Iowa Insurance Exam ACTUAL
QUESTIONS AND CORRECT ANSWERS
Riders - CORRECT ANSWERS add-on provision to a basic insurance
policy that provides additional benefits to the policyholder at an additional cost
Licensing Requirements - CORRECT ANSWERS -At least 18 years old
-Must not have committed any act that is grounds for denial, suspension, or
revocation of the license
-Paid required license fee
-Must have passed the license exam for the lines of authority for which they are
applying
-Must possess the character and competence required of producers
Results of license exam are valid for ___ days? - CORRECT ANSWERS
90
Commissioner can issue temporary producer license for up to ___ days without
requiring the temp licensee to pass the exam - CORRECT ANSWERS
180
Duration of license - CORRECT ANSWERS -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
, Defamination - CORRECT ANSWERS false, maliciously critical, or
derogatory statements intended to injure a person in the insurance business
Twisting - CORRECT ANSWERS misrepresentation to persuade an
insured to terminate and existing policy and to buy a new one
Iowa Insurance Fraud Act - CORRECT ANSWERS 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
When an insurer believes that it has received a fraudulent insurance application
or claim, it must notify the Bureau within _____ days - CORRECT ANSWERS
60
Cancellation/Nonrenewal - CORRECT ANSWERS Can NOT cancel
policy with out notice to insured
Notice of Cancelation - CORRECT ANSWERS Delivered to insured at
least 20 days before cancelation
Nonpayment of Premium - CORRECT ANSWERS Notice 10 days
before cancelation
Notice of Intention NOT to renew - CORRECT ANSWERS -30 days
prior to expiration date
QUESTIONS AND CORRECT ANSWERS
Riders - CORRECT ANSWERS add-on provision to a basic insurance
policy that provides additional benefits to the policyholder at an additional cost
Licensing Requirements - CORRECT ANSWERS -At least 18 years old
-Must not have committed any act that is grounds for denial, suspension, or
revocation of the license
-Paid required license fee
-Must have passed the license exam for the lines of authority for which they are
applying
-Must possess the character and competence required of producers
Results of license exam are valid for ___ days? - CORRECT ANSWERS
90
Commissioner can issue temporary producer license for up to ___ days without
requiring the temp licensee to pass the exam - CORRECT ANSWERS
180
Duration of license - CORRECT ANSWERS -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
, Defamination - CORRECT ANSWERS false, maliciously critical, or
derogatory statements intended to injure a person in the insurance business
Twisting - CORRECT ANSWERS misrepresentation to persuade an
insured to terminate and existing policy and to buy a new one
Iowa Insurance Fraud Act - CORRECT ANSWERS 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
When an insurer believes that it has received a fraudulent insurance application
or claim, it must notify the Bureau within _____ days - CORRECT ANSWERS
60
Cancellation/Nonrenewal - CORRECT ANSWERS Can NOT cancel
policy with out notice to insured
Notice of Cancelation - CORRECT ANSWERS Delivered to insured at
least 20 days before cancelation
Nonpayment of Premium - CORRECT ANSWERS Notice 10 days
before cancelation
Notice of Intention NOT to renew - CORRECT ANSWERS -30 days
prior to expiration date
