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Iowa Insurance Question and answers correctly solved 2024 $13.49   Add to cart
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Iowa Insurance Question and answers correctly solved 2024

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Iowa Insurance Question and answers correctly solved 2024 Iowa Insurance Exclusion - correct answer In a life insurance policy, which feature state that the policy will not cover certain risk? Claim will be paid and coverage will remain in force - correct answer A disability income polic...

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  • August 30, 2024
  • 18
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • Lowa
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Iowa Insurance
Exclusion - correct answer ✔In a life insurance policy, which feature state
that the policy will not cover certain risk?


Claim will be paid and coverage will remain in force - correct answer ✔A
disability income policy owner recently submitted a claim for a chronic neck
problem that has now resulted in total disability. The original neck injury
occurred before the application 5 years prior. Never disclosed to the insurer.
How will the insurer handle this claim?


3 years - correct answer ✔How long does a business entity's remain in
effect?


10 % penalty is applied to withdrawals before age 59 1/2 - correct answer
✔All of the following statements about traditional retirement accounts are false
except


Delivery receipt - correct answer ✔is the signed document that starts the free
look period


Policy owner - correct answer ✔Life insurance replacement regulation
protects the interest of


Cash surrender an existing whole life policy and purchasing a new one -
correct answer ✔An example of life insurance policy replacement would be


T is receiving $3,000/month from a Disability Income policy in which T's
employer had paid the premiums. How are the $3,000 benefit payments
taxable? - correct answer ✔Benefits are taxable to T

,Rating services - correct answer ✔All of these are considered sources of
underwriting information about an applicant EXCEPT


Request of the change will be refused - correct answer ✔T is covered by an
accidental death and dismemberment (AD&D) policy that has IRREVOCABLE
beneficiary. What action will the insurance company take if T requests a
change in Beneficiary?


31 days - correct answer ✔According to the Mandatory Uniform Policy
Provisions, what is the maximum amount of time after the premium due date
during which the policy remains in force even though the premium has not
been paid?


turning down a claim without providing the basis of denial - correct answer
✔An example of an unfair claims settlement practice is


prevents an insured covered by two health plans from making profit on a
covered loss - correct answer ✔the coordination of benefits provision


Legal purpose - correct answer ✔Stranger Originated Life Insurance (STOLI)
has been found to be in violation of which of the following contractual
elements?


P will still receive declared dividends - correct answer ✔P is the insured on
participating life policy. Which statement is true is P's premiums are waived
due to disability


Evidence of insurability is required when the option is exercised - correct
answer ✔Which of these statements about a Guaranteed Insurability Option
rider is NOT TRUE?

, Producer representing a foreign insurance company - correct answer
✔Which of the following actions by a producer would NOT result in a license
suspension or revocation


Coverage will be adjusted to reflect the insured's true age if a misstatement of
age is discovered - correct answer ✔Which statement regarding the
Misstatement of Age provision is considered to be true?


income - correct answer ✔When determining the monthly benefit amount for
a diability income policy, the factor that limits the amount a prospective
insured may purchase is


Pre-existing conditions must be covered after the coverage has been in force
for six months - correct answer ✔Which Long Term Care insurance
statement is true?


employee - correct answer ✔Under a trustee group life policy, who would be
eligible for a certificate of coverage?


26 - correct answer ✔Under the affordable care act, health coverage is
provided for dependents up to the age of


Warranty - correct answer ✔Which of these is considered a statement that is
assured to be true in every respect


4 months - correct answer ✔V is insured under an individual Disability
Income policy with a 30-day Elimination period. On July 1, he is involved in an
accident and temporarily disabled. He returns to work on December 1. How
many months of benefit are payable?

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