Iowa Property & Casualty Practice Questions.pdf file:///C:/Users/HP/Desktop/New%20folder/Iowa%20Property%20&
Iowa Property & Casualty Practice Questions
1. The maximum fine for failing to adhere to a cease and desist order
Answer $10,000
2. The business of insurance is regulated in Iowa by
Answer The Insurance Commis-sioner
3. If a producer fails to comply with the Iowa continuing education require-ments
Answer The producer's license will automatically terminate at expiration
4. Surplus lines producers place coverage with
Answer Nonadmitted companies
5. A producer must notify the insurance division of a name change within
Answer 30days
6. True or false
admitted insurance companies accept surplus and excesslines business
Answer False
7. An insurer must notify the fraud bureau within days of receipt of a claimit
believes to be fraudulent
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Answer 60 days
8. True or false
Persons are always civilly liable as the result of filing reportswith law enforcement
agencies
Answer False
9. The activity of exchanging a gift or other consideration as an inducementfor the
purchase of insurance is
Answer A rebate
10. The following organizations assemble and review detailed information on the
financial condition of insurance companies
Answer The insurance department, A.M.Best Company, and the National Association of
Insurance Commissioners (NAIC)
11. A producer represents
Answer The insurer
12. The split limit of $100,000/$300,000/$50,000 means
Answer BI of $100,000 per per-son/$300,000 per accident/PD of $50,000 per accident
13. A combined ratio under 100 means the insurer is making
Answer An underwritingprofit
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14. Special damages include
Answer Hospital, doctor and ambulance charges and lossof wages
15. An individual that is found liable for a judgment is also found to have contributed to
the accident. In this example, the judgment is reduced under
Answer -Comparative negligence
16. An insurer reduces its losses through
Answer Salvage
17. A premium payment that is an estimate of a business's operations BESTdescribes
Answer Provisional premium
18. True or false
The only way to determine if an insurance company is makingan underwriting profit is by
its combined ratio
Answer True
19. If an insured fails to satisfy the coinsurance requirements of an insurancepolicy,
settlement will be
Answer Reduced by the percent underinsured
20. The relationship to determine the loss settlement under a typical coinsur-ance clause
is
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