Iowa Laws, Rules, and Regulations Pertinent to Property Only Latest Update 100% Solved

Iowa Laws, Rules, and Regulations Pertinent to Property Only Latest Update 100% Solved Iowa FAIR Plan make basic property insurance available to qualified applicants with the least possible expense; provides for the equitable distribution and placement of risks among member insurers basic property insurance insurance against direct loss to property, not including automobile insurance or inland marine insurance FAIR plan is managed by a governing committee consisting of 7 members, with 5 being chosen from: -the american insurance association -the property-casualty association of america -the iowa insurance institute -the mutual insurance association of iowa -the independent insurance agents of iowa these 5 pick the remaining two people a notice of cancellation of a non-commercial lines policy is not effective unless... mailed or delivered by the insurer to the named insured at least 30 days before the effective date of cancellation when cancellation is for nonpayment of a premium, assessment, or installment provided for in the policy or in a note or contract for the payment... at least 10 days prior to the date of cancellation is required may be made in person, or by sending by mail a letter addressed to the insured at the insured's address an insurer must renew a policy unless a notice of intention not to renew is mailed or delivered by the insurer to the named insured... ...at least 30 days prior to the expiration date of the policy an insurer must not fail to renew a commercial lines policy of insurance except by notice: a notice of renewal is not effective unless mailed or delivered by the insurer to the named insured and any loss payee at least 45 days prior to the expiration of the policy a commercial lines policy, except for a crop hail or multiperil crop insurance, may be cancelled by the insurer if it has been if effect for: less than 60 days iowa law requires that all property policies issued contain policy language which, at a minimum, is equal to the polciy language of the standard fire policy 165 line standard fire policy 1943) -- why? establishes a minimum level of coverage to be provided by policies insuring property, most policies can and do provide considerably broader protection minimum perils covered by the standard fire policy are: 1. direct loss from fire (as opposed to indirect, consequential losses) 2. lightning 3. removal of property from the premises to protect it from an insured peril standard fire policy contains certain policy conditions that much be following. including: -concealment or fraud: any misrepresentation of a material fact gives the insurer the option to void the policy -uninsurable and expected property: certain properties may not be insured under this form, including accounts, bills. currency, deeds, evidences of debt, money or securities an insurer cannot require the use of aftermarket crash parts in the repair of an automobile unless: the aftermarket crash part is certified by a nationally recognized entity to be at least equal in kind and quality to the original equipment manufacturer part in terms of fit, quality and performance and complies with federal safety standards guaranteed auto protection (GAP) is used in credit sales transactions to cover the deficiency gap that may exist when the loan balance on a purchased or leased vehicle is greater than the actual cash value of the destroyed or damaged vehicle (collateral on the loan) GAP is not property insurance per se, but is intended to protect against a specific type of risk of credit loss GAP coverage is most often marketed towards consumers who put down... low down payment have a high interest rate loan have a loan with a term of 60 months of longer where is GAP insurance offered? often by car dealerships at the time or purchase, but most auto insurance companies also offer it since GAP is paid upfront, when the vehicle is sold of refinanced... the owner is eligible for a refund *diane and her insurance company disagree over whether or not a loss was caused by an insured peril. what does the appraisal condition have to do with the situation? *the appraisal condition does not apply here because it addresses how the parties deal with disputes as to the amount of coverage, not disputes over whether there is coverage *hagar has leased part of his building to a tenant who makes fireworks. how does this affect the commercial fire policy on Hagar's building? *hagar's insurer has grounds to cancel the policy regardless the length of time it has been in effect *when compared to the 165 line standard fire policy, all policies of property insurance must provide coverage must be *at least equal *to be effective, a notice of cancellation of a non-commercial lines policy for reasons other than nonpayment of premium must be delivered how many days before the date of the cancellation? *30 days *if an insurer wants to nonrenew a commercial fire policy, it must send notice of its intent to the insured not less than how many days prior to the expiration date of the policy? *45 days *to be effective, a notice of intent not to renew a homeowners policy must be delivered to the insured at least how many days before the policy expiration date? *30 days *what perils are mandatory under the standard fire policy? *fire, lighning, and removal *which of the following statements is true regarding members of the state's FAIR plan? *all admitted insurers of property insurance must become members *which of the following statements about the use of automobile after market parts in vehicle repair is true? *the use of after market parts is permitted if the parts are at least equal in kind and quality to the original equipment *membership on the FAIR plan's governing committee is selected from? *insurers, insurer associations, and independent agents