Iowa Life Insurance Test Bank

Iowa Life Insurance Test Bank How is the insurance commissioner appointed? PAGE 2 - ANS - Appointed by the governor and confirmed by the senate How long is a term for the Iowa Insurance Commissioner? PAGE 2 - ANS - 4 ...

Iowa Life Insurance Test Bank How is the insurance commissioner appointed? PAGE 2 - ANS - Appointed by the governor and confirmed by the senate How long is a term for the Iowa Insurance Commissioner? PAGE 2 - ANS - 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 - ANS - Commissioner of Insurance Domestic Companies must be examined by the commissioner at least once every _____ years? PAGE 2 - ANS - Every 4 years The commissioner may give notice of a hearing to say such person engaging in any unfair method of competition or any unfair or deceptive act or practice. The hearing shall not be less than how many days after notice of a hearing is served? PAGE 2 - ANS - 10 Days If a person knew or reasonably should have known the person was in violation of insurance trade practices, the penalty shall not exceed________________. PAGE 2 - ANS - $5,000 for each violation, maximum of $50,000 If the commissioner finds that a producer has engaged in an unfair trade practice, commissioner may... PAGE 2 - ANS - impose a monetary penalty, suspend the producer's license, revoke the producer's license What will be issued if the commissioner finds that a producer has engaged in an unfair trade practice? PAGE 2 - ANS - a cease and desist order A person applying for a resident insurance producer license would be required to_____________. PAGE 2 - ANS - Be at least 18, be of good repute, and successfully complete an exam An insurance producer doing business under any name other than the insurance producer's legal name is required to... PAGE 2 - ANS - Notify the commissioner prior to using the assumed name Which of the following would be required to take an insurance licensing examination? A) A sales employee soliciting insurance B) A person not receiving commission C) A licensed attorney providing surety bonds incident to the attorney's practice. D) An administrative employee only indirectly related to the sale of insurance PAGE 6 - ANS - Answer = A A licensing exam would NOT be required of which of the following? A) A clerical employee quoting prices to a prospective customer B) An executive negotiating the sale of insurance C)An insurer D) A managerial employee receiving a commission PAGE 6 - ANS - --------> Answer = C The commissioner may terminate a producer's license for which of the following reasons? A) Changing the producer's address B)Changing the producer's name C) Having been convicted of a felony D) Having multiple company appointments PAGE 6 - ANS - C The commissioner may NOT penalize an insurance producer for failing to pay which of the following? A) Child support B) College Student Loans C) State Income Tax D) Estimated taxes PAGE 6 - ANS - A) Child support B) College Student Loans C) State Income Tax D) Estimated taxes ------> Answer = D The commissioner would NOT penalize an insurance producer for which of the following? A) Improperly using notes on an insurance exam B) Knowingly accepting insurance business from an individual who is licensed C) Attempting to obtain a license through misrepresentation or fraud D) Forging another's name to an application PAGE 6 - ANS - ------> Answer = B If the commissioner denies an application for a license, the commissioner would NOT do which of the following? A) Issue a cease and desist order B) Notify the applicant of the denial of application C) Advise the applicant in writing the reason for denial of application D) Conduct a hearing at the request of the applicant PAGE 6 - ANS - ------> Answer = A A producer's license may be revoked for which of the following? A) Failing to join a professional organization B) Failing to get company appointment C) Failing to earn a commission D) Failing to cooperate with the commissioner PAGE 6 - ANS - -----> Answer = D Failure to renew a license and pay appropriate fees prior to the expiration date of the license will result in what? PAGE 6 - ANS - Expiration of the license A lapsed license may be reinstated after the due date by paying the renewal fee and reinstatement within what amount of time? PAGE 6 - ANS - 12 months The reporting of administrative action or criminal prosecution taken against the producer in another state is to be reported to the Iowa Insurance Division within how many days? PAGE 6 - ANS - 30 Days Which of the following would be required to be appointed by an insurer? A) An insurance broker who is not affiliated with th