Iowa Life

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The illegal practice of making misleading statements or incomplete comparisons about the terms, conditions, or benefits of a policy to induce a person to lapse, forfeit, surrender, exchange, or otherwise dispose of an insurance policy

Twisting

Penalties for violating a cease and desist order include fines, suspension/revocation, or both

Up to $10,000

Free look for life and health insurance

10 days

Minimum number of employees covered under an employee group

10 employees

Minimum number of members covered under labor union group

10 members

Minimum number of new entrants in debtor groups per year

100 new entrants

Minimum number of covered persons in trustee group

100 people

Period of time a resident producer may reinstate an expired license

12 months

Length of temporary insurance producer license, without requiring an examination if a licensed producer dies, becomes disabled, or enters active service in the U.S. armed forces

180 days

Penalties for nonwillful violation include fines, suspension/revocation, or both

$1,000-$10,000

Iowa Life and Health Insurance Guaranty Association liability for life insurance cash value

$100,000

Iowa Life and Health Insurance Guaranty Association liability for present value of annuity benefits

$250,000

Iowa Life and Health Insurance Guaranty Association liability for disability benefits

$300,000

Iowa Life and Health Insurance Guaranty Association liability for life insurance death benefits

$300,000

Iowa Life and Health Insurance Guaranty Association liability for long-term care insurance

$300,000

Iowa Life and Health Insurance Guaranty Association liability for combined life insurance death benefits and cash value on one life

$350,000

Dollar value of advertising merchandise with the insurer's name that is not considered rebating

$5

Penalties for willful violation include fines, suspension/revocation, or both

$5,000-$50,000

Licensing fee

$50

Iowa Life and Health Insurance Guaranty Association liability for basic medical expense coverages or major medical coverage

$500,000

Days notice the DOI must give before a disciplinary hearing

10 days

Number of required ethics CECs

3 CECs in ethics

Producer's license renewal period: the license may be continually renewed as long as the proper fees are paid and continuing education requirements are met

3 years

Days from the agency contract date, or the date that the first insurance application is submitted that an insurer must file a notice of appointment

30 days

Free look for life insurance replacements

30 days

Free look for long term care and Medicare supplements

30 days

If a life insurer has not paid the death benefit within _____ days it must pay interest

30 days

Producer's time to notify the DOI of final administrative action taken against the producer in another jurisdiction or by another Iowa government agency, or any criminal prosecutions from the initial pretrial hearing date

30 days

Producer's time to notify the DOI of name and address change

30 days

Viator's right to rescind a viatical settlement contract

30 days

Grace period for group life insurance

31 days

Continuing education credits (CECs) required for each three-year CE term

36 CECs

Producer annuity suitability training course

4 hours

Period of time within receiving an application that the replacing insurer must notify any other existing insurer

5 days

Days an insurer has to report suspected fraud to the state

60 days

Producer's time to apply for license renewal prior to the expiration date of the license

60 days

Maximum policy loan annual fixed interest rate

8%

Days to pass the licensing examinations within submitting the application

90 days

Applicant's minimum age for licensing

Age 18

Iowa Commissioner of Insurance

Appointed for 4 year term by Governor

Length of time the beneficiary has to file notice or proof of death

At least 1 year

Period of time an insurer must maintain advertising file (or until next DOI examination, whichever is longer)

At least 4 years

Length of time the replacing insurer must keep copies of sales material, illustrations, and signed statements after termination or expiration of the proposed replacement policy

At least 5 years

Length of time the replacing insurer must keep record of the replacement notice (or until the next regular examination)

At least 5 years

An insurance company's license to do business in Iowa is called

Certificate of authority

Criminal penalty for insurance fraud

Class D felony

Any attempt by an existing insurer or its insurance producer to dissuade a policyowner from replacing an existing insurance policy

Conservation

Minimum number of employees in order for an insurer to issue individual life and/or accident and health policies at reduced rates to employees of a common employer

More than 1


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