Iowa Life
The illegal practice of making misleading statements or incomplete comparisons about the terms, conditions, or benefits of a policy to induce a person to lapse, forfeit, surrender, exchange, or otherwise dispose of an insurance policy
Twisting
Penalties for violating a cease and desist order include fines, suspension/revocation, or both
Up to $10,000
Free look for life and health insurance
10 days
Minimum number of employees covered under an employee group
10 employees
Minimum number of members covered under labor union group
10 members
Minimum number of new entrants in debtor groups per year
100 new entrants
Minimum number of covered persons in trustee group
100 people
Period of time a resident producer may reinstate an expired license
12 months
Length of temporary insurance producer license, without requiring an examination if a licensed producer dies, becomes disabled, or enters active service in the U.S. armed forces
180 days
Penalties for nonwillful violation include fines, suspension/revocation, or both
$1,000-$10,000
Iowa Life and Health Insurance Guaranty Association liability for life insurance cash value
$100,000
Iowa Life and Health Insurance Guaranty Association liability for present value of annuity benefits
$250,000
Iowa Life and Health Insurance Guaranty Association liability for disability benefits
$300,000
Iowa Life and Health Insurance Guaranty Association liability for life insurance death benefits
$300,000
Iowa Life and Health Insurance Guaranty Association liability for long-term care insurance
$300,000
Iowa Life and Health Insurance Guaranty Association liability for combined life insurance death benefits and cash value on one life
$350,000
Dollar value of advertising merchandise with the insurer's name that is not considered rebating
$5
Penalties for willful violation include fines, suspension/revocation, or both
$5,000-$50,000
Licensing fee
$50
Iowa Life and Health Insurance Guaranty Association liability for basic medical expense coverages or major medical coverage
$500,000
Days notice the DOI must give before a disciplinary hearing
10 days
Number of required ethics CECs
3 CECs in ethics
Producer's license renewal period: the license may be continually renewed as long as the proper fees are paid and continuing education requirements are met
3 years
Days from the agency contract date, or the date that the first insurance application is submitted that an insurer must file a notice of appointment
30 days
Free look for life insurance replacements
30 days
Free look for long term care and Medicare supplements
30 days
If a life insurer has not paid the death benefit within _____ days it must pay interest
30 days
Producer's time to notify the DOI of final administrative action taken against the producer in another jurisdiction or by another Iowa government agency, or any criminal prosecutions from the initial pretrial hearing date
30 days
Producer's time to notify the DOI of name and address change
30 days
Viator's right to rescind a viatical settlement contract
30 days
Grace period for group life insurance
31 days
Continuing education credits (CECs) required for each three-year CE term
36 CECs
Producer annuity suitability training course
4 hours
Period of time within receiving an application that the replacing insurer must notify any other existing insurer
5 days
Days an insurer has to report suspected fraud to the state
60 days
Producer's time to apply for license renewal prior to the expiration date of the license
60 days
Maximum policy loan annual fixed interest rate
8%
Days to pass the licensing examinations within submitting the application
90 days
Applicant's minimum age for licensing
Age 18
Iowa Commissioner of Insurance
Appointed for 4 year term by Governor
Length of time the beneficiary has to file notice or proof of death
At least 1 year
Period of time an insurer must maintain advertising file (or until next DOI examination, whichever is longer)
At least 4 years
Length of time the replacing insurer must keep copies of sales material, illustrations, and signed statements after termination or expiration of the proposed replacement policy
At least 5 years
Length of time the replacing insurer must keep record of the replacement notice (or until the next regular examination)
At least 5 years
An insurance company's license to do business in Iowa is called
Certificate of authority
Criminal penalty for insurance fraud
Class D felony
Any attempt by an existing insurer or its insurance producer to dissuade a policyowner from replacing an existing insurance policy
Conservation
Minimum number of employees in order for an insurer to issue individual life and/or accident and health policies at reduced rates to employees of a common employer
More than 1
