Iowa Insurance Exam Missed Questions | 100% Correct Answers | Verified | Latest Update 2024

Producer {Ans: is any person, firm or corporation appointed by an insurer possessing the authority to sell insurance}Personal Property Floaters {Ans: insured usually doesn't have a homeowner policy; provides open peril coverage on an unscheduled basis for basic categories, with separate limits for each category}Ambiguity {Ans: language that is vague and creates doubt}Actual Cash Value {Ans: replacement cost less depreciation}Rebating {Ans: illegal practice of a producer giving back to the insured to purchase insurance}When do producers need to submit a renewal report? {Ans: needs to be filed by the last day of their birth month and pay the appropriate fees}Excess/Surplus Lines {Ans: exposures that are not available or cannot be procured through admitted or authorized Ex: amusement parks, are high risk activities}Fair Credit Reporting {Ans: established to protect consumers from unfair and inaccurate information contained in the files of credit reporting agencies}Insurance Commissioner {Ans: Governor appoints them, subject to the Iowa Senate's confirmation, for a 4 year term}If policy is canceled by insured {Ans: Insured must pay short rates to company}Notice of Intention NOT to renew {Ans: -30 days prior to expiration date -45 days prior to a commercial