Iowa insurance life - Study guides, Class notes & Summaries

Iowa Life Exam Graded A+ Which of these needs is satisfied by Adjustable Life insurance? insured's need for flexible premiums K is shopping for a permanent life insurance policy that will offer her the most protection per dollar of annual premium. Which of these policies best fits her needs? Straight life What type of policy has a death benefit that adjusts periodically and is written for a specific period of time? decreasing term K buys a policy where the premium stays fixed for th...

Iowa Insurance Exam Graded A+ Reserve ️funds held by a company to help fulfill future claims. Minimum Reserves are usually set by the state Department of Insurance Multi-line Insurer ️an insurance company or independent agent that provides a one-stop shop for businesses or individuals seeking coverage for all their insurance needs stock companies ️insurance companies owned and controlled by a group of stockholders whose investment in the company provides the safety margin neces...

How is the insurance commissioner appointed? PAGE 2 - Appointed by the governor and confirmed by the senate How long is a term for the Iowa Insurance Commissioner? PAGE 2 - 4 Years The power to examine and investigate into the affairs of every person engaged in the business of insurance resides with the...PAGE 2 - Commissioner of Insurance Domestic Companies must be examined by the commissioner at least once every _____ years? PAGE 2 - Every 4 years The commissioner may give notice of a h...

The tendency of a person diagnosed with a serious illness to try to buy life or health insurance is known as: -:- adverse selection From an insurance perspective, underwriting is best defined as: -:- the process of determining if an applicant is an insurable risk A person who refuses to engage is risky activities like rock climbing for fear of injury or death is demonstrating which risk management technique? -:- risk avoidance All the following statements regarding perils and hazard...

WebCE (General Insurance & Life Insurance) Exam Questions and Answers | Latest Updated 2023/2024 (Graded). An insurance producer tells a life insurance applicant that he has the authority to waive the medical exam that is normally required by the insurer with every application. The insurer may be required to accept the application without a medical exam due to the producer's: implied authority express authority apparent authority imputed authority - apparent authority All of the followin...

Iowa Personal Lines Latest Update Graded A+ DP-1 Basic Form Dwelling Policy: Provides coverage on a named peril basis. DP-1 Losses are paid actual cash value Extended Coverage Perils W.C. SHAVVER: Wind, Civil Commotion, Smoke, Hail, Aircraft, Vehicles, Volcanic Eruption, Explosion, and Riot DP-2 Broad Form Dwelling Policy: Provides replacement cost coverage on dwellings & buildings on a "named peril" basis, contents are actual cash value Uninsurable (excluded) losses Under the open- peril ...

MA Producer Life Insurance Exam Prep Verified Answers 1. Unauthorized Insurance Company in Illinois: Company B, an Iowa-based company, does not hold a certificate of authority in Illinois and sells products that are not approved by the Illinois insurance department. 2. Career Agency Distribution System: All statements are correct except for the assertion that Personal Producing General Agents (PPGAs) are commonly hired to manage career agencies. In fact, PPGAs are not typically hired f...

Insurance Exam life (Iowa laws, rules, and regulations commonly to ALL lines)

IOWA INSURANCE EXAM - LIFE QUESTIONS AND ANSWERS