Common use of Iowa Clause in Contracts

Iowa. Obligations of the Company under this Contract are backed by the full faith and credit of the Company and are not guaranteed under a reimbursement insurance policy. The issuer of this Contract is subject to regulation by the Insurance Division of the Department of Commerce of the State of Iowa. Complaints that are not settled by the issuer may be sent to the Insurance Division. The address for the Iowa Insurance Division is 1963 Xxxx Xxxxxx, Xxxxx 000, Xxx Xxxxxx, XX 00000-0000. A ten percent penalty shall be added each month to a refund that is not paid to you within thirty days of cancellation. The Company may cancel this contract for any business reason. If the Company cancels the Contract, the Company shall mail a written notice of termination to you at least 15 days before the date of the termination. Prior notice of cancellation by the service company is not required if the reason for cancellation is nonpayment of the purchase price, a material misrepresentation by you to the Company, or a substantial breach of duties by you relating to the covered product or its use.