Is it okay to display and hide an iAd at will?
Or is there an Apple-policy that says we MUST show an iAd at all times?
Also, any way to configure (or if its even possible) to set the interval at which the ads are rotated/updated?
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The iAd Programming Guide is quite specific about this:
I personally haven’t signed any iAd agreement but if you use it in your app, you presumably have. So look there for more details.