Iowa Insurance laws, rules and regulations common to all lines

अब Quizwiz के साथ अपने होमवर्क और परीक्षाओं को एस करें!

Failure to timely inform the commissioner of a change in legal name or address within 30 days may result in

A monetary penalty

Continuing education requirements do NOT allow

A producer to receive CE credit for courses taken prior to the issuance of an initial license

The commissioner would not penalize an insurance producer for

Knowingly accepting insurance business from an individual who is licensed

Which of the following is NOT necessary for a non resident to receive a nonresident license?

Living in the Midwest Zone

Unless the commissioner deems that the public interest will best be served, the commissioner would NOT issue a temporary insurance license to

A producer who fails to get the proper CE credits

The continuing education rules would apply to

A resident insurance producer who holds qualification in life insurance

Which of the following would be required to take an insurance licensing exam?

A sales employee soliciting insurance

A producer's license may be revoked for

Failing to cooperate with the commissioner

The commissioner may terminate a producer's license for

Having been convicted of a felony

If the commissioner finds that a producer has engaged in an unfair trade practice, commissioner may NOT:

Impose a prison sentence

If the commissioner denies an application for a license, the commissioner would NOT

Issue a cease and desist order

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?

4 years

The term of office for the Iowa insurance commissioner is for a period of:

4 years

Domestic Companies must be examined by the commissioner at least once every

5 years

If a person knew or reasonably should have known the person was in violation of insurance trade practices, the penalty shall not exceed:

$5,000 for each violation, maximum of $50,000.

After the date of the test, examination results are valid for

90 days

What will be issued if the commissioner finds that the commissioner has engaged in an unfair trade practice?

A cease and desist order

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?

10 days

A lapsed license may be reinstated after the due date by paying the renewal fee and reinstatement fee within

12 months

Temporary licenses will be issued for 90 days, with extensions allowed but in no event for longer than

180 days

The number of CE credits required in the subject of ethics for every licensed resident producer for each CE term is

3 credits

An insurance producer license shall remain in effect for a term of

3 years

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?

30 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

30 days

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

30 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

30 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

30 days

Every Licensed Resident producer must complete a minimum of how many credits for each CE term

36 credits

Making false or fraudulent statements relative to an application for an insurance policy for the purpose of obtaining a commission is

A misrepresentation

Which of the following would be required to be appointed by an insurer?

An individual insurance producer who acts as an agent of an insurer

A licensing exam would NOT be required of

An insurer

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

An unfair claims settlement practice

The insurance commissioner is

Appointed by the governor and confirmed by the senate

The Iowa Insurance Guaranty Association is funded by the

Assessing members insurers

When a person knowingly makes false statements in relation to an insurance policy, the person is guilty of

Class D felony

The power to examine and investigate into the affairs of every person engaged in the business of insurance resides with the:

Commissioner of insurance

The definition of advertising would not include

Communications not intended for dissemination to the public

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

Complete additional continuing education

Unfair trade practices would NOT include

Contractual agreement

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 the benefits of the insurer becomes insolvent

The commissioner may NOT penalize an insurance producer for failing to pay

Estimated taxes

Failure to renew a license and pay appropriate fees prior to the expiration date for the license will result in

Expiration of the license

An insurance producer doing business under any name other than the insurance producer's legal name is required to

Notify the commissioner prior to using the assumed name

Which of the following is NOT an illegal rebate?

Paying bonuses to policyholders out of company surplus in a fair and equitable manner

A producer may comply with the CE requirement in all of the following ways EXCEPT

Publishing research articles

A person applying for a resident insurance producer license would NOT be required to

Serve a two year internship

All of the following are necessary for a non resident to receive a non resident insurance license except

The person lives in a bordering state

A CE term is based on

The producers birth month


संबंधित स्टडी सेट्स

Bank Services - H5P 1 - Questions to ask the teller when you open a bank account

View Set

EAQ Week #11 Hematologic problems

View Set

OB: Chapter 13 - Labor and Birth Process

View Set

Chapter 7: The Central limit Theorem

View Set

Chapter 12 Legal Environment of Business

View Set

US History: 3.07 Quiz: The War of 1812

View Set