IA Public Adjuster flashcards

32 cards. Read the term and the definition here. The deck at the top of this page is optional.

Iowa Insurance Division authority

The IID, led by the Insurance Commissioner, licenses insurers and adjusters, examines licensees, and may impose penalties, restitution, suspension, or revocation for violations of Iowa insurance law.

Iowa Code chapter 522B

The Iowa statute governing licensing of insurance producers and adjusters, including public adjuster qualifications, application procedures, continuing education, and grounds for discipline.

Unfair claim settlement practice

An act such as misrepresenting policy provisions, failing to investigate reasonably, or offering substantially less than the amount ultimately recoverable without a reasonable basis, prohibited under Iowa trade practice law.

Iowa contested case procedure

Administrative hearings under Iowa Code chapter 17A that give a licensee notice, an opportunity to present evidence, and a written decision subject to judicial review.

Iowa insurance fraud statute

Iowa Code section 507E makes knowingly presenting false or misleading claim information a criminal offense and can also result in license discipline and civil penalties.

Fifteen working day response

Iowa unfair claim practice rules require a written response to a claimant's inquiry within 15 working days when the claim remains unresolved.

Public adjuster defined

A licensee who, for compensation, represents the insured in negotiating and settling a first-party claim, as distinguished from an adjuster who represents the insurer.

Public adjuster contract requirements

The agreement must be written, signed by the insured, disclose the adjuster's compensation, and include cancellation rights; Iowa limits fees on residential claims.

Adjuster continuing education

Iowa public adjusters complete 24 credit hours per two-year term, including at least 3 hours of ethics, with no carryover of excess credits.

License renewal cycle

Iowa adjuster licenses renew biennially on a schedule tied to the licensee's birth month; late renewal requires reinstatement and may require additional credits and fees.

Solicitation at loss scene

A public adjuster may not solicit business at the scene of a loss before a reasonable time has passed, protecting insureds from immediate pressure.

Dual representation prohibition

A public adjuster may not represent both the insured and the insurer on the same claim and must disclose financial interests in repair firms used on the loss.

Change of address reporting

Licensees must notify the Iowa Insurance Division within 30 days of changes to name, address, or email, and of criminal or administrative actions affecting licensure.

Adjuster license examination

Applicants must pass the required Iowa examination, apply through the online licensing system, pay fees, and complete fingerprint-based background checks before licensure.

First-party claim workflow

Acknowledge notice, verify coverage, inspect and document damage, obtain proofs and records, evaluate damages, negotiate, and issue payment or a written denial.

Coverage analysis sequence

Confirm the policy was in force, the insured and property qualify, the peril is covered, no exclusion applies, and conditions precedent such as notice and proof of loss are met.

Duties after loss

Typical insured obligations include prompt notice, protecting property from further damage, cooperating with investigation, submitting a signed proof of loss, and appearing for examination under oath.

Actual cash value formula

Actual cash value equals replacement cost minus depreciation; payment of the holdback requires evidence that repair or replacement actually occurred.

Business income loss formula

Net income plus continuing normal operating expenses minus noncontinuing expenses, measured over the period of restoration beginning with direct physical damage.

Subrogation preservation

The insurer's right to recover from a responsible third party; the insured must not impair it, and recoveries are allocated after deductible and recovery expenses.

Claim documentation standards

Date-stamped photographs, measurements, moisture readings, itemized estimates, witness statements, and a claim diary recording every insured and insurer contact.

Iowa comparative fault rule

Recovery is reduced in proportion to the claimant's fault and barred only when the claimant's fault exceeds the defendant's, affecting liability claim evaluation.

Examination under oath

A policy condition allowing the insurer to question the insured under oath about the loss; refusal can be a breach of the cooperation condition and bar coverage.

Declarations page contents

The page identifying named insureds, policy period, covered locations, limits, deductibles, and applicable forms; it controls the scope of the insuring agreement.

HO-3 versus HO-5

HO-3 covers the dwelling on an open-peril basis and personal property on named perils; HO-5 provides open-peril coverage on both dwelling and personal property.

Replacement cost coverage

Pays to repair or replace damaged property with new material of like kind and quality, without depreciation deduction, subject to policy limits and settlement conditions.

Coinsurance clause calculation

Payment is reduced by the ratio of the carried limit to the required limit, where required limit equals the coinsurance percentage multiplied by property value.

Standard mortgage clause

Gives the lender rights to loss payment, requires notice of cancellation or nonrenewal, and provides that covered losses are payable to the insured and mortgagee jointly.

Appraisal provision

A loss settlement mechanism allowing either party to demand appraisal when they disagree on the amount of loss; each selects an appraiser and the appraisers choose an umpire.

Proof of loss

A signed statement detailing the date, cause, and amount of loss, submitted within the policy time limit; it is a condition precedent to payment in many forms.

Flood exclusion

Standard homeowners forms exclude flood damage, which requires a separate flood policy; wind, hail, and tornado damage is generally covered absent a specific endorsement.

Written denial requirements

Iowa requires insurers to pay undisputed amounts within a reasonable time and to state in writing the specific policy provisions relied upon for any reduction or denial.