Life- Iowa portion 2nd section all answers correct

Life- Iowa portion 2nd section all answers correct Which of the following is NOT true about a referral fee? ️it can be paid as an incentive to purchase insurance The final decision to replace an existing insurance policy is the responsibility of the ️policyowner Which of the following actions can a licensed life insurance producer perform during the sale of an insurance policy? ️Recommend that the prospect purchase an annuity that is suitable given the prospects financial situation In order for an insurance company to transact business in Iowa, which of the following MUST be true? ️It must hold a certificate of authority issued by the Iowa Insurance Division The Insurance Division was created for which of the following reasons? ️To supervise, regulate, and examine insurance companies Per the Unfair Trade Practices regulation, outside of an immediate family member or recognized lending entity. A producer can accept a recognized loan not to exceed ️$250 Interest on death proceeds not yet paid to a named beneficiary MUST accrue from: ️30 days after the date of proper proof of death is received by the company The life insurance buyers guide MUST be delivered to the policyholder no later than: ️the end of the Free-look period Under an Iowa Group Life Insurance policy, the benefits and rights of the individual certificate may only be assigned by the: ️insured For a credit life policy, which of the following persons has an insurable interest in the life of the borrower? ️lender A producer who describes a Whole Life policy as a profit sharing or a savings plan may be guilty of: ️misrepresentation The replacement of Existing life insurance policies regulation applies to which of the following types of insurances? ️Group annuities An insurance producer would be in violation of the unfair competition laws when telling a client that a competitor: ️is untrustworthy because he or she represents financially weak companies A producer MUST take which of the following actions when replacing a Life insurance policy? ️offer to read out loud to the applicant the replacement notice The Iowa Insurance Commissioner is authorized to take which of the following actions if a producer is found to have violated the unfair trade practices law? ️Issue a cease and desist order Which of the following MUST provide consent for an insurance policy to be delivered electronically? ️policyowner Naming an irrevocable primary beneficiary on a life insurance policy has which of the following effects? ️An irrevocable life insurance trust overrides the beneficiary agreement Which of the following is an agreement that establishes the terms of compensation for less than the expected ️viatical settlement contract In Iowa, an insurance producers license is issued for a period of how many years? ️3 Which of the following statements is correct about the life and insurance guaranty association? ️The Iowa Life and Health Insurance Guaranty Association exists to protect an insured in the event of an insurer's insolvency. A policyowner of an individual Life insurance policy has a right to exercise the policys Fre