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