Iowa Laws, Rules, and Regulations Pertinent
Property Only Exam Questions with 100% Correct
Answers | Updated 2024 | Guaranteed Success
Iowa FAIR Plan - ✔✔make basic property insurance available to qualified applicants with the
least possible expense; provides for the equitable distribution and placement of risks among
member insurers
basic property insurance - ✔✔insurance against direct loss to property, not including automobile
insurance or inland marine insurance
FAIR plan is managed by a governing committee consisting of 7 members, with 5 being chosen
from: - ✔✔-the american insurance association
-the property-casualty association of america
-the iowa insurance institute
-the mutual insurance association of iowa
-the independent insurance agents of iowa
these 5 pick the remaining two people
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, a notice of cancellation of a non-commercial lines policy is not effective unless... - ✔✔mailed or
delivered by the insurer to the named insured at least 30 days before the effective date of
cancellation
when cancellation is for nonpayment of a premium, assessment, or installment provided for in
the policy or in a note or contract for the payment... - ✔✔at least 10 days prior to the date of
cancellation is required
may be made in person, or by sending by mail a letter addressed to the insured at the insured's
address
an insurer must renew a policy unless a notice of intention not to renew is mailed or delivered
by the insurer to the named insured... - ✔✔...at least 30 days prior to the expiration date of the
policy
an insurer must not fail to renew a commercial lines policy of insurance except by notice: - ✔✔a
notice of renewal is not effective unless mailed or delivered by the insurer to the named insured
and any loss payee at least 45 days prior to the expiration of the policy
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