Iowa property and casualty practice exam

1. How many continuing education credits must a licensed Iowa resident producer complete for each CE term?

1. 36 credits, including 3 in ethics
2. 24 credits, including 2 in ethics
3. 24 credits, including 3 in ethics
4. 30 credits, including 6 in ethics

2. Which Iowa producer is exempt from the continuing education requirement?

1. A producer licensed only for property insurance
2. A producer licensed only for credit or surety
3. A producer who is licensed as a resident in Iowa for the first time
4. A producer who has held a license for 10 years

3. How does Iowa treat credits earned above the number required for a CE term?

1. They convert to ethics credits for the next term
2. They carry into the next term up to 12 credits
3. They carry into the next term without limit
4. They cannot be carried into the next term

1. Under Iowa Code 321A.1(11), what are the minimum liability limits for the proof of financial responsibility?

1. $25,000 per person, $50,000 per accident, $20,000 property damage
2. $20,000 per person, $40,000 per accident, $15,000 property damage
3. $20,000 per person, $40,000 per accident, $25,000 property damage
4. $15,000 per person, $30,000 per accident, $10,000 property damage

1. Under Iowa Code 516A.1, what must an Iowa auto liability policy include unless the named insured rejects it?

1. Medical payments coverage of at least $5,000
2. Uninsured and underinsured motorist coverage
3. Collision coverage on every listed vehicle
4. Rental reimbursement while a vehicle is repaired

2. How must a named insured reject Iowa uninsured or underinsured motorist coverage under Iowa Code 516A.1(2)?

1. In writing, signed by the named insured
2. By a notation in the policy application only
3. By leaving the premium for that coverage unpaid
4. By a verbal statement to the producer

1. Under Iowa Code 515D.5, how much notice must an insurer give to cancel a personal auto policy for nonpayment of premium, and for any other permitted reason?

1. 10 calendar days for every reason
2. 20 calendar days for nonpayment and 60 calendar days for other reasons
3. 30 calendar days for nonpayment and 10 calendar days for other reasons
4. 10 calendar days for nonpayment and 30 calendar days for other reasons

2. Iowa Code 515D.4(3) removes the limits on cancellation grounds for a personal auto policy that has been in effect less than how many days when notice is mailed?

1. 30 calendar days
2. 90 calendar days
3. 10 calendar days
4. 60 calendar days

3. How much written notice must an Iowa insurer give before a driver exclusion takes effect on a personal auto policy under Iowa Code 515D.5(2)?

1. At least 20 calendar days
2. At least 10 calendar days
3. At least 45 calendar days
4. At least 5 calendar days

4. After an insured asks in writing for the reason for a personal auto cancellation, within how many days must the Iowa insurer state the reason in writing?

1. 30 calendar days of receiving the request
2. 15 calendar days of receiving the request
3. 5 calendar days of receiving the request
4. 2 calendar days of receiving the request

1. What is the most the Iowa Insurance Guaranty Association pays per claim for most lines under Iowa Code 515B.5?

1. The policy limits, with no dollar cap
2. The lesser of the policy limits or $100,000
3. The lesser of the policy limits or $500,000
4. The lesser of the policy limits or $300,000

2. How does the Iowa Insurance Guaranty Association treat a covered claim for workers compensation benefits?

1. It caps payment at $500,000
2. It pays the full amount of the covered claim
3. It caps payment at $300,000
4. It does not cover workers compensation claims

3. For return of unearned premium, the Iowa Insurance Guaranty Association pays an amount that is more than $100 but not more than what per policy?

1. $50,000
2. $25,000
3. $10,000
4. $1,000

1. Under IAC 191-15.41(2), within how many days after receiving proofs of loss must an Iowa insurer advise a first-party claimant of acceptance or denial?

1. 30 days
2. 15 days
3. 10 days
4. 60 days

2. If an Iowa insurer's investigation is still incomplete after it has told the claimant more time is needed, how often must it send a follow-up letter under IAC 191-15.41(3)?

1. Every 30 days after the first notice
2. Every 10 days after the first notice
3. Every 45 days after the first notice
4. Every 90 days after the first notice

3. Once an Iowa insurer affirms liability and the amount is determined and not in dispute, within how many days must it tender payment under IAC 191-15.41(6)?

1. 30 days
2. 15 days
3. 5 days
4. 45 days

1. Under Iowa Code 87.1, an employer that refuses or neglects to insure its workers compensation liability is liable for injuries to workers in what way?

1. Only for medical expenses, not lost wages
2. Only up to $100,000 per injured worker
3. Only if the injury occurs on the employer's premises
4. Under common law as modified by statute