Iowa Life And Health insurance Exam
QUESTIONS AND CORRECT ANSWERS
(VERIFIED ANSWERS) 2025
1. Unfair Discrimination Example: An Insurance company that charges different
premiums for insured's in the same risk classification
2. Disability Income: In the Event of An illness this policy would reimburse an
insured for loss of earnings.
3. Insuring Clause: the clause in an Accident and Health policy which defines the
benefit amounts the insurer will pay is called?
4. Resident Producer: Which of these individuals would require continuing educa-
tion?
5. Under an Individual Health Insurance Policy , The Time Limit of Certain
Defenses provision states that nonfraudulent misstatements first become
incontestable for two years: From the date the policy was issued
6. Accidental Death and Dismemberment: Which of these is NOT a required
group life provision ?
7. 8%: A life policy loan in Iowa cannot charge a fixed rate of interest higher than ?
8. Submit the claim in any form: 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
9. S recently received a $500,000 lump sum retirement buyout from her em-
ployer. 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?: Single Premium
mailto:https://www.stuvia.com/user/Wisdoms
, 10. 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?: Return of Premium Rider
11. An accident policy will most likely pay a benefit for a(n): off-the-job accident
12. What must the policyowner provide to the insurer for validation that a loss
has occurred?: Proof of Loss
13. 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?: $0
(because T is still alive)
14. In Iowa, Long- Term Care policy must be renewable: -
Guaranteed
15. During an insurance transaction, who does the producer represent?: Insur- er
mailto:https://www.stuvia.com/user/Wisdoms
, 16. A hearing must be held before a producers license can be suspended or
revoked .Prior to hearing the Commisoner is required to: give written notice to
producer
17. A life insurance policy that provides a policy owner with cash value along
with level face amount is called?: Whole Life
18. A rider may be used to include coverage for children under
their parents life insurance policy: Term rider
19. What type of life policy has a death benefit that adjust periodically and is
written for a specific period of time: Decreasing Term Policy
20. During the course of Medicare Supplement Sale ,T the producer deter-
mines there is an existing policy being replaced . which of these actions is T
NOT required to perform?: Notify the replaced insurance company
21. Which Unfair Trade Practice involves an agent suggesting that an insur-
ance policy is like a share of stock?
*Twisting
*Intimidation
*Misrepresentation
*Sliding: Misrepresentation
22. Nursing home benefits must be provided for at least 12 consecutive
months in which of the following types of policies?: Long-Term Care
23. Which of the following organizations would make reimbursement pay-
ments directly to the insured individual for covered medical expenses?: Com-
ercial Insurer
24. Which of these is NOT a source funding for Social Security benefits ?: Fed- eral
mailto:https://www.stuvia.com/user/Wisdoms
QUESTIONS AND CORRECT ANSWERS
(VERIFIED ANSWERS) 2025
1. Unfair Discrimination Example: An Insurance company that charges different
premiums for insured's in the same risk classification
2. Disability Income: In the Event of An illness this policy would reimburse an
insured for loss of earnings.
3. Insuring Clause: the clause in an Accident and Health policy which defines the
benefit amounts the insurer will pay is called?
4. Resident Producer: Which of these individuals would require continuing educa-
tion?
5. Under an Individual Health Insurance Policy , The Time Limit of Certain
Defenses provision states that nonfraudulent misstatements first become
incontestable for two years: From the date the policy was issued
6. Accidental Death and Dismemberment: Which of these is NOT a required
group life provision ?
7. 8%: A life policy loan in Iowa cannot charge a fixed rate of interest higher than ?
8. Submit the claim in any form: 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
9. S recently received a $500,000 lump sum retirement buyout from her em-
ployer. 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?: Single Premium
mailto:https://www.stuvia.com/user/Wisdoms
, 10. 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?: Return of Premium Rider
11. An accident policy will most likely pay a benefit for a(n): off-the-job accident
12. What must the policyowner provide to the insurer for validation that a loss
has occurred?: Proof of Loss
13. 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?: $0
(because T is still alive)
14. In Iowa, Long- Term Care policy must be renewable: -
Guaranteed
15. During an insurance transaction, who does the producer represent?: Insur- er
mailto:https://www.stuvia.com/user/Wisdoms
, 16. A hearing must be held before a producers license can be suspended or
revoked .Prior to hearing the Commisoner is required to: give written notice to
producer
17. A life insurance policy that provides a policy owner with cash value along
with level face amount is called?: Whole Life
18. A rider may be used to include coverage for children under
their parents life insurance policy: Term rider
19. What type of life policy has a death benefit that adjust periodically and is
written for a specific period of time: Decreasing Term Policy
20. During the course of Medicare Supplement Sale ,T the producer deter-
mines there is an existing policy being replaced . which of these actions is T
NOT required to perform?: Notify the replaced insurance company
21. Which Unfair Trade Practice involves an agent suggesting that an insur-
ance policy is like a share of stock?
*Twisting
*Intimidation
*Misrepresentation
*Sliding: Misrepresentation
22. Nursing home benefits must be provided for at least 12 consecutive
months in which of the following types of policies?: Long-Term Care
23. Which of the following organizations would make reimbursement pay-
ments directly to the insured individual for covered medical expenses?: Com-
ercial Insurer
24. Which of these is NOT a source funding for Social Security benefits ?: Fed- eral
mailto:https://www.stuvia.com/user/Wisdoms
