Iowa Life and Health Insurance

An insurance company is required to send forms for filing proof of loss to a claimant within ______ days after company receives notice of a claim

15

To be classified as a small employer, employer must employ

2-50 employees

A producer must notify the insurance division within _______ days of a felony conviction

30

Within _____ days after policy delivery, a Medicare Supplement policy can be returned for a 100% premium refund

30

In Iowa, an insurer licensed to conduct business in Iowa, but domiciled in New Jersey, is called a

Foreign company

Which Unfair Trade Practice involves a producer suggesting that an insurance policy is like a share of stock?

Misrepresentation

Which of the following is NOT a reason for the Commissioner to revoke a producers license?

Producer is insolvent

_______ is the act of offering an applicant something of value as an inducement to purchase an insurance policy

Rebating

A ______ sells, solicits, or negotiates insurance on behalf of insurance companies for compensation

producer

After purchasing an individual health insurance contract, policyowners have _______ days from the date of receiving the policy to return it for a full refund for any reason

10

What is the minimum benefit period that must be offered by a long-term care policy?

12 months

The grace period for group life policies is _____ days

31

When an employee is terminated, how long does this employee have to convert group life coverage to an individual plan?

31 days

The waiting period for a pre-existing condition under a Medicare Supplement policy may NOT go beyond

6 months

Inflation protection is not required in a partnership long-term care policy if the individual is at least how old at issue

76

A life policy loan in Iowa cannot charge a fixed rate of interest higher than

8%

Which of the following is considered to be misrepresentation?

A producer guaranteeing a policy's dividends

According to the Affordable Care Act (ACA), a dependent child's eligibility status is determined by

Age

An example of misrepresentation is

Anyone who makes a fraudulent statement on an insurance application in order to obtain benefits from an insurance company

An example of life insurance policy replacement would be?

Cash surrender an existing whole life policy and purchasing a new whole life policy

When an unfair trade practice has been discovered, the Commissioner may issue a

Cease and desist order

Which of these is a requirement for obtaining a resident insurance producer license in this state?

Complete a pre-licensing examination

Which of these statements is NOT true regarding health coverage for a newborn?

Coverage is limited to only congenital defects

What is the purpose of the Iowa Life and Health Insurance Guaranty Association?

Ensures that claims filed against insolvent insurance companies will be paid

Iowa's 10-day free-look period for life insurance policies begins at the

Date of delivery

A producer who makes a false statement intended to malign another insurance company is committing the illegal act of

Defamation

In a life insurance contract, the policy, application, and riders or endorsements are considered to be the

Entire Contract

The commissioner of insurance is the chief officer of the Iowa insurance division, and is appointed by the

Governor

Long-Term Care policies issued in Iowa must be

Guaranteed renewable

What is the required renewability status of all Medicare supplement policies?

Guaranteed renewable

Which of the following statements about long-term care insurance is correct?

It must provide coverage for at least 12 consecutive months

B the producer would like to sell an annuity to his client. Before selling the annual annuity, B needs to collect all of the following information from his client except

Marital status

What must be signed by both the producer and applicant when an existing life insurance policy is being re-issued with a reduction in cash value?

Notice Regarding Replacement

If a Medicare supplement policy involves replacement, it must be verified on a question located

On the application

According to Iowa law, group life insurance conversion privileges must NOT

Require evidence of insurability

Which of the following is not an example of "conducting insurance business"?

Selling shares of stock

Which of the following is NOT considered rebating?

Sharing commissions with a producer licensed in the same line of business

Obtaining information from the applicant to determine whether an insurance or annuity product is appropriate is called

Suitability

B, the producer has died and leaves behind a spouse. In order for B's clients to continue being serviced, the Commissioner has the ability to issue the producers spouse a

Temporary insurance license

W gave W's age as 50 when W purchased a Life policy. At the time of W's death seven years later, the company discovered W's true age at issue had been 59. What would the normal procedure be under the misstatement of age provision in regard to the payment of the death claim?

The proceeds would be reduced based on whatever the premium would have been if purchased at age 59

Essential benefits without annual and lifetime limits are required on any health policy purchase

Through the Federal Marketplace

ABC Insurance Company failed to accept a valid Proof of Loss statement. This is considered to be a

Unfair claims practice

Which situation does NOT require a producer to provide a suitability statement to the annuity company?

When a producer discusses annuities in general with a client, but no specific recommendation is made

A producers license may be suspended or revoked if the licensee

Writes primarily controlled business

An individual covered under a group life insurance policy is considered to be a

certificate holder

Who issues Medicare Supplement policies

insurance companies

The Life and Health Insurance Guaranty Association is

funded by insurance companies through assessments

Defamation occurs when a producer makes a false statement intended to

malign another insurer

An example of rebating would be

offering a client something of value not stated in the contract in exchange for their business