Property and Casualty Insurance

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 f $50,000

The commission 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 severed?

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 tthe 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

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

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

90 days

The Iowa Insurance Guaranty Association is funded by

Assessing member insurers

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

Issue a cease and desist order

The commissioner would NOT penalize an insurance producer for

Knowingly accepting insurance business from an individual who is licensed

Defamation

Literature which is maliciously critical of or derogatory of any person and is calculated to injure such person is known as

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

Living in the Midwest Zone

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

a cease and desist order

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

a misrepresentation

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

a momentary penalty

Continuing education requirements do Not allow

a producer to receiver CE credit for curses taken prior to the issuance of an initial license

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 examination?

a sales employee soliciting insurance

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 if:

an insurer

Rebating

an offer by an agent to give a part of the agent's commission to a prospective insured is illegal rebating

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

Twisting

any action for the purpose of convincing an insured to drop a policy of another insured and go to them

Advertising

any way that is untrue, deceptive or misleading

The insurance commissioner is:

appointed by the governor and confirmed by the senate

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

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 a licensed in an additional line of authority does NOT have to:

complete additional continuing education

Unfair trade practices would not include

contractual agreement

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

The commission 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 of the license will result in

expiration of the license

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

Discrimination

making or permitting unfair discrimination between persons with essential the same hazards is forbidden

Misrepresentation

misrepresenting benefits, advantages, conditions or terms of any insurance policy including false statements for the purpose of obtaining a fee from any agent or individual.

An insurance producer doing business under nay 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 policyholder 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

Boycott, Coercion, and Intimidation

tending to result in unreasonable restrain of, or monopoly in, the business of insurance are unfair trade practices

Iowa Insurance Fraud Act

the insurance fraud bureau investigates fraudulent claims

All of the following are necessary for a nonresident to receive a nonresident insurance license EXCEPT:

the person lives in bordering state

A CE term is based on

the producers birth month

Claims settlement

unreasonably delaying payment of claim, misrepresenting policy provisions to claimant or failure to give a reasonable explanation for denying a claim.