Free Insurance Regulation Practice Questions
Iowa Personal Lines exam (series 12-IA-55) — 210 practice questions.
Subtopics: Guaranty association, Surplus lines, Cancellation notice, Nonrenewal notice, Adjuster license, Line of authority, Binder, Unfair claims practice, Rate regulation, Commissioner appointment, Commissioner term, Commissioner duties, Commissioner powers, Consumer advocate bureau, Fraud bureau, Examination frequency, Foreign insurer exams, Examination cooperation, Hearings, Summary orders, Civil penalties, Violating an order, Employer liability for violations, Contempt penalty, Unlicensed activity, Minimum age, License term, License expiration, Exam results, Property line, Casualty line, Personal lines authority, Adding P&C to personal lines, Surplus lines authority, Nonresident licensing, Exam exemption, Moving to Iowa, Temporary license, Temporary license sponsor, Change of address, Late notification fee, Leaving Iowa, Assumed names, Reinstatement, Renewal window, CE hours, CE credit, CE carryover, Self-study CE, CE records, CE exemptions, CE timing, CE alternative, CE topics, Appointments, Terminations, Termination immunity, Commissions, Renewal commissions, Referral fees, Service fees, Reporting actions, Reporting criminal charges, Producer records, License discipline, Exam conduct, Controlled business, License denial hearing, Prohibited persons, Business entity license, Advising policyholders, License authority, Fingerprints, Misrepresentation, Defamation, Boycott, False entries, Unfair discrimination, Domestic abuse, Rebating, Value-added services, Value-added pilot, Unfair claims practices, Coverage inquiries, Property loss history, Claims history disclosure, Application designation, Commissioner inquiries, Advertising, Producer disclosures, Gifts from customers, Loans from customers, Beneficiary designations, Fee agreements, Titles and designations, Sales tactics, Unauthorized transactions, Insurance fraud, Application fraud, Fraud reporting, Fraud reporting immunity, Fraudulent sales practices, Guaranty membership, Guaranty limits, Guaranty unearned premium, Guaranty workers comp, Guaranty scope, Guaranty assessments, Guaranty advertising, Guaranty timing, Guaranty nonduplication, Surplus lines notice, Domestic insurer, Alien insurer, Alien insurer deposit, Certificate of authority, Diligent search, Exempt commercial purchaser, Surplus lines insurer eligibility, Surplus lines reporting, Surplus lines premium, Surplus lines referrals, Nonadmitted insurer, Electronic delivery, Electronic delivery consent, Electronic posting, Credit-based scores, Credit information, Credit report age, Credit updates, Adverse action notice, Credit disclosure, Extraordinary life circumstances, Personal insurance, Medical collections, Credit disputes, Risk classification, Fire rate experience, Rate filings, Excess rates, Rate profit, Claim acknowledgment, Division inquiries, Claim decisions, Claim delays, Claim payment, Claim denials, Matching, Actual cash value, Personal lines cancellation, Personal lines renewal notice, Producer of record notice, Nonpayment cancellation, Return premium, Affiliate transfer, Mortgagee notice, Policy revival, Copy of application, Measure of recovery, Fair Credit Reporting Act, Gramm-Leach-Bliley, Fraud and false statements, Do Not Call, Terrorism Risk Insurance Act, McCarran-Ferguson Act, Anti-money laundering, CAN-SPAM Act, FCRA reporting periods, FCRA adverse action, FCRA permissible purpose, FCRA disputes, Claims history databases, GLBA opt-out, GLBA privacy notice, GLBA enforcement, Prohibited persons (1033), Prohibited persons (1034), Telemarketing calling hours, Do-Not-Call exceptions, Do-Not-Call registry, History of regulation, Risk retention groups, Purchasing groups, Mandatory flood purchase, NFIP origin, Federal Insurance Office, NAIC role, Misrepresentation and advertising, Fraud warning, Guaranty associations
Read the Insurance Regulation study guide
Sample questions & answers
1. If a property and casualty insurer licensed in Iowa becomes insolvent, certain covered claims may be paid by the:
Iowa Insurance Guaranty Association
The Iowa Insurance Guaranty Association, created by Iowa Code 515B.3, pays covered claims of insolvent property and casualty insurers up to statutory limits.
2. Coverage placed with a nonadmitted insurer because it is unavailable in the standard Iowa market is known as:
Surplus lines insurance
Iowa Code 515I.2(18) defines surplus lines insurance as property and casualty insurance on Iowa risks placed through a surplus lines producer with an eligible (nonadmitted) surplus lines insurer, generally after a diligent search of the admitted market.
3. Iowa law generally requires an insurer to give the policyholder advance written notice before:
Canceling an in-force policy
Iowa Code 515.125 requires at least thirty days' written notice of cancellation, or ten days for nonpayment; auto policies follow the same periods under 515D.5.
4. When an Iowa insurer decides not to renew a personal auto or property policy at the end of its term, it generally must:
Provide the insured advance notice of nonrenewal
Iowa Code 515.129B requires written notice of nonrenewal of a personal lines policy at least sixty days before the end of the policy period, with the specific reasons.
Practice: Insurance Regulation
Answer choices are shuffled every time, and every question comes with an explanation.
Practice questions are study aids generated for exam preparation and are not actual exam questions. Content is provided for educational purposes and is not legal advice. Verify current statutes, rules, and exam specifications with the Insurance Department and the exam administrator before relying on it.
