Iowa Insurance Exam
Actual Cash Value - ANS - replacement cost less depreciation
\Admitted/Authorized INsurer - ANS - one that is authorized by the state insurance division to
conduct business
\Alien companies - ANS - are located outside of the US
\Ambiguity - ANS - language that is vague and creates doubt
\Arbitrations - ANS - to settle on a disagreement without court
\Assignment Provision - ANS - 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
\Boycott/Coercion - ANS - 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
\Cancellation/Nonrenewal - ANS - Can NOT cancel policy with out notice to insured
\Commissioner can issue temporary producer license for up to ___ days without requiring the
temp licensee to pass the exam - ANS - 180
Defamation - ANS - false, maliciously critical, or derogatory statements intended to injure a
person in the insurance business
\Duration of license - ANS - -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
\Examination of Records for Companies - ANS - examined every 5 years
\Excess/Surplus Lines - ANS - exposures that are not available or cannot be procured through
admitted or authorized
Ex: amusement parks, are high risk activities
\Fair Credit and Reporting Act - ANS - was established to protect consumers from unfair and
inaccurate information contained in the files of credit reporting agencies
\Fair Credit Reporting - ANS - established to protect consumers from unfair and inaccurate
information contained in the files of credit reporting agencies
\Foreign Companies - ANS - are located outside of the the state of Iowa
\If policy is canceled by insurance company - ANS - Insurer may retain only the pro rata basis
\If policy is canceled by insured - ANS - Insured must pay short rates to company
\Insurance Commissioner - ANS - Governor appoints them, subject to the Iowa Senate's
confirmation, for a 4 year term
\Iowa Insurance Fraud Act - ANS - 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
\Licensing Requirements - ANS - -At least 18 years old
Actual Cash Value - ANS - replacement cost less depreciation
\Admitted/Authorized INsurer - ANS - one that is authorized by the state insurance division to
conduct business
\Alien companies - ANS - are located outside of the US
\Ambiguity - ANS - language that is vague and creates doubt
\Arbitrations - ANS - to settle on a disagreement without court
\Assignment Provision - ANS - 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
\Boycott/Coercion - ANS - 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
\Cancellation/Nonrenewal - ANS - Can NOT cancel policy with out notice to insured
\Commissioner can issue temporary producer license for up to ___ days without requiring the
temp licensee to pass the exam - ANS - 180
Defamation - ANS - false, maliciously critical, or derogatory statements intended to injure a
person in the insurance business
\Duration of license - ANS - -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
\Examination of Records for Companies - ANS - examined every 5 years
\Excess/Surplus Lines - ANS - exposures that are not available or cannot be procured through
admitted or authorized
Ex: amusement parks, are high risk activities
\Fair Credit and Reporting Act - ANS - was established to protect consumers from unfair and
inaccurate information contained in the files of credit reporting agencies
\Fair Credit Reporting - ANS - established to protect consumers from unfair and inaccurate
information contained in the files of credit reporting agencies
\Foreign Companies - ANS - are located outside of the the state of Iowa
\If policy is canceled by insurance company - ANS - Insurer may retain only the pro rata basis
\If policy is canceled by insured - ANS - Insured must pay short rates to company
\Insurance Commissioner - ANS - Governor appoints them, subject to the Iowa Senate's
confirmation, for a 4 year term
\Iowa Insurance Fraud Act - ANS - 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
\Licensing Requirements - ANS - -At least 18 years old
