Iowa Life And Health insurance Exam
Unfair Discrimination Example - CORRECT ANSWER -An Insurance company that charges
different premiums for insured's in the same risk classification
Disability Income - CORRECT ANSWER -In the Event of An illness this policy would
reimburse an insured for loss of earnings.
Insuring Clause - CORRECT ANSWER -the clause in an Accident and Health policy which
defines the benefit amounts the insurer will pay is called?
Resident Producer - CORRECT ANSWER -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 -
CORRECT ANSWER -From the date the policy was issued
Accidental Death and Dismemberment - CORRECT ANSWER -Which of these is NOT a
required group life provision ?
8% - CORRECT ANSWER -A life policy loan in Iowa cannot charge a fixed rate of interest
higher than ?
Submit the claim in any form - CORRECT ANSWER -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? - CORRECT ANSWER -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? - CORRECT ANSWER -Return of Premium Rider
An accident policy will most likely pay a benefit for a(n) - CORRECT ANSWER -off-the-job
accident
What must the policyowner provide to the insurer for validation that a loss has occurred? -
CORRECT ANSWER -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? -
CORRECT ANSWER -$0
(because T is still alive)
In Iowa, Long- Term Care policy must be _______________ renewable - CORRECT ANSWER
-Guaranteed
During an insurance transaction, who does the producer represent? - CORRECT ANSWER -
Insurer
A hearing must be held before a producers license can be suspended or revoked .Prior to
hearing the Commisoner is required to - CORRECT ANSWER -give written notice to
producer
A life insurance policy that provides a policy owner with cash value along with level face
amount is called? - CORRECT ANSWER -Whole Life
A __________ rider may be used to include coverage for children under their parents life
insurance policy - CORRECT ANSWER -Term rider
, What type of life policy has a death benefit that adjust periodically and is written for a
specific period of time - CORRECT ANSWER -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? -
CORRECT ANSWER -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 - CORRECT ANSWER -Misrepresentation
Nursing home benefits must be provided for at least 12 consecutive months in which of the
following types of policies? - CORRECT ANSWER -Long-Term Care
Which of the following organizations would make reimbursement payments directly to the
insured individual for covered medical expenses? - CORRECT ANSWER -Comercial Insurer
Which of these is NOT a source funding for Social Security benefits ? - CORRECT ANSWER -
Federal government
An individual covered under Group Life Policy Insurance policy is consider be a(n)? -
CORRECT ANSWER -certificate holder
Whole Life Insurance Policy are contractually guaranteed each of the following EXCEPT:
Unfair Discrimination Example - CORRECT ANSWER -An Insurance company that charges
different premiums for insured's in the same risk classification
Disability Income - CORRECT ANSWER -In the Event of An illness this policy would
reimburse an insured for loss of earnings.
Insuring Clause - CORRECT ANSWER -the clause in an Accident and Health policy which
defines the benefit amounts the insurer will pay is called?
Resident Producer - CORRECT ANSWER -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 -
CORRECT ANSWER -From the date the policy was issued
Accidental Death and Dismemberment - CORRECT ANSWER -Which of these is NOT a
required group life provision ?
8% - CORRECT ANSWER -A life policy loan in Iowa cannot charge a fixed rate of interest
higher than ?
Submit the claim in any form - CORRECT ANSWER -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? - CORRECT ANSWER -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? - CORRECT ANSWER -Return of Premium Rider
An accident policy will most likely pay a benefit for a(n) - CORRECT ANSWER -off-the-job
accident
What must the policyowner provide to the insurer for validation that a loss has occurred? -
CORRECT ANSWER -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? -
CORRECT ANSWER -$0
(because T is still alive)
In Iowa, Long- Term Care policy must be _______________ renewable - CORRECT ANSWER
-Guaranteed
During an insurance transaction, who does the producer represent? - CORRECT ANSWER -
Insurer
A hearing must be held before a producers license can be suspended or revoked .Prior to
hearing the Commisoner is required to - CORRECT ANSWER -give written notice to
producer
A life insurance policy that provides a policy owner with cash value along with level face
amount is called? - CORRECT ANSWER -Whole Life
A __________ rider may be used to include coverage for children under their parents life
insurance policy - CORRECT ANSWER -Term rider
, What type of life policy has a death benefit that adjust periodically and is written for a
specific period of time - CORRECT ANSWER -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? -
CORRECT ANSWER -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 - CORRECT ANSWER -Misrepresentation
Nursing home benefits must be provided for at least 12 consecutive months in which of the
following types of policies? - CORRECT ANSWER -Long-Term Care
Which of the following organizations would make reimbursement payments directly to the
insured individual for covered medical expenses? - CORRECT ANSWER -Comercial Insurer
Which of these is NOT a source funding for Social Security benefits ? - CORRECT ANSWER -
Federal government
An individual covered under Group Life Policy Insurance policy is consider be a(n)? -
CORRECT ANSWER -certificate holder
Whole Life Insurance Policy are contractually guaranteed each of the following EXCEPT:
