Exam (elaborations)
MN LIFE INSURANCE QUESTIONS AND ANSWERS 2024
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MN LIFE INSURANCE QUESTIONS AND ANSWERS 2024
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MN LIFE INSURANCEAn insured has 2 property policies in force covering the same risk. when a loss
occurs, which of the following policy provisions states that each policy will pay the
same proportion of its limits to the overall coverage? - ANSWERS-Pro rata
dividends received on participating life insurance policies are - ANSWERS-Not
taxable because they are a return of unused premiums.
All of the following are true of the Survivorship Life policy EXCEPT - ANSWERS-The
premium is based on the age of each insured.
According to the common Disaster Clause, if the insured and primary beneficiary
are killed in the same accident and it cannot be determined who dies first, which
of the following will be assumed? - ANSWERS-The primary beneficiary died before
the insured.
Insurers are forbidden to do all of the following with their advertisements EXCEPT
- ANSWERS-Promote interest in insurance coverage.
In replacement, an existing insurer must provide policyowners with a policy
summary for existing life insurance within how many days of receiving the written
communication and replacement? - ANSWERS-5 days
,A group life insurance policy is issued to - ANSWERS-The head of the applying
group.
If a license is revoked that person cannot apply for another license for another -
ANSWERS-2 years
1. Which of the following is consideration on the part of an insurer? - ANSWERS-
Paying a claim
1. When producers change the address of their residence or office, the
Commissioner must be notified within - ANSWERS-10 days
1. Which of the following is True of level term insurance? - ANSWERS-It is
temporary protection.
According to the Fair Credit Reporting Act, all of the following statements are true
EXCEPT - ANSWERS-If an applicant is declined for an insurance policy, he or she
has no right to know what was in the report.
1. Which of the following provisions is usually found in homeowners' policies and
provides a replacement cost settlement to policyholders who carry adequate
insurance? - ANSWERS-Insurance to value
1. Variable life insurance is regulated by all of the following entities EXCEPT -
ANSWERS-The U.S Department of Treasury.
,1. When may an insurer advertise its membership in the Minnesota Insurance
Guaranty Association? - ANSWERS-At no time
1. Which of the following policies would NOY offer a policy loan option? -
ANSWERS-Term life
1. an insured has a life insurance policy in the amount of 250 000 naming his wife
as beneficiary. upon his death, his beneficiary decides not to received the death
benefit for some time, when she finally receives the death benefit check it's in the
amount of 250530. is any portion of the proceeds that the beneficiary receives
taxable? - ANSWERS-Yes, proceeds in excess of face amount are taxable as
interest.
When an insurer examination is ordered by the Commissioner, who pays for the
cost of the examination? - ANSWERS-The insurance company that is examined
At what point would an automatic premium loan be generated? - ANSWERS-
Following the grace period
An insured decides to surrender his whole life insurance policy. The cash value at
surrender is higher than the premiums paid into the policy, due to interest. What
part of the surrender value would be income taxable? - ANSWERS-The difference
between the premiums paid and the cash value.
, Life insurance and Annuity Replacement regulation applies to all of the following
types of life products EXCEPT - ANSWERS-Group life
When an insured terminates membership in the insured group, the insured can
convert to - ANSWERS-Whole life without proof of insurability
All of the following are advantages of a qualified retirement plan EXCEPT -
ANSWERS-The income at retirement is tax free
To be valid, an insurance policy must have all of the following EXCEPT - ANSWERS-
Countersignature
If, after a hearing, it is determined that an insurer or producer is violating
Minnesota insurance laws, the commissioner will issue - ANSWERS-A cease-and-
desist order.
Which of the following is true regarding the cash value in term life insurance
policies? - ANSWERS-There are no cash values
What is the maximum loan amount a policyowner may withdraw from a variable
universal life insurance policy? - ANSWERS-An amount not exceeding the cash
value
Insurers Insurer CANNOT transact insurance in this state without a - ANSWERS-
Certificate of authority
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