Iowa Study guides, Class notes & Summaries

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...

"Individual Health Insurance Reform Act" enacted to promote the availability of health insurance to individuals, to assure fair access to health plans, and to improve the overall fairness and efficiency of the individual health insurance market. -members include all insurers that provide health, accident and sickness insurance policies in Iowa -prevents abusive rating practices compels insurers to disclose their rating practices to consumers, sets rules for renewing coverage and sets limi...

DP-1 Basic Form Dwelling Policy: Provides coverage on a named peril basis. DP-1 Losses are paid actual cash value Extended Coverage Perils W.C. SHAVVER: Wind, Civil Commotion, Smoke, Hail, Aircraft, Vehicles, Volcanic Eruption, Explosion, and Riot DP-2 Broad Form Dwelling Policy: Provides replacement cost coverage on dwellings & buildings on a "named peril" basis, contents are actual cash value Uninsurable (excluded) losses Under the open- peril insuring agreement include damage caused b...

Group Life Insurance life insurance that provides a master policy for a group; each eligible group member receives a certificate of insurance Individual Life Insurance purchased by individuals; usually greater face value Permanent Life vs. Term Life Perm Life: whole life insurance that is effective for the entire life of the insured up to age 100. Term Life: insurance that is effective for a temporary time period, designated by the policy. Participating Life vs. Nonparticipating Life Parti...

How is the insurance commissioner appointed? PAGE 2 Appointed by the governor and confirmed by the senate How long is a term for the Iowa Insurance Commissioner? PAGE 2 4 Years The power to examine and investigate into the affairs of every person engaged in the business of insurance resides with the...PAGE 2 Commissioner of Insurance Domestic Companies must be examined by the commissioner at least once every _____ years? PAGE 2 Every 4 years The commissioner may give notice of a hearing t...

Exclusion In a life insurance policy, which feature state that the policy will not cover certain risk? Claim will be paid and coverage will remain in force A disability income policy owner recently submitted a claim for a chronic neck problem that has now resulted in total disability. The original neck injury occurred before the application 5 years prior. Never disclosed to the insurer. How will the insurer handle this claim? 3 years How long does a business entity's remain in effect? 10 ...

Ridersadd-on provision to a basic insurance policy that provides additional benefits to the policyholder at an additional cost Licensing Requirements-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...

purpose of life insurance pay a death benefit to beneficiaries when the insured dies life insurance for personal use death benefit serves to replace the insured's future loss income and pay expenses that occur upon death, living benefits Group insurance vs. individual -covers many non-related people -less expensive per person group insurance eligibility -group cannot be formed for the express purpose of purchasing it -employers -labor unions -trade and professional association groups i...

t is legal, in the case of a large earnest money deposit, for the money to be put into an approved trust account with the interest being paid to the buyer. True False t Which of the following is not required to have an active real estate license? A property manager A person who sells only his neighbors properties A person who sells time shares A support person of a licensee who only works open houses. A person who sells time shares After an agreement is signed, in how many days must an ...

Iowa real estate practices are governed by the Code of Iowa Chapter 543B: Real Estate Brokers and Salespersons Chapter 558A: Real Estate Disclosures the Iowa Real Estate Commission has been authorized {IREC} to adopt the Iowa Real Estate Commission Administrative Rules (193E). This set of administrative rules and regulations define the statutory law. These administrative rules have the same force and effect as the law while providing additional detail for the administration of the law and...