Life State Laws

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once every 5 years

a domestic company should be examined every

represent the insurance company

in Iowa, an individual producer is considered to

90 days

a licensee must reapply for an application and resubmit the license fee if they fail to pass the exam within

31 days

the grace period for group life policy's is

March 1st of every year

each insurance company organized in Iowa must file a statement of its financial condition and affairs with the commissioner by

class D felony

fraudulent insurance application is a

75%

if part of the premium is paid for by employers, at least what is eligible employees must be enrolled

30 days

producers must report a change in address to the insurance division within

detect and deter terrorism

the purpose of the USA patriot act is to

1 year

a beneficiary has how long to submit proof of death

3 years

a business entity's license remains in effect for

10 members

a group life policy for a labor union must cover at least

3 year

a license term is how long

90 days

a person licensed as an insurance producer in another state who moves to Iowa must apply within

another producer who is licensed in the same line of insurance

a producer may legally share commissions only with

30 days

a producer must report any administrative action taken against the producer to the insurance division within

commingling

a producer who has combined premiums collected with personal funds has engaged in

nonresident licenses in Iowa

a producer who holds a resident licenses in a different state may apple for

90 days

a producer who wishes to voluntarily surrender a license must notify the division within

2 years

a provision that the policy terms shall be incontestable after it has been in force for a period of

12 months

a residential producer may reinstate an expired licensed up to

4 years

continuing education certificate of completion must be kept for

representation

all statements made by a policyholder are considered

30 days

an applicant may request a hearing on the matter, which must be held within

insurance producer

an individual who in any manner sells, solicits, or negotiates insurance on behalf of insurance companies for compensation is an

assuming the name

an insurance producer doing business under any name other than the producer's legal name shall notify the division before

theft

an insurance producer who unlawfully appropriates insurance premiums for their own use commits a

5 years

an insurer must maintain an advertising file for at least

60 days

an insurer that suspects fraud must notify the Bureau within

30 days

an insurer that terminates a producer appointment must notify the commissioner within

does not pay

any producer that sells an insurance policy for an unauthorized insurer runs the risk of being responsible for unpaid claims if the unauthorized insurer

$10,000

anyone found violating a cease and desist order may be subject to a fine of up to

2 years

incontestability provisions

30 days

insurers are responsible for submitting an appointment notice to the commissioner within

twisting

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

misrepresentation

is insureds pertinent facts or policy provisions relating to coverage at issue

to unreasonably restrain or monopolize the business of insurance

it is an illegal practice to commit or coordinate any act of boycott, coercion, or intimidation in order

publish misleading information about its insurance coverage

it is an illegal practice to falsely advertise insurance products or

induce the purchase

it is illegal to offer a prospective client something of value that is not specified in a contract in order to

10 days upon policy delivery

life insurance policies must provide a minimum free-look period of

5 years

must keep copies of sales material, illustrations, and signed statements at least

65%

of eligible members must be insured if the insured members pay a portion of the premiums

31 days

person covered by a group policy has the right to convert to such coverage to an individual policy

10 employees

policies issued to an employer must cover at least

10 years

producers and insurers must keep records of annuity recommendations for

policy summary

producers must provide applicants and prospects with the approved

buyers guide

producers must provide applicants and prospects with the approved NAIC

The Iowa Life and Health Guaranty Association

provides claim payments of admitted, insolvent insurers

5 years

replacement records must be kept by the insurer for at least

3 years

resident producers must renew their license every

cease and desist

the commissioner can do this to whoever is violating Iowa insurance laws

$5,000

the commissioner may impose a fine for each intentional violations

$1,000

the commissioner may impose a fine for each unintentional violation

180 days

the commissioner may issue a temporary insurance producer license for a maximum of

4 year term

the commissioner of insurance is the chief officers of the Iowa insurance division and is appoint by a governor for

10 days in advance

the division must give a notice of the time and place of hearing at least

15 days

the insurer must also mail a copy of the notice to the terminated producer within

8% in Iowa

the maximum fixed interest rate for policy loans charged by insurers is

100 persons

the policy must cover at least

18 years old

to receive your insurance licenses you must be

36 hours

when renewing a licenses you are required to have so many hours of continuing education

within 5 days

when replacing an insurance the insured must provide what to the insurance company

denying an insurance claim

without indicating the basis of denial under the policy


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