Life General Knowledge
64.9%of exam
A&H General Knowledge
62.5%of exam
Iowa Law, Both Exams
18.8-19.5%of exam
Iowa Life-Only Law
15.6%of exam
Iowa Health-Only Law
18.8%of exam
Quick Facts
- Exams
- Two: 12-IA-01, 12-IA-02
- Life exam
- 77 scored + 10 pretest
- A&H exam
- 80 scored + 10 pretest
- Time
- 2 hours per exam
- Fee
- $44 per exam line
- Pass mark
- Pass/fail set by IID
- Iowa portion
- 27 Life / 30 A&H
- Guessing
- No wrong-answer penalty
- Retake
- Wait 24 hours
- Apply within
- 90 days of passing
- Prelicensing
- None required
- Blueprint
- Effective Jan 1 2026
Nonforfeiture Options
CRE: Cash | Reduced paid-up | Extended term
Cash: surrender valueReduced: smaller paid-upExtended: same faceExtended is the default
Term vs Whole Life
Term
- Pure protection
- No cash value
- Expires at term end
Whole life
- Lifetime coverage
- Guaranteed cash value
- Endows at maturity
Rent versus own
Life Product Picker
- Temporary need, low budget→Level term(No cash value)
- Cover a mortgage→Decreasing term(Falling face)
- Lifetime need, fixed premium→Ordinary whole life(Guaranteed values)
- Pay up before retirement→Limited-pay life(MEC risk)
- Flexible premium and face→Universal life(Adjustable)
- Wants market upside→Variable universal life(Securities license)
- Index gain, no loss→Indexed life(Guaranteed floor)
- Estate tax liquidity→Survivorship life(Second to die)
- Fund a buy-sell→Joint life(First to die)
- Guaranteed lifetime income→Life only annuity(No refund)
Life Exam Scored Counts
- I Types of Policies
- 15 scored
- II Riders + Provisions
- 15 scored
- III Application + Delivery
- 12 scored
- IV Retirement Concepts
- 8 scored
- Iowa law, all lines
- 15 scored
- Iowa life-only law
- 12 scored
- Life total
- 77 scored, 87 delivered
Dividend Options
Cash | Reduce | Accumulate | Paid-up | Term
Cash to ownerReduce next premiumAccumulate: interest taxablePaid-up additionsOne-year term
UL Option A vs Option B
Option A
- Level death benefit
- Net amount at risk falls
- Lower insurance charges
Option B
- Face plus cash value
- Net amount at risk level
- Higher insurance charges
Level versus increasing
Life Policy Types
- Ordinary whole life
- Level premium for life
- Limited-pay life
- Fewer, larger premiums
- Single premium life
- One premium, MEC risk
- Universal life
- Flexible premium, adjustable face
- Variable universal life
- Separate accounts, securities license
- Indexed life
- Index credit, guaranteed floor
- Level term
- Level face, level premium
- Decreasing term
- Falling face, level premium
- Annually renewable term
- Level face, rising premium
- Return of premium term
- Premiums refunded at expiry
- Joint life
- Pays at first death
- Survivorship life
- Pays at second death
Warranty vs Representation
Warranty
- Guaranteed literally true
- Any breach voids
Representation
- True to best knowledge
- Material misstatement rescinds
Applicant statements are representations
Life Riders
- Waiver of premium
- Premiums waived when disabled
- Payor benefit
- Juvenile policy, adult payer
- Guaranteed insurability
- Buy more, no underwriting
- Accidental death
- Extra for accidental death
- Term rider
- Temporary extra coverage
- Other insured rider
- Covers spouse or child
- Long term care rider
- Accelerates for care costs
- Return of premium rider
- Refunds premiums paid
- Cost of living rider
- Face rises with inflation
- Accelerated death benefit
- Terminal illness advance payout
Life Provisions + Options
- Entire contract
- Policy plus attached application
- Insuring clause
- Insurer's basic promise
- Free look
- Iowa: 10 days191-15.9
- Grace period
- Coverage continues, premium overdue
- Reinstatement
- Revive lapse, prove insurability
- Automatic premium loan
- Cash value pays premium
- Incontestability
- Two years from date508.28
- Suicide clause
- Premiums returned, not face
- Misstatement of age
- Benefit adjusted, not voided
- Assignment
- Absolute or collateral transfer
- Policy loan
- Borrow against cash value511.36
- Settlement options
- How proceeds are paid
Nonforfeiture + Dividends
- Cash surrender
- Take cash, coverage ends
- Reduced paid-up
- Smaller permanent, no premiums
- Extended term
- Same face, limited period
- Default option
- Extended term if silent
- Cash dividend
- Paid to the owner
- Reduce premium
- Applied to next premium
- Accumulate at interest
- Interest is taxable income
- Paid-up additions
- Buys small paid-up amounts
- One-year term
- Fifth dividend option
Annuities
- Fixed annuity
- Insurer bears investment risk
- Variable annuity
- Owner bears risk, securities
- Indexed annuity
- Index credit, guaranteed floor
- Immediate annuity
- Payout begins within year
- Deferred annuity
- Accumulates before payout
- Accumulation period
- Paying in phase
- Annuity period
- Paying out phase
- Life only
- Highest payment, no refund
- Life with period certain
- Guarantees minimum payout years
- Joint and survivor
- Continues to second annuitant
LTC Benefit Triggers
Bathe | Dress | Eat | Toilet | Transfer | Continence
Two of six ADLsOr cognitive impairmentCertified 90 days
Elimination vs Probationary
Elimination period
- Runs after each disability
- Time deductible, unpaid days
Probationary period
- Runs once from issue
- Excludes early sickness
Per claim versus per policy
Health Plan Picker
- Lowest cost, network only→HMO(Gatekeeper)
- Wants out-of-network care→PPO(No referral)
- Gatekeeper plus flexibility→POS(Higher cost)
- Wants portable savings→HDHP with HSA(Individual owns)
- Employer funds only→HRA(Employer owned)
- Fills Original Medicare gaps→Medicare supplement(Not with Part C)
- Custodial care at home→Long-term care(Two ADLs)
- Cash on diagnosis→Critical illness(Lump sum)
A&H Exam Scored Counts
- I Types of Policies
- 16 scored
- II Provisions + Clauses
- 15 scored
- III Social Insurance
- 6 scored
- IV Other Concepts
- 5 scored
- V Field Underwriting
- 8 scored
- Iowa law, all lines
- 15 scored
- Iowa health-only law
- 15 scored
- A&H total
- 80 scored, 90 delivered
Medigap vs Medicare Advantage
Medigap
- Fills Original Medicare gaps
- Any Medicare provider
- Standardized lettered plans
Advantage
- Replaces delivery of A and B
- Private plan network
- Often includes Part D
Cannot hold both
Disability Definition Picker
- Cannot do own job→Own occupation(Costlier)
- Cannot do suitable work→Any occupation(Stricter)
- Working but earning less→Residual disability(Partial benefit)
- Relapse from same cause→Recurrent disability(No new wait)
- Lost sight or limbs→Presumptive disability(Immediate benefit)
- Owner disabled, business open→Overhead expense(Benefits taxable)
Health Plan Types
- HMO
- In-network only, gatekeeper
- PPO
- Out-of-network at reduced benefit
- POS
- Gatekeeper plus out-of-network
- HDHP with HSA
- High deductible, portable account
- FSA
- Employer plan, forfeit unused
- HRA
- Employer funded, employer owned
- Basic hospital and surgical
- First dollar, low limits
- Major medical
- Deductible, coinsurance, high maximum
- Medicare supplement
- Fills Original Medicare gaps
- Long-term care
- Custodial and skilled care
- Hospital indemnity
- Fixed dollars per day
- Critical illness
- Lump sum on diagnosis
Disability Income Policies
- Individual disability income
- Personal income replacement
- Business overhead expense
- Pays business fixed costs
- Disability buy-out
- Funds purchase of interest
- Key employee disability
- Employer is the beneficiary
- Group disability income
- Employer sponsored, benefits taxable
- Own occupation
- Cannot do your job
- Any occupation
- Cannot do suitable work
- Residual disability
- Pays for lost income
- Recurrent disability
- Same cause, no new wait
- Presumptive disability
- Sight, hearing, speech, limbs
A&H Uniform Provisions
- Entire contract
- Policy plus attached application
- Time limit on defenses
- Two years514A.3
- Grace period
- Iowa: 7/10/31 days514A.3
- Reinstatement
- Sickness covered after 10 days
- Notice of claim
- 20 days after loss
- Claim forms
- Insurer sends within 15 days
- Proof of loss
- 90 days after loss
- Time of payment
- Immediately on written proof
- Physical exam and autopsy
- Insurer's expense, where allowed
- Legal actions
- After 60 days, within 3 years
- Misstatement of age
- Benefits adjusted by premium
- Change of occupation
- Benefit or rate adjusted
Cost Sharing Terms
- Deductible
- Paid before plan pays
- Coinsurance
- Percentage split after deductible
- Copayment
- Flat fee per service
- Out-of-pocket maximum
- Caps the insured's annual share
- Elimination period
- Time deductible per disability
- Probationary period
- Early sickness excluded once
- Preexisting condition
- Existed before effective date
- URC charges
- Usual, reasonable, customary limit
- Coordination of benefits
- Prevents duplicate payment
- Lifetime or annual maximum
- Cap on plan payout
Iowa Guaranty Numbers
Life 300k | Annuity 250k | Health plan 500k
Cash surrender 100kAggregate 350kHealth plan aggregate 500kIowa Code 508C.5
Life Exam vs A&H Exam
Life 12-IA-01
- 50 general, 27 Iowa
- 77 scored, 87 delivered
- 2 hours, $44
A&H 12-IA-02
- 50 general, 30 Iowa
- 80 scored, 90 delivered
- 2 hours, $44
Separate exams, separate fees
Iowa Deadline Picker
- Passed the exam→Apply within 90 days(Through NIPR)
- Failed the exam→Wait 24 hours(Not at center)
- Agency contract executed→Appoint within 30 days(522B.13)
- Discipline in another state→Report within 30 days(Final disposition)
- Criminal case filed→Report within 30 days(Initial pretrial)
- CE term ending→36 credits, 3 ethics(No carryover)
- Replacement application taken→Notify insurer, 5 days(Business days)
- Death claim proof received→Pay within 30 days(Interest after)
Iowa Licensing Rules
- License term
- Three years522B.6
- Appointment filing
- Within 30 days522B.13
- Business entity appointment
- Never required522B.13
- Temporary license
- Up to 180 days522B.10
- Administrative action report
- 30 days, final disposition522B.16
- Criminal prosecution report
- 30 days, initial pretrial522B.16
- CE per term
- 36 credits, 3 ethics191-11.3
- One CE credit
- 50 minutes of instruction191-11.2
- CE carryover
- Not permitted191-11.3
- Prelicensing education
- Iowa requires none
Rebating vs Twisting
Rebating
- Value not in contract
- Inducement to buy
Twisting
- Misleads into replacing
- Harms the existing client
Bribe versus churn
Iowa Unfair Practices
- Misrepresentation
- Untrue statement about policy507B.4
- Rebating
- Value not in contract507B.4
- Twisting
- Replacement to client's detriment191-15.2
- Unfair discrimination
- Same class, unequal terms507B.4
- Defamation
- False statement harming insurer507B.4
- Boycott and coercion
- Restraining the insurance trade507B.4
- False advertising
- Untrue or misleading ad507B.4
- Claims settlement abuse
- Bad-faith claim handling507B.4
- Civil penalty
- $1,000 act / $10,000 cap507B.7
- Knowing violation
- $5,000 act / $50,000 cap507B.7
- Insurance fraud
- Class D felony507E.3
- Fraudulent sales practices
- Class D; C over $10,000507E.3A
Iowa Guaranty Limits
- Life death benefit
- $300,000 per life508C.5
- Life cash surrender
- $100,000 maximum508C.5
- Annuity present value
- $250,000 including surrender values508C.5
- Health benefit plan
- $500,000 maximum508C.5
- Disability income
- $300,000 maximum508C.5
- Long-term care
- $300,000 maximum508C.5
- Other health benefits
- $100,000 maximum508C.5
- Aggregate per life
- $350,000 general cap508C.5
- Health plan aggregate
- $500,000 per individual508C.5
- Advertising the association
- Prohibited in sales508C.18
Iowa Insurer Definitions
- Domestic insurer
- Organized under Iowa law521A.1
- Foreign insurer
- Another state's law521E.1
- Alien insurer
- Another country's law515.70
- Certificate of authority
- License to transact insurance515.41
- Fraternal benefit society
- Lodge system, member benefits512B
- Commissioner powers
- Rulemaking, exams, enforcement505.2
- Examination of records
- Commissioner audits insurer records507.1
- Cease and desist
- Order stopping a practice507B.6A
Annuity Best Interest
Care | Disclosure | Conflict | Documentation
Rule 191-15.75Four credits firstRecords ten years
Accelerated Benefit vs Settlement
Accelerated benefit
- Paid by the insurer
- Reduces death benefit
- Owner keeps the policy
Life settlement
- Sold to an investor
- Buyer becomes owner
- Iowa chapter 508E
Advance versus sale
Iowa Free-Look Picker
- New life policy→10 days(191-15.9)
- New annuity→10 days(191-15.9)
- Life or annuity replacement→30 days(191-16.26)
- Individual health policy→10 days(514A.3)
- Medicare supplement→30 days(191-37.28)
- Variable product→Policy language governs(191-33)
Iowa Life-Only Rules
- Free look
- 10 days191-15.9
- Replacement return
- 30 days, full refund191-16.26
- Existing insurer notice
- 5 business days191-16.26
- Replacement notice timing
- At or before application191-16.24
- Replacement signatures
- Applicant and producer sign191-16.24
- Individual incontestability
- Two years from date508.28
- Group life grace
- 31 days509.2
- Group life conversion
- 31 days, no evidence509.2
- Group life contestability
- Two years from issue509.2
- Group facility of payment
- Up to $500509.2
- Delayed death claim interest
- After 30 days511.38
- Viatical and life settlements
- Regulated as settlements508E
Free Look vs Replacement Return
Free look
- 10 days on life
- Rule 191-15.9
Replacement return
- 30 days after delivery
- Rule 191-16.26
Replacement triples the window
Iowa Annuity Best Interest
- Care obligation
- Know consumer, reasonable basis191-15.75
- Disclosure obligation
- Role, compensation, product scope191-15.75
- Conflict obligation
- No financial interest ahead191-15.75
- Documentation obligation
- Record the recommendation basis191-15.75
- Annuity training
- One-time, four credits191-15.76
- Training timing
- Complete before any sale191-15.76
- Record retention
- Ten years after transaction191-15.78
Iowa Health Grace
Weekly 7 | Monthly 10 | All others 31
Iowa Code 514A.3Group life is 31Return policy: 10 days
Guaranteed Renewable vs Noncancelable
Guaranteed renewable
- Cannot decline renewal
- Rates change by class
Noncancelable
- Cannot decline renewal
- Rates locked in
Both renew, only one reprices
Iowa Health-Only Rules
- Individual grace period
- 7 / 10 / 31 days514A.3
- Right to return
- 10 days, page one514A.3
- Time limit on defenses
- Two years514A.3
- Optionally renewable
- Company's option191-36.10
- Conditionally renewable
- Stated reasons, not health191-36.10
- Guaranteed renewable
- Class rate changes only191-36.10
- Noncancelable
- No decline, no increase191-36.10
- Group health provisions
- Required group terms509.3
- Eligible individual
- Iowa resident, recent coverage513C.3
- Qualifying event window
- Within the preceding 30 days513C.3
Iowa Mandated Coverages
- Diabetes
- Supplies and education514C.18
- Mammography
- Screening coverage required514C.14
- Newborn coverage
- From moment of birth514C.1
- Adopted children
- Treated like newborns514C.10
- Complications of pregnancy
- Covered as any illness514C.12
- Credit disability
- Debt-linked disability cover191-28
Iowa Medigap + LTC
- Medigap open enrollment
- Six months, age 65 + Part B191-37.21
- Medigap right to return
- 30 days, page one191-37.28
- Preexisting limits
- Separate labeled paragraph191-37.28
- No URC standard
- Medigap cannot use URC191-37.28
- Medigap replacement
- Application and replacement forms191-37.27
- LTC one-time training
- Eight credits, classroom191-39.15
- LTC ongoing training
- Four credits each term191-39.15
- LTC line requirement
- Must hold A&H authority191-39.15
- Iowa LTC partnership
- Asset protection with Medicaid191-39.75
Iowa Health Programs
- HAWK-I
- Children's health program514I
- HIPIOWA
- High-risk pool association514E
- Association notice
- Tell rejected applicants514E.11
- ACA marketplace
- Exchange under Section 1321
- ACA subsidies
- Sections 1401 and 1402
- Essential health benefits
- Section 1302 categories
- No Surprises Act
- Balance-billing protections
Common Traps
Free look versus replacement
New policy is 10 days ≠ Replacement is 30 days
Grace period differs by line
Individual health 7/10/31 ≠ Group life always 31
Guaranty health limits split
Health benefit plan $500,000 ≠ Other health benefits $100,000
Misstatement of age
Benefit is adjusted ≠ Policy is not voided
Who must be appointed
Individual agents appointed ≠ Business entities never appointed
Criminal reporting clock
30 days from pretrial ≠ Not from conviction
Iowa publishes no cut score
IID sets the standard ≠ No percentage is published
Guaranteed renewable rates
Repriced by whole class ≠ Never for one insured
Medigap and Advantage
Medigap fills Original Medicare ≠ Cannot pair with Part C
Guaranty association in sales
Coverage exists by law ≠ Advertising it is prohibited
Two exams, not one
Life is 12-IA-01 ≠ A&H is 12-IA-02
Last Minute
- 1.Life = 77 scored; A&H = 80
- 2.Iowa portion: 27 Life / 30 A&H
- 3.2 hours and $44 each
- 4.Guess: no wrong-answer penalty
- 5.Life free look = 10 days
- 6.Replacement return = 30 days
- 7.Notify existing insurer = 5 days
- 8.Health grace = 7/10/31 days
- 9.Group life grace = 31 days
- 10.Incontestable after 2 years
- 11.Guaranty life = $300,000
- 12.Guaranty health plan = $500,000
- 13.CE = 36 credits, 3 ethics
- 14.Appointment filed within 30 days
- 15.Report pretrial within 30 days
- 16.Apply via NIPR within 90 days
Online course on MometrixSame family resources
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