Exam (elaborations)
MN INSURANCE EXAM PROPERTY
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MN INSURANCE EXAM PROPERTY
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MN INSURANCE EXAM PROPERTY & CASUALTYEXAM
The commissioner examines each insurer every __ years - ANSWER 5
$___ fine per day if a person violates, aides, or abets a written cease and desist
order - ANSWER $10,000
Licensee may request a hearing within __ days of commissioners order after hearing
request, the commissioner has ___ to hold the hearing - ANSWER 30 and 30
___ prelicensing hours per major line of authority - ANSWER 20 hours
number of years licensing exam results are valid - ANSWER 3 years
$___ per line of authority for an applicaton fee - ANSWER $50
___ credit hours per licensed producer - ANSWER 24 credits
how many hours of continuing education must be in ethics? - ANSWER 3
For an earthquake how many hours and how many deductibles - ANSWER 168
hours and only 1 deductible
How many years is a license period - ANSWER 2 years
a temporary insurance producer license may be issued for up to ___ days -
ANSWER 180 days
a licensee's time to notify the commissioner of address change is __ days -
ANSWER 10 days
a license is suspended for any period no less than - ANSWER 3 months
how many years can you reapply for a license when your license had been revoked?
- ANSWER 2 years
when you license is revoked what must you obtain? - ANSWER a performance bond
of $20,000
the insurer must file a notice of appointment within __ days of the first sale by the
producer - ANSWER 15 days
an insurance company that terminates an appointment must notify the commissioner
within ____ days - ANSWER 30
, How many days does the insurance company get to send a written notice to the
commissioner about termination to the producer? - ANSWER 15 days
After getting the notice of termination, how many days can the producer file written
comments concerning the termination with the commissioner? - ANSWER 30 days
How much is the penalty for failing to appoint a producer? and up to? - ANSWER
$25 up to $300
the producer must notify the commissioner of any administrative action take or
criminal prosecution against the producer within ___ days - ANSWER 30 days
when is the property value determined? - Inland Marine - ANSWER at the time of
loss
the producer must notify the commissioner within ___ days of any felony or gross
misdemeanor conviction, guilty plea, or plea of no contest - ANSWER 10 days
a lapsed licensee can reinstate license within ___ months - ANSWER 12 months
the penalty for rebating is $___ to $___ per violation - ANSWER $60 - $200
a promotional advertising item or gift of $___ or less per year is not a rebate -
ANSWER $25
How many days does an insurer have to reply to customer claims and inquries? -
ANSWER 10 days
Policies must be delivered to the insured within __ working days of the producer's
receipt from the insurer - ANSWER 30 days
financial and complain records must be kept on file for ___ years - ANSWER 6
premium refunds must be sent to the insured within ___ days of the producers
receipt from the insurer - ANSWER 5 days
Policy forms, applications, and advertising must be retained for __ years after the
effective date - ANSWER 3 years
claim records must be retained for ___ years after the claim is paid or denied -
ANSWER 3 years
complaint records must be retained for ___ years after the date received - ANSWER
4 years
unearned premium refund to be issued within ___ days - ANSWER 30 days
Domestic shipments can only be covered by - ANSWER truck, train, air or mail
Annual Transit Policy - ANSWER covers all shipments during the year
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