MN LIFE INSURANCE EXAM WITH CORRECT
QUESTIONS WITH CORRECTRY ANALYZED
ANSWERS (ACTUAL EXAM) ALREADY
GRADED A+ LATEST 2024 – 2025
Which statement best describes agreement as it relates to insurance contracts? -
ANSWERS-One party accepts the exact terms of the other party's offer.
Who is the annuity owner? - ANSWERS-The person who purchases the annuity
A distribution from an employer-sponsored retirement plan or from an ira is
eligible for a tax-free rollover if it is reinvested in an IRA within - ANSWERS-60
days
Which of the following are characteristics of term life insurance? - ANSWERS-
Temporary protection, renewability, no cash value
A life insurance policy qualifies a Modified Endowment Contract (MEC) if the
amount of premium paid exceeds the amount that would have provided paid-up
insurance in how many years? - ANSWERS-7 years
,All of the following information needs to be included on an application for life
insurance EXCEPT:
a. Medical information about the applicant
b. Health insurance policies in force
.c. Life insurance with other insurers.
d. The agent's statement, if applicable. - ANSWERS-b. health insurance policies in
force
When replacement is involved, the replacing insurer must send a notice to the
existing insurance company that identifies the insured and policies within how
many days?
a. 3 days
b. 5 days
c. 10 days
d. 30 days - ANSWERS-a. 3 days
while completing a life insurance application the applicant realizes that she should
have answered an earlier question differently. What should the agent do to make
the necessary change? - ANSWERS-cross out the incorrect information, write in
the correct answer, and have the applicant initial the change.
which of the following is not true regarding the accumulation period of an
annuity?
,a. it is also known as the pay-in-period.
b. it would not occur in a deferred annuity.
c. it allows the insured 10 days to pay the initial premium.
d. it allows the insurer to temporarily suspend coverage after an insured's
disability. - ANSWERS-b. it would not occur in a deferred annuity.
Which of the following is not a duty of the Commissioner?
a. Issue an insurance license for a producer
b. Make state insurance laws
c. Handle insurance-related consumer complaints
d. Enforce state insurance laws - ANSWERS-b. Make state insurance laws
During policy solicitation an insurer exaggerates the financial condition of one of
its competitors and makes it sound worse than it is. This is an example of an
unfair trade practice called?
a. Twisting
b. False advertising
c. Controlled business
d. Defamation - ANSWERS-Defamation
, An insurance contract must contain all of the following to be considered legally
binding EXCEPT:
A: Consideration
B: Competent Parties
C: Beneficiary's Consent
D: Offer and Acceptance - ANSWERS-C. beneficiary's consent
Which of the following would be considered an unfair claims settlement practice.
a. requesting the insured to submit a signed, proof of loss statement, after the
insured has already verbally advised the insurer of the claim.
b. requesting the insured swear under oath concerning the facts of the claim.
c. the settlement of the claim is delayed for 30 days in order for the insured to
conduct an investigation.
d. A claims adjuster advises the insured that if the claim goes to arbitration, the
insured would probably receive less than what is currently being offered. -
ANSWERS-d. A claims adjuster advises the insured that if the claim goes to
arbitration, the insured would probably receive less than what is currently being
offered.
All of the following are true regarding insurance policy loans EXCEPT
a. Policy loans can be made on policies that do not accumulate cash value.
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