Life State Laws
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
