Iowa Life & Health Insurance Exam — All Questions
4 questions
Which state agency issues resident life and health insurance producer licenses in Iowa?
- a.The Iowa Department of Insurance
- b.The Iowa Bureau of Financial Regulation
- c.The Iowa Insurance Commission
- d.The Iowa Insurance Division✓
The Iowa Insurance Division regulates the business of insurance in Iowa and licenses producers. It is led by the Iowa Insurance Commissioner, who has authority to issue, deny, suspend, and revoke licenses and to enforce the state insurance code. No separate financial-services department or insurance 'commission' handles producer licensing here.
A Iowa resident who wants to sell both life insurance and health (accident and sickness) insurance typically obtains:
- a.A surplus lines broker license
- b.A resident producer license with life and accident & health lines of authority✓
- c.Two separate licenses issued by two different state agencies
- d.A property and casualty producer license
Iowa follows the producer-licensing model in which one resident insurance producer license carries the specific lines of authority the applicant qualifies for, such as life and accident & health. Property/casualty and surplus lines are different lines for different products.
Before a licensed Iowa producer may transact insurance on behalf of a particular insurer, what must generally occur?
- a.The producer must post a surety bond with the state treasurer
- b.The producer must reside in the insurer's home state
- c.Nothing beyond holding a valid license is ever required
- d.The insurer must appoint the producer and file that appointment with the Iowa Insurance Division✓
Holding a license lets a person act as a producer, but to represent a specific company the insurer must appoint the producer, notifying the Iowa Insurance Division. A producer may hold appointments from several insurers at once; ending the relationship terminates the appointment.
To keep a resident life and health producer license active in Iowa, a producer generally must:
- a.Retake the full licensing examination every single year
- b.Do nothing further once the license is first issued
- c.Obtain a brand-new license for each insurer represented
- d.Complete the required continuing education each renewal period and pay the renewal fee✓
Iowa issues licenses for a set term and requires continuing education (including ethics content) each renewal cycle, plus payment of the renewal fee. Letting CE lapse or missing renewal can cause the license to expire, after which reinstatement rules and penalties may apply. Exact hours and fees are set by the Iowa Insurance Division and can change.