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State statute · Iowa

Life insurance companies - standard policy provisions

Iowa Code ch. 508

Publisher
Iowa Legislature
Edition
State statute, retrieved 2026-08-28
Last checked
2026-08-28
Status
Iowa Code, public domain
Edition and licensing notes

Publisher. Iowa Legislature (legis.iowa.gov)

Status. Iowa Code, public domain.

Read the official textPractice questions from this source

What this document is

Iowa Code ch. 508: Life insurance companies - standard policy provisions is a state statute published by Iowa Legislature (legis.iowa.gov). It is one of the Iowa documents that insurance license exam questions are written from, including iowa life & health practice questions. This page summarizes it and points to the official version, which is the text to rely on.

Sections cited in practice questions

Each practice answer shows the exact passage it comes from. These are sections of this document that questions cite, with a short excerpt from the source text.

  • Iowa Code § 508.37(2)(b) (Standard Nonforfeiture Law - cash surrender value on default)
    “upon surrender of the policy within sixty days after the due date of any premium payment in default after premiums have been paid for at least three full years in the case of ordinary insurance or five full years in the case of industrial insurance, the company will pay, in lieu of any paid-up...”
  • Iowa Code § 508.28 (Incontestability)
    “The policy shall be incontestable after it shall have been in force during the lifetime of the insured for two years from its date, except for nonpayment of premiums.”
  • Iowa Code § 508.37(2)(a) (Standard Nonforfeiture Law - paid-up benefit on default)
    “the company will grant, upon proper request not later than sixty days after the due date of the premium in default, a paid-up nonforfeiture benefit on a plan stipulated in the policy, effective as of the due date of the premium in default, and of an amount as specified in this section.”
  • Iowa Code § 508.26 (Failure to file copy)
    “Should any company decline to file a copy of its form of policies or contracts, the commissioner of insurance shall suspend its authority to transact business within the state until such forms of policies or contracts have been so filed and approved.”
  • Iowa Code § 508.37(2)(b) (Standard Nonforfeiture Law for Life Insurance, cash surrender value on premium default)
    “That, upon surrender of the policy within sixty days after the due date of any premium payment in default after premiums have been paid for at least three full years in the case of ordinary insurance or five full years in the case of industrial insurance, the company will pay, in lieu of any...”
  • Iowa Code § 508.37(3) (Standard Nonforfeiture Law for Life Insurance, deferral of cash surrender payment)
    “The company shall reserve the right to defer the payment of any cash surrender value for a period of six months after demand with surrender of the policy.”
  • Iowa Code § 508.28 (Approval by Commissioner, Contestability of Policy)
    “The policy shall be incontestable after it shall have been in force during the lifetime of the insured for two years from its date, except for nonpayment of premiums.”
  • Iowa Code § 508.28 (Contestability of Policy)
    “The policy shall be incontestable after it shall have been in force during the lifetime of the insured for two years from its date, except for nonpayment of premiums.”
  • Iowa Code § 508.37(4)(d) (Standard Nonforfeiture Law for Life Insurance, minimum cash surrender value on paid-up or continued policies)
    “Any cash surrender value available within thirty days after any policy anniversary under any policy paid up by completion of all premium payments or any policy continued under any paid-up nonforfeiture benefit, whether or not required by subsection 2, shall be an amount not less than the present...”
  • Iowa Code § 508.25 (Policy Forms, Approval)
    “It shall be unlawful for any insurance company transacting business within this state, under the provisions of this chapter, to write or use any form of policy or contract of insurance, on the life of any individual in this state, until a copy of such form of policy or contract has been filed with...”
  • Iowa Code § 508.39 (Dividends)
    “The directors or managers of a stock company, incorporated under the laws of this state, shall make no dividends except from the earned profits arising from their business, which shall not include contributed capital or contributed surplus.”
  • Iowa Code § 508.38(2)(a)(2) (Standard Nonforfeitures, Deferred Annuities: deferral of cash surrender benefit)
    “If a contract provides for a lump sum settlement at maturity, or at any other time, that upon surrender of the contract at or prior to the commencement of any annuity payments, the company shall pay in lieu of a paid-up annuity benefit a cash surrender benefit of such amount as is specified in...”

Practice this material

Iowa Life & Health practice test

Questions about this source

Iowa Code ch. 508: Life insurance companies - standard policy provisions is a state statute published by Iowa Legislature (legis.iowa.gov). Edition: State statute, retrieved 2026-08-28.

No. This page summarizes the document and links to the official version. Always rely on the text published by Iowa Legislature (legis.iowa.gov) for the current law.

Practice questions for Iowa Life & Health cite this document.

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