IA Life & Health study guide
IA Life & Health · Work through your exam, one topic at a time.
The Iowa Life & Health insurance producer license is the credential that allows a person to sell life insurance, annuities, and accident and health products in Iowa. Licenses are issued by the Iowa Insurance Division, which regulates insurance producers along with adjusters, appraisers, umpires, navigators, and viatical settlement brokers. Before a license is granted, candidates must pass a qualifying licensing examination, and the Division's examinations are scheduled and delivered through Pearson VUE. Pearson VUE publishes the Iowa Insurance Division examination scheduling information, a Candidate Handbook, and Content Outlines as free downloads, and sells optional online practice tests. Topics on this exam: Insurance Principles and Concepts (Life and Health), Life Insurance Basics and Policy Provisions, Health Insurance Basics and Policy Provisions, and Iowa Insurance Laws, Rules, and Regulations. The IA Life & Health study guide has 4 sections and about 1,412 words.
01Insurance Principles and Concepts (Life and Health)
Risk is uncertainty about loss; a peril is the cause of loss (death, sickness); a hazard is a condition that increases the chance or severity - physical (smoking), moral (intent to defraud), or morale (carelessness). Only pure risk (loss or no loss) is insurable.
354 words, about 2 min02Life Insurance Basics and Policy Provisions
The owner - not necessarily the insured - holds all rights: naming and changing beneficiaries (if revocable), surrendering, borrowing, and assigning. Primary beneficiaries are paid first; contingent beneficiaries only if no primary survives.
354 words, about 2 min03Health Insurance Basics and Policy Provisions
A deductible is what the insured pays before benefits begin. Coinsurance is the percentage split after the deductible (e.g., 80/20).
342 words, about 2 min04Iowa Insurance Laws, Rules, and Regulations
The Iowa Insurance Division , headed by the Insurance Commissioner (appointed by the Governor), enforces the Iowa Code and adopts rules. Powers include licensing, market-conduct and financial examinations, investigations, subpoenas, cease-and-desist orders, fines, and suspension or revocation of licenses.
362 words, about 2 min