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Life and Health Insurance Producer Exam

Policy provisions (IA): practice questions

Our Life & Health Insurance bank has 5 questions on this topic. Here are 3 of them with answers; the full mock exam draws from every topic, like the real one.

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Question 1 · Iowa

Under Iowa's required individual accident and sickness provisions, what are the minimum grace periods?

  1. 7 days weekly, 10 days monthly, 31 days for others
  2. 10 days weekly, 31 days monthly, 60 days for others
  3. 5 days weekly, 15 days monthly, and 45 days for all others
  4. 31 days for every policy, whatever the premium mode
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A. 7 days weekly, 10 days monthly, 31 days for others — Iowa Code 514A.3(1)(c).

Question 2 · Iowa

If an Iowa life insurer does not pay death proceeds within 30 days after receiving satisfactory proof of death, what does it owe on the unpaid amount?

  1. Nothing extra unless the beneficiary sues first
  2. A flat penalty equal to 10 percent of the face amount
  3. Interest at the higher of its policy loan or deposit rate
  4. Interest at the state's legal judgment rate plus 2 percent
Show the answer

C. Interest at the higher of its policy loan or deposit rate — Iowa Code 511.38(1)-(2).

Question 3 · Iowa

Under Iowa's required accident and sickness notice-of-claim provision, written notice is due within how long after a covered loss begins, or as soon as reasonably possible?

  1. Fifteen days
  2. Ten days
  3. Twenty days
  4. Sixty days
Show the answer

C. Twenty days — Iowa Code 514A.3(1)(e).

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