS-
Guaranteed
During an insurance transaction, who does the producer represent? - ANS-Insurer
A hearing must be held before a producers license can be suspended or revoked .Prior
to hearing the Commisoner is required to - ANS-give written notice to producer
A life insurance policy that provides a policy owner with cash value along with level face
amount is called? - ANS-Whole Life
A __________ rider may be used to include coverage for children under their parents
life insurance policy - ANS-Term rider
What type of life policy has a death benefit that adjust periodically and is written for a
specific period of time - ANS-Decreasing Term Policy
During the course of Medicare Supplement Sale ,T the producer determines there is an
existing policy being replaced . which of these actions is T NOT required to perform? -
ANS-Notify the replaced insurance company
Which Unfair Trade Practice involves an agent suggesting that an insurance policy is
like a share of stock?
*Twisting
*Intimidation
*Misrepresentation
*Sliding - ANS-Misrepresentation
Nursing home benefits must be provided for at least 12 consecutive months in which of
the following types of policies? - ANS-Long-Term Care
Which of the following organizations would make reimbursement payments directly to
the insured individual for covered medical expenses? - ANS-Comercial Insurer
Which of these is NOT a source funding for Social Security benefits ? - ANS-Federal
government
