HOSMERIT
IOWA PROPERTY LAWS, RULES, AND
REGULATIONS EXAM 100% CORRECT 2024
UPDATE
Iowa FAIR Plan - ✔✔make basic property insurance available to qualified applicants
with the least possible expense; provides for the equitable distribution and placement of
risks among member insurers
basic property insurance - ✔✔insurance against direct loss to property, not including
automobile insurance or inland marine insurance
FAIR plan is managed by a governing committee consisting of 7 members, with 5 being
chosen from: - ✔✔-the american insurance association
-the property-casualty association of america
-the iowa insurance institute
-the mutual insurance association of iowa
-the independent insurance agents of iowa
these 5 pick the remaining two people
, a notice of cancellation of a non-commercial lines policy is not effective unless... -
✔✔mailed or delivered by the insurer to the named insured at least 30 days before the
effective date of cancellation
*diane and her insurance company disagree over whether or not a loss was caused by
an insured peril. what does the appraisal condition have to do with the situation? -
✔✔*the appraisal condition does not apply here because it addresses how the parties
deal with disputes as to the amount of coverage, not disputes over whether there is
coverage
when cancellation is for nonpayment of a premium, assessment, or installment provided
for in the policy or in a note or contract for the payment... - ✔✔at least 10 days prior to
the date of cancellation is required
may be made in person, or by sending by mail a letter addressed to the insured at the
insured's address
*hagar has leased part of his building to a tenant who makes fireworks. how does this
affect the commercial fire policy on Hagar's building? - ✔✔*hagar's insurer has grounds
to cancel the policy regardless the length of time it has been in effect
an insurer must renew a policy unless a notice of intention not to renew is mailed or
delivered by the insurer to the named insured... - ✔✔...at least 30 days prior to the
expiration date of the policy
IOWA PROPERTY LAWS, RULES, AND
REGULATIONS EXAM 100% CORRECT 2024
UPDATE
Iowa FAIR Plan - ✔✔make basic property insurance available to qualified applicants
with the least possible expense; provides for the equitable distribution and placement of
risks among member insurers
basic property insurance - ✔✔insurance against direct loss to property, not including
automobile insurance or inland marine insurance
FAIR plan is managed by a governing committee consisting of 7 members, with 5 being
chosen from: - ✔✔-the american insurance association
-the property-casualty association of america
-the iowa insurance institute
-the mutual insurance association of iowa
-the independent insurance agents of iowa
these 5 pick the remaining two people
, a notice of cancellation of a non-commercial lines policy is not effective unless... -
✔✔mailed or delivered by the insurer to the named insured at least 30 days before the
effective date of cancellation
*diane and her insurance company disagree over whether or not a loss was caused by
an insured peril. what does the appraisal condition have to do with the situation? -
✔✔*the appraisal condition does not apply here because it addresses how the parties
deal with disputes as to the amount of coverage, not disputes over whether there is
coverage
when cancellation is for nonpayment of a premium, assessment, or installment provided
for in the policy or in a note or contract for the payment... - ✔✔at least 10 days prior to
the date of cancellation is required
may be made in person, or by sending by mail a letter addressed to the insured at the
insured's address
*hagar has leased part of his building to a tenant who makes fireworks. how does this
affect the commercial fire policy on Hagar's building? - ✔✔*hagar's insurer has grounds
to cancel the policy regardless the length of time it has been in effect
an insurer must renew a policy unless a notice of intention not to renew is mailed or
delivered by the insurer to the named insured... - ✔✔...at least 30 days prior to the
expiration date of the policy
