10/8/24, 8:12 AM MN INSURANCE EXAM PROPERTY & CASUALTY EXAM NEWEST 2024-2025 ACTUAL EXAM COMPLETE 290 QUESTIONS A…
MN INSURANCE EXAM PROPERTY & CASUALTY
EXAM NEWEST 2024-2025 ACTUAL EXAM
COMPLETE 290 QUESTIONS AND CORRECT
DETAILED ANSWERS
Terms in this set (290)
Who appoints the Governor
commissioner of
commerce?
-enforce and create rules for enforcing insurance laws
- conduct investigations and hold hearings
What is the commissioner examine and approve policy forms
empowered to do? -examine books, records, and documents of
producers
- appoint staff to assist with enforcement
How often can a as often as necessary but MUST be every 5 years
commissioner examine
insurance companies?
- any company authorized to do business in MN
- any person involved in formation of insurer
a commissioner can
-a licensed producer or solicitor
examine who?
- a person engaged in business of adjusting losses or
financial premiums
Domestic Insurer insurance company doing business within one state
insurance company doing business outside its home
Foreign Insurer
state
, 10/8/24, 8:12 AM MN INSURANCE EXAM PROPERTY & CASUALTY EXAM NEWEST 2024-2025 ACTUAL EXAM COMPLETE 290 QUESTIONS A…
members of unincorporated group insure eachother
Reciprocal and share losses. (Cover eachother, what goes around
like a reciprocal)
Stock companies are Shareholders
owned by who?
Stock companies are Board of directors
managed by who?
Are stock companies Yes
profits taxable?
Mutual Companies are board of directors
managed by who?
mutual companies are policy holders
owned by?
In mutual companies, what a refund of overpaid premium, not taxable
are insurance dividends
considered as?
-they currently have a license and are in good
How do you get a standing within their home state
nonresident license? -must file an address change
- no license application required
-hires producers
What does the Managing -supervises a territory
General Agency do? - responsible for agent activities
- must be licensed as insurance producer
Surplus Lines
With bonds - A principal... makes the promise
with bonds - an Obligee... is party to whom the promise is made to
with bonds - a surety is.. the one who promises to pay if the promise is broken
allows producers to place insurance risks with eligible
surplus lines
nonadmitted surplus lines insurers
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