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MN Life and Health Insurance Exam 176 Questions with Verified Answers,100% CORRECT
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MN Life and Health Insurance Exam 176 Questions with Verified Answers
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MN Life and Health Insurance Exam 176 Questions withVerified Answers
The commissioner examines each insurer every ___ Years. - CORRECT ANSWER 5
years
$____ fine per day if a person violates, aids, or abets a written cease and desist
order - CORRECT ANSWER $10,000
License fee may request a hearing within ____ days of commissioners order. After
hearing request, Commissioner has ____ days to hold the hearing. - CORRECT
ANSWER 30 Days, 30 days
All accident and health insurance policies must be filed with the commissioner at
least ____ days prior to use - CORRECT ANSWER 60 days
During Pre-licensing...
____ hours per major line of authority
_____% passing score on state exam
____ number of years the exam results are valid - CORRECT ANSWER 20, 70%, 3
YEARS
License application fee - CORRECT ANSWER $50 per line of authority
____ Credit hours per licensed producer
___ hours must be in ethics - CORRECT ANSWER 25 credit hours, 3
___ hour partnership prior to selling LTC - CORRECT ANSWER 8 hour
___ hour refresher course every two years after initial training for LTC - CORRECT
ANSWER 4 hours
License periods after the first licensing period are___ years - CORRECT ANSWER 2
years
,A temporary insurance producer license may be issued for up to ___ days -
CORRECT ANSWER 180 days
A licensee's time to notify the commissioner of address change is ___ days -
CORRECT ANSWER 10 days
A license is suspended for any period of time no less than ___ months - CORRECT
ANSWER 3 months`
A person who's license is revoked can reapply after ___ years. The producer must
obtain a performance bond of at least _____ - CORRECT ANSWER 2 years, $20,000
Commissioner may fine a producer up to ___ per violation - CORRECT ANSWER
$10,000
The insurer must fine notice of appointment within ___ days of first sale by the
producer. - CORRECT ANSWER 15 days
An insurer that terminates an appointment must notify the commissioner within
_____ days - CORRECT ANSWER 30 days
Within ____ days, the insurer must send written notice of the termination to the
producer. - CORRECT ANSWER 15 days
Within ___ days after receiving notice of termination, the producer may file
written comments concerning the termination with the commissioner - CORRECT
ANSWER 30 days
The penalty for failing to appoint a producer is $____ per offense, and up to
$____ maximum per unappointed producer - CORRECT ANSWER $25, $300
The producer must notify the commissioner of any administrative action taken or
criminal prosecution against the producer within ____ days - CORRECT ANSWER
30 days
, The producer must notify the commissioner within ______ days of any felony or
gross misdemeanor conviction, guilty plea, or plea of no contest. - CORRECT
ANSWER 10 days
A lapsed licensee can reinstate license within ____ months. - CORRECT ANSWER
12 Months
The penally for rebating is $____ to $____ per violation. A promotional gift or
advertising item of $____ is not a rebate. - CORRECT ANSWER $60 to $200, $25
The insurer must reply to customer claims and inquires within ____ days. -
CORRECT ANSWER 10 days
Policies must be delivered to the insured within ____ working days of the
producers recipes from the insurer. - CORRECT ANSWER 30 days
Producer financial and compliant records must be kept on file for ____ years. -
CORRECT ANSWER 6 years.
Premium refunds must be sent to insured within _____ days of the producer
receipt from the insurer. - CORRECT ANSWER 5 days
Insurers: Policy forms, applications, and advertising must be retained for ____
years after the effective date. - CORRECT ANSWER 3 years
Insurers: Claim records must be retained for ____ years after the claim is paid or
denied - CORRECT ANSWER 3 years
Insurers: must refund unearned premium to the insured within _____ days. -
CORRECT ANSWER 30 days
Oral binders must be put into writing to the insured within _____ business days. -
CORRECT ANSWER 5 days
The applicant has the right to challenge any erroneous information contained in
the consumer report within ____ days - CORRECT ANSWER 30 days
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