Bre 2
Who is responsible for paying producer appointment fees?
The appointing insurer
The National Flood Insurance Program provides coverage for losses caused by all of the following occurrences EXCEPT:
water main breakage
Which of the following statements is CORRECT about the Fair Credit Reporting Act?
It provides a method for an applicant to correct any incorrect information in the creditreport.
Making false or fraudulent statements relative to an application for an insurance policy for the purpose of obtaining a commission is
Misrepresentation
Insurance advertisements are regulated by
National Association of Insurance Commissioners
An insurance company incorporated and formed in iowa
domestic
All of the following perils are covered under a Building and Business Personal Property Coverage Form with a Causes of Loss-Basic Form attached EXCEPT:
earth movement
The Commissioner of Insurance is responsible for
enforce insurance laws
Authority expressed orally by the insurer to the agent is:
express authority
what does the standard fire policy insure against?
fire, lightning, and removal from premises endangered by perils insured
Who appoints the commissioner of Insurance?
governor
policy providing personal auto insurance that has been in effect for 60 days or more or is a renewal policy may be canceled by the insurer unless the cancellation is based on
nonpayment, fraud or material misrepresentation, suspended license
Information provided by the insured in a Proof of Loss is considered:
representation
All of the following statements about the termination provisions of the personal auto policy are true EXCEPT
the insurer can cancel the policy after it has been in force for 60 days only if the insured has three or more traffic violations
What is NOT considered a building under the Commercial Property form?
underground pipes
An insurer that permits different rate classifications for individuals of the same class and same hazard may be guilty of
unfair discrimination
What is the purpose of the Iowa Insurance Guaranty Association?
Enable the payments of benefits if an insurer becomes insolvent
A standard fire insurance policy may not provide coverage for a building that has been vacant for more than:
60 days
The commissioner may give notice of a hearing to any such person engaging in any unfair method of competition or any unfair or deceptive act of practice. The hearing shall not be less than how many days after notice of a hearing is served?
10 Days
How much notice must an insurer give to an insured before cancelling a policy for nonpayment of premiums?
10 days
a notice of cancellation is not effective unless mailed or delivered by the insurer to the named insured at least how many days before cancellation?
30
a notice of intention not to renew is not effective unless mailed to the named insured how many days prior to the expiration date
30
You must notify the commissioner of an address change within how many days?
30 Days
Under the Businessowners Policy, if a business owner moves business personal property after a fire loss, it is covered at another location for up to
30 days
Commercial notice of nonrenewal that has been in effect for more than 60- days
45 days
Under the commercial property liberalization clause, if the insurer makes and coverage revision which broadens the coverage without an additional premium charge, it will automatically apply to existing policies if the revision is adopted during the policy term or within
45 days prior to the effective date
An insurer must notify the fraud bureau within __ days of receipt of a claim it believes to be fraudulent
60 days
In order to make a formal claim for payment under a property policy, a proof of loss must be filed within __ days of the insurer's request
60 days
Which of the following advertisements is most likely to be proper?
A testimonial that indicates any relationship between the endorser and the insurer
All of the following are true about surplus lines insurance, except:
Agents can place directly with surplus lines companies
Who is considered a non resident agent?
An agent who resides in another state, but is licensed to write insurance in this state.
Committing a general business practice of not attempting in good faith to effectuate prompt, fair and equitable settlements of claims in which liability has become reasonable clear is known as
An unfair claims settlement practice
The Iowa Insurance Guaranty Association is funded by
Assessing member insurers
The Iowa Insurance Guaranty Association is funded by what?
Assessing member insurers
An insurer who deliberately makes maliciously critical statements about another insurance company is guilty of an illegal trade practice called?
Defamation
Literature which is maliciously critical of or derogatory of any person and is calculated to injure such person is known as
Defamation
Unfair discrimination would include
Discrimination on the basis of domestic abuse
The purpose of the Iowa Insurance Guaranty Association is to
Enable the payments of benefits if an insurer becomes insolvent
Which of the following is an example of an unfair claims settlement practice?
Failure to promptly settle a claim when liability has been clearly established
The commissioner may terminate a producer's license for
Having been convicted of a felony
An individual who is unable to get insurance in the private insurance market in Iowa, can get which of the following from the Iowa Basic Property Underwriting Association (FAIR Plan)?
Homeowners insurance
The main purpose of the Iowa Property and Casualty Insurance Guaranty Association is:
Paying claims of an insolvent member insurer that arise prior to or within 30 days after the insolvency
The Gramm-Leach-Bliley Act was passed to
Protect private customer information filed with a financial institution
what is the purpose of requiring licenses for persons who transact insurance?
Protect the general public
An agent who offers a cash reward to a prospect for buying a policy is guilty of?
Rebating.
Which of the following would be required to take an insurance licensing examination?
Sales employee soliciting insurance
What is the time period for a hearing?
Shall not be less than 10 days after notice of a hearing is served.
Which of the following perils is covered under the Commercial Property Basic Cause of Loss form?
Sinkhole Collapse
Which of the following persons may assign a Standard Fire policy?
The insured with the permission of the insurance compan
A Commercial Property policy specifies which of the following responsibilities as a duty of the insured?
To provide a sworn Proof of Loss statement if requested by the company
A false written or oral statement made by a producer for the purpose of replacing an existing policy to the detriment of the insured is:
Twisting
What circumstance can an insurer cancel a new policy?
Within the first 90 days if review of the application shows that the applicant does not meet the insurer's current requirements; Must issue a written notice of cancellation to reach the applicant before the policy is 90 days old
An insurer that generally fails to affirm or deny coverage of claims within a reasonable period of time after receiving Proof of Loss may be found guilty of:
an improper claims practice
A licensing exam would NOT be required of
an insurer
Insurable interest in a Property Insurance policy must be demonstrated
at time of loss
