Iowa Life and Health Insurance
To be classified as a small employer, employer must employ
2-50 employees
Within _____ days after policy delivery, a Medicare Supplement policy can be returned for a 100% premium refund
30
Which Unfair Trade Practice involves a producer suggesting that an insurance policy is like a share of stock?
Misrepresentation
A ______ sells, solicits, or negotiates insurance on behalf of insurance companies for compensation
producer
Which of the following is considered to be misrepresentation?
A producer guaranteeing a policy's dividends
An example of life insurance policy replacement would be?
Cash surrender an existing whole life policy and purchasing a new whole life policy
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
The commissioner of insurance is the chief officer of the Iowa insurance division, and is appointed by the
Governor
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
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
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
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
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
A producer must notify the insurance division within _______ days of a felony conviction
30
The grace period for group life policies is _____ days
31
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%
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
When an unfair trade practice has been discovered, the Commissioner may issue a
Cease and desist order
In a life insurance contract, the policy, application, and riders or endorsements are considered to be the
Entire Contract
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
_______ is the act of offering an applicant something of value as an inducement to purchase an insurance policy
Rebating
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
The waiting period for a pre-existing condition under a Medicare Supplement policy may NOT go beyond
6 months
When an employee is terminated, how long does this employee have to convert group life coverage to an individual plan?
31 days
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
Which of the following statements about long-term care insurance is correct?
It must provide coverage for at least 12 consecutive months
Which of the following is NOT a reason for the Commissioner to revoke a producers license?
Producer is insolvent
ABC Insurance Company failed to accept a valid Proof of Loss statement. This is considered to be a
Unfair claims practice
Long-Term Care policies issued in Iowa must be
Guaranteed renewable
What is the required renewability status of all Medicare supplement policies?
Guaranteed renewable
In Iowa, an insurer licensed to conduct business in Iowa, but domiciled in New Jersey, is called a
Foreign company
Which of the following is NOT considered rebating?
Sharing commissions with a producer licensed in the same line of business
A producers license may be suspended or revoked if the licensee
Writes primarily controlled business
