MN INSURANCE EXAM PROPERTY &
CASUALTY 2024 QUESTIONS UPDATED
claim records must be retained for ___ years after the claim is paid or denied -
CORRECT ANSWER>>>>3 years
complaint records must be retained for ___ years after the date received - CORRECT
ANSWER>>>>4 years
unearned premium refund to be issued within ___ days - CORRECT ANSWER>>>>30
days
Domestic shipments can only be covered by - CORRECT ANSWER>>>>truck, train, air
or mail
Annual Transit Policy - CORRECT ANSWER>>>>covers all shipments during the year
Trip transit - CORRECT ANSWER>>>>Covers a single shipment-one time, one way
Motor truck cargo - CORRECT ANSWER>>>>truckers form covers the insureds bailee
responsibility (carrying someone elsed stuff)
oral binders must be put in writing to the insured within ___ business days - CORRECT
ANSWER>>>>5
what covers the insured own goods in the insureds own trucks - CORRECT
ANSWER>>>>owners form
the applicant has the right to challenge any erroneous information contains in the
consumer report within __ days - CORRECT ANSWER>>>>30
Bailee Liability - CORRECT ANSWER>>>>- Covers damage to customer's property
- Pays customer
Adverse information remains in a credit report for ___ years. - CORRECT
ANSWER>>>>7 years
how many years must bankruptcy information remain in the credit report for -
CORRECT ANSWER>>>>10 years
Property policy begins at __:__ standard time - CORRECT ANSWER>>>>12:01AM
insured's lawsuits against the insurance company must be initiated within __ years after
the loss - CORRECT ANSWER>>>>2 years
, the insurance company must give the insured notice of how it will handle the loss within
__ days after receipt of proof of loss - CORRECT ANSWER>>>>30 days
once a loss has been settled, payment for the claim must be made within __ business
days - CORRECT ANSWER>>>>5 days
how much must a township mutual maintain? - CORRECT ANSWER>>>>minimum of
$300,000
a FAIR plan inspection report is due within __ business days after the inspection -
CORRECT ANSWER>>>>10 days
FAIR - if the inspection reveils that the applicant is not eligible, the plan must inform the
applicant within __ days of the inception of the policy - CORRECT ANSWER>>>>59
days
FAIR plan policy term is - CORRECT ANSWER>>>>1 year
FAIR - the plan must make an underwriting decision within __ business days of
receiving the completed application - CORRECT ANSWER>>>>5 days
Insurance company must give __ days notice of homeowners cancellation - CORRECT
ANSWER>>>>30 days
FAIR plan cancellations require at least __ days written notice to be insured -
CORRECT ANSWER>>>>15 days
a homeowners policy in effect for less than 60 days can be cancelled for any reason
with at least ___ days notice of cancellation - CORRECT ANSWER>>>>20 days
insurer must give __ days cancellation notice, if due to nonpayment of premium -
CORRECT ANSWER>>>>20 days
for a nonrenewal, notice must be mailed to the insured at least __ days before the
effective date - CORRECT ANSWER>>>>60 days
each insurer must retain a record of all non renewals and company initiated
cancellations for ___ years - CORRECT ANSWER>>>>3
First violation for violating MN nonrenewal statutes - CORRECT ANSWER>>>>$100
second violation for violating MN nonrenewal statutes - CORRECT ANSWER>>>>$300
third violation for violating MN nonrenewal statutes - CORRECT ANSWER>>>>$500
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