Quiz 11

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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


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