Iowa Laws, Rules, and Regulations Common to All Lines

MAKING FALSE OR FRAUDULENT STATEMENTS RELATIVE TO AN APPLICATION FOR AN INSURANCE POLICY FOR THE PURPOSE OF OBTAINING A COMMISSION IS: A. A MISREPRESENTATION B. A WARRANTY C. REBATING D. COERCION

A. A MISREPRESENTATION

FAILURE TO TIMELY INFORM THE COMMISSIONER OF A CHANGE IN LEGAL NAME OR ADDRESS WITHIN THIRTY DAYS MAY RESULT IN: A. A MONETARY PENALTY B. SUSPENSION OF LICENSE C. REVOCATION OF LICENSE D. CENSURE OF THE PRODUCER

A. A MONETARY PENALTY

WHICH OF THE FOLLOWING WOULD BE REQUIRED TO TAKE AN INSURANCE LICENSING EXAM? A. A SALES EMPLOYEE SOLICITING INSURANCE B. A PERSON NOT RECEIVING A COMMISSION C. A LICENSED ATTORNEY PROVIDING SURETY BONDS INCIDENT TO THE ATTORNEY'S PRACTICE D. AN ADMINISTRATIVE EMPLOYEE ONLY INDIRECTLY RELATED TO THE SALE OF INSURANCE

A. A SALES EMPLOYEE SOLICITING INSURANCE

LITERATURE WHICH IS MALICIOUSLY CRITICAL OF OR DEROGATORY OF ANY PERSON AND IS CALCULATED TO INJURE SUCH PERSON IS KNOWN AS: A. DEFAMATION B. FALSE ADVERTISING C. COERCION D. INTIMIDATION

A. DEFAMATION

THE INSURER MUST FILE NOTICE OF APPOINTMENT TERMINATION OF A PRODUCER WITHIN HOW MANY DAYS FROM THE DATE THE INSURER TERMINATED ITS AGENCY RELATIONSHIP WITH THE PRODUCER? A. FIFTEEN DAYS B. THIRTY DAYS C. FORTY-FIVE DAYS D. SIXTY DAYS

B. THIRTY DAYS

THE INSURER MUST FILE NOTICE OF APPOINTMENT WITHIN HOW MANY DAYS FROM THE DATE THE CONTRACT IS EXECUTED OR THE FIRST INSURANCE APPLICATION IS SUBMITTED? A. FIFTEEN DAYS B. THIRTY DAYS C. FORTY-FIVE DAYS D. SIXTY DAYS

B. THIRTY DAYS

THE PURPOSE OF THE IOWA INSURANCE GUARANTY ASSOCIATION IS TO: A. ENABLE THE PAYMENTS OF BENEFITS IF AN INSURER BECOMES INSOLVENT B. INSURE THE POLICIES OF APPLICANTS B. ENABLE THE PAYMENT OF BENEFITS REGARDLESS OF INSURER SOLVENCY D. PAY CLAIMS OF AN INSOLVENT INSURER WITHOUT LIMIT

A. ENABLE THE PAYMENTS OF BENEFITS IF AN INSURER BECOMES INSOLVENT

IF THE COMMISSIONER DENIES AN APPLICATION FOR A LICENSE, THE COMMISSIONER WOULD NOT: A. ISSUE A CEASE AND DESIST ORDER B. NOTIFY THE APPLICANT OF THE DENIAL OF APPLICATION C. ADVISE THE APPLICANT IN WRITING THE REASON FOR DENAIL OF APPLICATION D. CONDUCT A HEARING AT THE REQUEST OF THE APPLICANT

A. ISSUE A CEASE AND DESIST ORDER

TEMPORARY LICENSES WILL BE ISSUED FOR NINETY DAYS, WITH EXTENSIONS ALLOWED, BUT IN NO EVENT FOR LONGER THAN: A. ONE HUNDRED AND EIGHTY DAYS B. ONE YEAR C. TWO YEARS D. AGE SIXTY-FIVE

A. ONE HUNDRED AND EIGHTY 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 OR PRACTICE. THE HEARING SHALL NOT BE LESS THAN HOW MANY DAYS AFTER NOTICE OF A HEARING IS SERVED? A. TEN DAYS B. FIFTEEN DAYS C. TWENTY DAYS D. THIRTY DAYS

A. TEN DAYS

A RESIDENT INSURANCE PRODUCER WHO MOVES FROM THIS STATE TO ANOTHER STATE SHALL FILE A CHANGE OF ADDRESS AND PROVIDE CERTIFICATION FROM THE NEW RESIDENT STATE WITHIN: A. THIRTY DAYS B. SIXTY DAYS C. NINETY DAYS D. ONE HUNDRED AND TWENTY DAYS

A. THIRTY DAYS

THE REPORTING OF ADMINISTRATIVE ACTION OR CRIMINAL PROSECUTION TAKEN AGAINST THE PRODUCER IN ANOTHER STATE IS TO BE REPORTED TO THE IOWA INSURANCE DIVISION WITHIN: A. THIRTY DAYS B. FORTY-FIVE DAYS C. SIXTY DAYS D. NINETY DAYS

A. THIRTY DAYS

THE NUMBER OF CE CREDITS REQUIRED IN THE SUBJECT OF ETHICS FOR EVERY LICENSED RESIDENT PRODUCER FOR EACH CE TERM IS: A. THREE CREDITS B. SIX CREDITS C. NINE CREDITS D. EIGHTEEN CREDITS

A. THREE CREDITS

DOMESTIC COMPANIES MUST BE EXAMINED BY THE COMMISSIONER AT LEAST ONCE EVERY: A. YEAR B. TWO YEARS C. THREE YEARS D. FIVE YEARS

A. YEAR

A LAPSED LICENSE MAY BE REINSTATED AFTER THE DUE DATE BY PAYING THE RENEWAL FEE AND REINSTATEMENT FEE WITHIN: A. ONE MONTH B. SIX MONTHS C. TWELVE MONTHS D. EIGHTEEN MONTHS

C. TWELVE MONTHS

UNLESS THE COMMISSIONER DEEMS THAT THE PUBLIC INTEREST WILL BE BEST SERVED, THE COMMISSIONER WOULD NOT ISSUE A TEMPORARY INSURANCE LICENSE TO: A. THE SURVIVING SPOUSE OF A LICENSED PRODUCER B. A PRODUCER WHO FAILS TO GET THE PROPER CE CREDITS C. TO A MEMBER OF A BUSINESS ENTITY LICENSED AS AN INSURANCE PRODUCER D. THE COURTY-APPOINTED PERSONAL REPRESENTATIVE OF A LICENSED PRODUCER

B. A PRODUCER WHO FAILS TO GET THE PROPER CE CREDITS

THE CONTINUING EDUCATION RULES WOULD APPLY TO: A. A PRODUCER WHO SERVES FULL-TIME IN THE ARMED FORCES B. A RESIDENT INSURANCE PRODUCER WHO HOLDS QUALIFICATION IN LIFE INSURANCE C. A LICENSED ATTORNEY WHO IS A PRODUCER AND SUBMITS PROOF OF CONTINUING LEGAL EDUCATION D. A RESIDENT INSURANCE AGENT WHO HOLDS ONLY A QUALIFICATION IN SURETY INSURANCE

B. A RESIDENT INSURANCE PRODUCER WHO HOLDS QUALIFICATION IN LIFE INSURANCE

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 REASONABLY CLEAR IS KNOWN AS: A. NEGLIGENCE PER SE B. AN UNFAIR CLAIMS SETTLEMENT PRACTICE C. TWISTING D. STRETCHING CLAIMS PAYABLE

B. AN UNFAIR CLAIMS SETTLEMENT PRACTICE

ANY LICENSED INSURANCE PRODUCER WANTING TO ADD AN AMENDMENT TO THE LICENSE TO BECOME LICENSED IN AN ADDITIONAL LINE OF AUTHORITY DOES NOT HAVE TO: A. SUBMIT A COMPLETED UNIFORM APPLICATION FORM B. COMPLETE ADDITIONAL CONTINUING EDUCATION C. PAY THE FEE TO AMEND A PRODUCER LICENSE D. PASS AN EXAMINATION FOR EACH LINE OF AUTHORITY REQUESTED TO BE ADDED

B. COMPLETE ADDITIONAL CONTINUING EDUCATION

UNFAIR TRADE PRACTICES WOULD NOT INCLUDE: A. BOYCOTT B. CONTRACTUAL AGREEMENT C. COERCION D. INTIMIDATION

B. CONTRACTUAL AGREEMENT

IF THE COMMISSIONER FINDS THAT A PRODUCER HAS ENGAGED IN AN UNFAIR TRADE PRACTICE, COMMISSIONER MAY NOT: A. IMPOSE A MONETARY PENALTY B. IMPOSE A PRISION SENTENCE C. SUSPEND THE PRODUCER'S LICENSE D. REVOKE THE PRODUCER'S LICENSE

B. IMPOSE A PRISION SENTENCE

THE COMMISSIONER WOULD NOT PENALIZE AN INSURANCE PRODUCER FOR: A. IMPROPERLY USING NOTES ON AN INSURANCE EXAM B. KNOWINGLY ACCEPTING INSURANCE BUSINESS FROM AN INDIVIDUAL WHO IS LICENSED C. ATTEMPTING TO OBTAIN A LICENSE THROUGH MISREPRESENTATION OR FRAUD D. FORGING ANOTHER'S NAME TO AN APPLICATION

B. KNOWINGLY ACCEPTING INSURANCE BUISNESS FROM AN INDIVIDUAL WHO IS LICENSED

WHICH OF THE FOLLOWING IS NOT AN ILLEGAL REBATE? A. SELLING STOCK OF ANY INSURANCE COMPANY AS AN INDUCEMENT TO POLICYHOLDERS B. PAYING BONUSES TO POLICYHOLDERS OUT OF COMPANY SURPLUS IN A FAIR AND EQUITABLE MANNER C. GIVING ANYTHING OF VALUE WHATSOEVER NOT SPECIFIED IN THE CONTRACT AS AN INDUCEMENT TO THE POLICYHOLDER D. OFFERING ANY INDUCEMENT NOT SPECIFIED IN THE CONTRACT

B. PAYING BONUSES TO POLICYHOLDERS OUT OF COMPANY SURPLUS IN A FAIR AND EQUITABLE MANNER

WHAT WILL BE ISSUED IF THE COMMISSIONER FINDS THAT A PRODUCER HAS ENGAGED IN AN UNFAIR TRADE PRACTICE? A. A WRIT OF HABEAS CORPUS B. A COURT SUBPOENA C. A CEASE AND DESIST ORDER D. A WRIT OF PROHIBITION

C. A CEASE AND DESIST ORDER

WHICH OF THE FOLLOWING WOULD BE REQUIRED TO BE APPOINTED BY AN INSURER? A. AN INSURANCE BROKER WHO IS NOT AFFILIATED WITH THE INSURER B. AN INSURANCE PRODUCER WHO IS NOT ACTING AS AN AGENT OF AN INSURER C. AN INDIVIDUAL INSURANCE PRODUCER WHO ACTS AS AN AGENT OF AN INSURER D. A BUSINESS ENTITY

C. AN INDIVIDUAL INSURANCE PRODUCER WHO ACTS AS AN AGENT OF AN INSURER

A LICENSING EXAM WOULD NOT BE REQUIRED OF: A. A CLERICAL EMPLOYEE QUOTING PRICES TO A PROSPECTIVE CUSTOMER B. AN EXECUTIVE NEGOTIATING THE SALE OF INSURANCE C. AN INSURER D. A MANAGERIAL EMPLOYEE RECEIVING A COMMISSION

C. AN INSURER

THE INSURANCE COMMISIONER IS: A. ELECTED EVERY FOUR YEARS B. ELECTED EVERY 6 YEARS C. APPOINTED BY THE GOVERNOR AND CONFIRMED BY THE SENATE D. APPOINTED BY THE GOVERNOR AND CONFIRMED BY THE HOUSE

C. APPOINTED BY THE GOVERNOR AND CONFIRMED BY THE SENATE

WHEN A PERSON KNOWINGLY MAKES FALSE STATEMENTS IN RELATION TO AN INSURANCE POLICY, THE PERSON IS GUILTY OF A: A. SOLICITATION ERROR B. SIMPLE MISDEMEANOR C. CLASS D FELONY D. MEA CULPA

C. CLASS D FELONY

THE POWER TO EXAMINE AND INVESTIGATE INTO THE AFFAIRS OF EVERY PERSON ENGAGED IN THE BUSINESS OF INSURANCE RESIDES WITH THE: A. ATTORNEY GENERAL B. GOVERNOR C. COMMISSIONER OF INSURANCE D. HOUSE JUDICIARY COMMITTEE

C. COMMISSIONER OF INSURANCE

THE DEFINITION OF ADVERTISING WOULD NOT INCLUDE: A. TV SCRIPTS B. BILLBOARDS C. COMMUNICATION NOT INTENDED FOR DISSEMINATION TO THE PUBLIC D. SALES TALKS AND PRESENTATIONS FOR USE BY PRODUCERS

C. COMMUNICATION NOT INTENDED FOR DISSEMINATION TO THE PUBLIC

UNFAIR DISCRIMINATION WOULD INCLUDE: A. CHARING THE SAME RATE FOR INDIVIDUALS OF THE SAME CLASS B. DISCRIMINATION ON THE BASIS OF DIFFERENT HAZARDS C. DISCRIMINATION ON THE BASIS OF DOMESTIC ABUSE D. CHARGING THE SAME RATE FOR THE SAME HAZARDS

C. DISCRIMINATION ON THE BASIS OF DOMESTIC ABUSE

FAILURE TO RENEW A LICENSE AND PAY APPROPRIATE FEES PRIOR TO THE EXPIRATION DATE OF THE LICENSE WILL RESULT IN: A. A THIRTY DAY GRACE PERIOD B. A SIXTY DAY GRACE PERIOD C. EXPIRATION OF THE LICENSE D. A NINETY DAY GRACE PERIOD

C. EXPIRATION OF THE LICENSE

IF A PERSON KNEW OR REASONABLY SHOULD HAVE KNOWN THE PERSON WAS IN VIOLATION OF INSURANCE TRADE PRACTICES, THE PENALTY SHALL NOT EXCEED: A. ONE THOUSAND FOR EACH VIOLATION, MAX OF TEN THOUSAND B. THREE THOUSAND FOR EACH VIOLATION, MAXIMUM OF THIRTY THOUSAND C. FIVE THOUSAND FOR EACH VIOLATION, MAXIMUM OF FIFTY THOUSAND D. TEN THOUSAND FOR EACH VIOLATION, MAXIMUM OF ONE HUNDRED THOUSAND

C. FIVE THOUSAND FOR EACH VIOLATION, MAXIMUM OF FIFTY THOUSAND

THE TERM OF OFFICE FOR THE IOWA INSURANCE COMMISSIONER IS FOR A PERIOD OF: A. TWO YEARS B. THREE YEARS C. FOUR YEARS D. SIX YEARS

C. FOUR YEARS

THE COMMISSIONER MAY TERMINATE A PRODUCER'S LICENSE FOR: A. CHANGING THE PRODUCER'S ADDRESS B. CHANGING THE PRODUCER'S NAME C. HAVING BEEN CONVICTED OF A FELONY D. HAVING MULTIPLE COMPANY APPOINTMENTS

C. HAVING BEEN CONVICTED OF A FELONY

AFTER THE DATE OF THE TEST, EXAMINATION RESULTS ARE VALID FOR: A. THIRTY DAYS B. SIXTY DAYS C. NINETY DAYS D. ONE HUNDRED AND TWENTY DAYS

C. NINETY DAYS

A PRODUCER MAY COMPLY WITH THE CE REQUIREMENT IN ALL OF THE FOLLOWING WAYS EXCEPT: A. COMPLETE AN EXAMINATION FOR THAT SUBJECT LINE B. SELF-STUDY COURSES C. PUBLISHING RESEARCH ARTICLES D. CLASSROOM COURSES

C. PUBLISHING RESEARCH ARTICLES

ALL OF THE FOLLOWING ARE NECESSARY FOR A NONRESIDENT TO RECEIVE A NONRESIDENT INSURANCE LICENSE EXCEPT: A. THE PERSON IS CURRENTLY LICENSED AS AN INSURANCE PRODUCER B. THE PERSON HAS SUBMITTED THE PROPER REQUEST FOR LICENSURE C. THE PERSON LIVES IN A BORDERING STATE D. THE PERSON'S HOME STATE AWARDS NONRESIDENT INSURANCE PRODUCER LICENSES TO RESIDENTS OF THE THIS STATE ON THE SAME BASIS

C. THE PERSON LIVES IN A BORDERING STATE

A LICENSEE SHALL INFORM THE COMMISSIONER BY ANY MEANS ACCEPTABLE TO THE COMMISSIONER OF A CHANGE OF ADDRESS WITHIN HOW MANY DAYS OF THE CHANGE? A. FIFTEEN DAYS B. TWENTY DAYS C. THIRTY DAYS D. FORTY-FIVE DAYS

C. THIRTY DAYS

EVERY LICENSED RESIDENT PRODUCER MUST COMPLETE A MINIMUM OF HOW MANY CREDITS FOR EACH CE TERM? A. TWELVE CREDITS B. TWENTY-FOUR CREDITS C. THIRTY-SIX CREDITS D. THIRTY CREDITS

C. THIRTY-SIX CREDITS

AN INSURANCE PRODUCER LICENSE SHALL REMAIN IN EFFECT FOR A TERM OF: A. ONE YEAR B. TWO YEARS C. THREE YEARS D. FOUR YEARS

C. THREE YEARS

CONTINUING EDUCATION REQUIREMENTS DO NOT ALLOW: A. COMPLIANCE BY PASSING THE APPROPRIATE LICENSING EXAMINATION FOR EACH QUALIFICATION HELD BY THE PRODUCER B. UP TO EIGHTEEN CE CREDITS FOR SELF-STUDY C. AN INSTRUCTOR TO RECEIVE CE CREDIT COR TEACHING A CE CLASS D. A PRODUCER TO RECEIVE CE CREDIT FOR COURSES TAKEN PRIOR TO THE ISSUANCE OF AN INITIAL LICENSE

D. A PRODUCER TO RECEIVE CE CREDIT FOR COURSES TAKEN PRIOR TO THE ISSUANCE OF AN INITIAL LICENSE

THE IOWA INSURANCE GUARANTY ASSOCIATION IS FUNDED BY: A. SALES TAX REVENUE B. TAXPAYERS C. PREMIUM TAXES D. ASSESSING MEMBER INSURERS

D. ASSESSING MEMBER INSURERS

THE COMMISSIONER MAY NOT PENALIZE AN INSURANCE PRODUCER FOR FAILING TO PAY: A. CHILD SUPPORT B. COLLEGE STUDENT LOANS C. STATE INCOME TAX D. ESTIMATED TAXES

D. ESTIMATED TAXES

A PRODUCER'S LICENSE MAY BE REVOKED FOR: A. FAILING TO JOIN A PROFESSIONAL ORGANIZATION B. FAILING TO GET A COMPANY APPOINTMENT C. FAILING TO EARN A COMMISSION D. FAILING TO COOPERATE WITH THE COMMISSIONER

D. FAILING TO COOPERATE WITH THE COMMISSIONER

PRODUCERS ARE REQUIRED TO MAINTAIN A RECORD OF ALL CE COURSES COMPLETED BY KEEPING THE ORIGINAL CERTIFICATES OF COMPLETION FOR HOW MANY YEARS AFTER THE END OF THE YEAR OF ATTENDANCE? A. ONE YEAR B. TWO YEARS C. THREE YEARS D. FOUR YEARS

D. FOUR YEARS

WHICH OF THE FOLLOWING IS NOT NECESSARY FOR A NONRESIDENT TO RECEIVE A NONRESIDENT LICENSE? A. PAYING THE REQUIRED FEES B. GOOD STANDING IN THE PERSON'S HOME STATE C. RECIPROCITY WITH THE HOME STATE D. LIVING IN THE MIDWEST ZONE

D. LIVING IN THE MIDWEST ZONE

AN INSURANCE PRODUCER DOING BUSINESS UNDER ANY NAME OTHER THAN THE INSURANCE PRODUCER'S LEGAL NAME IS REQUIRED TO: A. CEASE AND DESIST FROM USING THE ASSUMED NAME B. USE THE ASSUMED NAME ONLY IN CONVERSATIONS C. SIGN THE APPLICATION USING BOTH THE PRODUCER'S LEGAL NAME AND ASSUMED NAME D. NOTIFY THE COMMISSIONER PRIOR TO USING THE ASSUMED NAME

D. NOTIFY THE COMMISSIONER PRIOR TO USING THE ASSUMED NAME

A PERSON APPLYING FOR A RESIDENT INSURANCE PRODUCER LICENSE WOULD NOT BE REQUIRED TO: A. BE AT LEAST EIGHTEEN YEARS OF AGE B. BE OF GOOD REPUTE C. SUCCESSFULLY COMPLETE AN EXAM D. SERVE A TWO YEAR INTERNSHIP

D. SERVE A TWO YEAR INTERNSHIP

A CE TERM IS BASED ON: A. EVERY THREE CALENDAR YEARS B. EVERY CALENDAR YEAR C. THE PRODUCER'S FIRST MONTH OF LICENSURE D. THE PRODUCER'S BIRTH MONTH

D. THE PRODUCER'S BIRTH MONTH