Quiz 11
Iowa 10 day free look period for life insurance policy begin at
date of delivery
a producer who makes a false statement intended to malign another insurance company is committing the illegal act of
defamation
a ---- is the signed document that starts the free look period
delivery receipt
what is one of the roles of the commissioner
enforce state insurance laws
----is the act of offering an applican something of value as an inducement to purchase an insurance policy
rebating
According to iowa law group life insurance coversion privileges must not
require evidence of insurability
Obtaining information from the applicant to determine whether and insurance or annuity product si appropriated
subability
Group life policies in iowa required to contain conversion privilege that allows for conversion
to an individual policy for a stated period of time
J is a producer who recently told a claimant that his rights might be imparied if does not completea release form within a specified time what could this producer be found guilty of
Coercion
as a condition for a loan a bank requires the borrower to purchase credit insurance from a specific company what is the bank guilty of
Coercion
In a life insurance contract the policy application and riders or endorsement are considered to be the
Entire contract
The iowa insurance commissioner attains office in which of the following ways
Gubematorial appointment
Which type of insurance company allows their policyowners t elect to a govening body
Mutual
what must be signed by both the producer and the applicant when an existing life insurance policy is being reissued with reduction in cash value
Notice regarding replacement
what is a requirment to attain a non resident producer license
be licensed as a producer in the producer state of domicle
an example of life insurance policy replacement would be
cahs surrender an existing whole life policy and purchasing a new whole life policy
an individual covered under a group life insurance policy is considered to be
certificate holder
When make a recommednation to a consumer to purchase annuity the producer must make a reasonable effort to obtain suitability information Suitabilty information includes
age annual income and financial experience
when must a producer deliver a notice regarding replacement of life insurance
at the time of application
A group life insurance policy can be converted to an individual whole life policy under which circumstances
employment termination
How often must the commission examaine each domestice insurance company
every 5 years
Replacement can be defined
exchanging and existing policy for a new policy
In Iowa an insurer licensed to conduct business in iowa but domicliced in NJ is
foreign compnay
The life and health insurance guaranty association
funded by insurance companies through assessments
A hearing must be held before a producer license can be suspended or revoked prior to the hearing the commisssion is required to
give a written notice to the producer
a standard provision of the conversion privilages in a group life policy
group life coverage can be converted to an individual policy at regular rates on attained age basis
-----can be defined as making unfair comparision of two insurance policies
misrepresentation
Life insurance replacement protects the interest of
policyownwer
the ----must provide an insured with proper disclosure concerning the replacement of an existing policy
producer
B the producer has died and leaves behind a spouse In order for b clients to contiue being serviced the commission has the ability to issue to the producer spouse and
temporary license
An unintentional violation of iowa insurance law could lead a producer to a find of up to ----per violation
1000
An insurance company is required to send forms for filling proof of loss to calimant within-----days after company receives notice of claim
15
how many days is a temporary producer license is valid
180 is the maxium
A producer must notify the insurance division within---- days of a felony conviction
30
P is the beneficiary of a life policy the insured of this policy has died and p submits satisfactory proof of loss If the insurer does not pay the proceeds within ----- days mut pay interest on the proceeds
30
when employee is terminated how long does this employee have to convert group life coverage to an individual plan
31
The grace period of life polices is
31 days
the commsioner of insurance is the chief office of the iow insurance division and is appointed by the governor for
4 year term
A life policy loan can not charge a fixed rate of interest higher than
8%
the commission must give ---- days not prior to hearing regarding a producer violation of unfair trade practice
10
According to Iowa insurance law anyone found to have violated a cease and desist order may be subject to a fine up to ----- for each violations
10,000
A group life insurance policy may assign up to ----of the insured coverage
100
Abc company failed to accept a valid proof of loss statement
unfair claims practice
A life insurance policyowner may sell their policy to an -----in order to receive a percentage of the policy face value
verticle settlement provider
Which statement does not require a producer provide a suitability statement to the annuity compnay
when a producer discusses annuities in general with a client but no specific recommendation is made
How long does a business entity license remain in effect
3 years
what is a requirement to be elgible for a group life policy in iowa
group must be formed for a purpose other than obtaining insurance
Which of the following is not situation that involves life insurance policy replacement depleting cash value in an existing policy and apply for a new one taking a reduced paid up option for a policy and applying for a new one maintaining an existing and applying for a new one termination an existing policy and applying for one with better coverage
maintaining an existing and applying for a new one
What must be signed by both the producer and applicant when an existing life insurance policy is being reissued with reduction in cash value
notice of regarding the replacement
