Iowa laws and rules

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Which of the following is NOT considered rebating?

Sharing commission with an agent licensed in the same line of business

An unintentional violation of Iowa Insurance law could lead a producer to a fine of up to _ per violation.

1,000

According to Iowa law, a group life insurance policy requires a minimum of how many insurers?

10

The free look period in Iowa for individual health insurance policies is _ days

10

Before holding a hearing regarding an agent's unfair or deceptive practice, the Insurance Commissioner MUST give how many days notice?

10 days

An insurance company is required to send forms for filing proof of loss to a claimant within _ days after company receives notice of a claim

15 days

The grace period for group life policies is _ days

31

How many days must the insured wait to take legal action against a health insurer after submitting written proof of loss of the insured refused to pay

60 days after a claim for loss has been filed by the insured

The commissioner of insurance is the chief officer of the Iowa insurance division and is appointed by the governor for a _ year term

A 4 year term

What is the required renewability status of all Medicare supplement policies?

All Medicare supplements must be guaranteed renewable

What is an insolvent insurance company?

An insurance company is insolvent when it cannot Pay its debts, it has more liabilities then assets

Which of the following is a requirement to attain a nonresident producer license?

Be licensed as a producer in the producer's state of domicile

When an unfair trade practice has been discovered, the Comissioner may issue a

Cease and desist order

Which I'd the following is a requirement for a producers license renewal?

Completing the required continuing education

According to Iowa law, group life insurance conversion privileges must NOF

Require evidence of insurability

The Life and Health insurance Guaranty Association is

funded by insurance companies through assessments

Who issues Medicare Supplement policies

insurance companies

B the producer would like to sell an annuity to his client. Before selling the annuity, B needs to collect all of the following information from his client EXCEPT

Martial status, when purchasing an annuity martial status is not required

When a Medicare Supplement policy is delivered, disclosure standards require that a _ of Coverage be provided to the insured

OUTLINE OF COVERAGE

Iowa insurance laws address diabetes coverage. Under Iowa insurance laws, policies MUST

Apply the same deductible and copays to covered diabetic supplies as other medical conditions

When is group health policy required to provide coverage for a newborn child?

At the moment of birth A Group Health policy is required to provide coverage for a newborn child at the moment of birth.

When must a producer deliver a Notice Regarding Replacement of Life Insurance?

At the time of application

What does the Iowa Life and Health Insurance Guaranty Association provide?

Claim payments of admitted, insolvent insurance companies

According to the affordable care act (Aca) which of the following coverages is NOT required?

Coverage for cosmetic surgery

Insurance issued on a debtor to cover outstanding balances on installment loans is called

Credit life

Which of the following unfair trade practices involves a producer who makes malicious statements about another persons financial condition?

Defamation- a producer who makes a statement that is maliciously critical of another person of insurers financial condition is guilty of defamation

The required free-look period in a Medicare Supplement policy is ___ days

30 days

Long-term care policies issued In Iowa MUST be

Guaranteed renewable

Which situation does not require a producer to provide a suitability statement to the annuity company

When a producer discusses annuities in general with a client, but no specific recommendation is made

A life insurance policyowner may sell their policy to a _ in order to receive a percentage of the policy's face value.

VIATICAL SETTLEMENT PROVIDER

How often must the Commissioner examine each domestic insurance company?

every five years.

In a life insurance contract, the policy, application, and riders or endorsements are considered to be the

Entire Contract

An individual covered under a group life insurance policy is considered to be an

certificate holder

Why would the commissioner examine the records of an insurance company?

determine the solvency of the company

An example of rebating would be

offering a client something of value not stated in the contract in exchange for their business

The _ must provide an insured with proper disclosure concerning the replacement of an existing policy

producer

Essential benefits without annual and lifetime limits are required on any health policy purchased

through the Federal Marketplace

Which of the following is a standard provision of the conversion privileges in a Group Life Policy?

Group Life coverage can be converted to an individual policy at regular rates on an attained-age basis

Under Iowa law, which of the following provisions is not required in a Medicare supplement policy?

Limitation on pre-existing conditions for up to 12 months

Under Iowa law, which of the following provisions is NOT required in a Medicare Supplement policy?

Limitation on pre-existing conditions for up to 12 months. There is only a 6 month limitation on pre-existing conditions for Medicare supplements

Which of the following is NOT a situation that involves life insurance policy replacement?

Maintaining an existing policy and applying for a new one

What must be signed by both the producer and the applicant when an existing life insurance policy is being reissued with a reduction in cash value?

Notice Regarding Replacement

In Iowa, an insurer licensed to conduct business in Iowa, but domiciled in New Jersey, is called a

Foreign company

A hearing must be held before a producers license can be suspended or revoked. Prior to the hearing the Commissioner is required to

Give written notice to the producer

Which is the states high risk pool coverage for residents who cannot obtain coverage through the traditional insurance market

Iowa comprehensive health insurance association

Life insurance replacement regulation protects the interests of

Policyowner

Which Unfair Trade Practice involves an agent telling a prospective client that a policy's dividends are guaranteed?

The correct answer is "Misrepresentation". An agent who tells a client that dividends are guaranteed may be guilty of misrepresentation.

W gave W's age as 50 when W purchased a Life policy. At the time of W's death seven years later, the company discovered W's true age at issue had been 59. What would the normal procedure be under the misstatement of age provision in regard to the payment of the death claim?

The proceeds would be reduced based on whatever the premium would have been if purchased at age 59

ABC Insurance company would like to issue a small employer group policy in this state. Before doing so, it is required to

be authorized to write accident and health insurance in this state

Which of the following is considered rebating?

returning a portion of the premium or the agent's/broker's commission on the premium to the insured or other inducements to place business with a specific insurer.

Long term care insurance must provide coverage for at least _ months

12

The Commissioner must give _ days notices prior to holding a hearing regarding a producer's violation of an unfair trade practice

10 days

Before holding a hearing regarding an producers unfair or deceptive practice, the Insurance Commissioner MUST give how many days notice?

10 days notice

An individual life insurance policy issued in Iowa must have a free look period of at least _ days.

10 days upon policy delivery

A labor union must have at LEAST ____ members to be issued a group life policy

10 members

What is the MINIMUM benefit period that must be offered by A Long term care policy?

12 months

At what point may a producer sell insurance for an insurer?

After being properly appointed by the insurer

An example of misrepresentation is

Anyone who makes a fraudulent statement on an insurance application in order to obtain benefits from an insurance company

According to the Time Payment of Claims provision, how soon must an insurer pay for a covered medical expense after proof of loss has been submitted?

IMMEDIATELY

P is a producer who is licensed in Iowa, but a resident of Nebraska p is a _ producer

Nonresident

T the producer is replacing a client's existing insurance policy with a new one. Prior to policy delivery, which form must the client be provided with?

Notice Regarding Replacement

If a Medicare supplement policy involves replacement, it must be verified on a question located

On the application

Which of these is a requirement for obtaining a resident insurance producer license in this state?

Pass the appropriate examination

An example of unfair discrimination would be

offering different terms of coverage for different policyowners having the same risk classification

XYZ Corp was issued a group health policy for its employees. Under this plan a

policy must be issued to XYZ, and a certificate must be issued to each employee

According to Iowa insurance law anyone found to have violated a cease and desist order may be subject to a fine of up to _ for each violation.

10,000

The MAXIMUM time period that pre-existing conditions can be excluded in long-term care policies is

6 months

In Iowa, which of the following is considered an Unfair Trade Practice?

Coercion, which means manipulation and physical or mental force to sway or change a decision

S the producer has deposited premiums collected from clients into his personal bank account. This illegal act is called

Commingling

A Medicare supplement policy can be cancelled by the insurer for

nonpayment

Under the Affordable Care Act ( ACA), health care coverage is provided for dependents up to the age of:

26

How often must an insurance producer's license in Iowa be renewed?

3 years and 36 hours of continuing education to keep the license active 3 of those must be in ethics

A producer must notify the Commissioner within _____ days of a felony conviction.

30 days

Group Life policies in Iowa are required to contain a conversion privilege that allows for conversion

To an individual for a stated period of time

J is a producer who has induced an insured through misrepresentation to surrender an existing insurance policy. What is J guilty of?

Twisting, twisting is inducing or attempting to induce any insured person through misrepresentation to lapse forfeit or surrender insurance

Convincing a prospective insured to buy an insurance policy based on exaggerations is called

Misrepresentation


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