MINNESOTA LIFE HEALTH INSURANCE PACKAGE DEAL

Insurance is a... - ️️transfer of risk What type of risk is gambling? - ️️Speculative Risk What type of risk is a car accident? - ️️Pure Risk What type of risk is insurable? - ️️Pure Risk uncertainty about whether a loss will occur - ️️Risk Risk Management Method A...

The commissioner examines each insurer every __ years - ️️5 $__ fine per day if a person violates, aids or abets a written case and desist order - ️️10000 Licensee may request a hearing within __ days of commissioner's order - ️️30 After hearing request, the commissioner has __...

How are employee FICA taxes collected? - ️️The employer withholds the employee's tax and pays it along with the employer's portion Mateo applies for an insurance policy that will have an annual premium payment of $1,000 ($510 semi-annually, $260 quarterly, and $100 monthly) if issued. Which...

Information about Health Maintenance Organizations (HMOs) - ️️-Employers with more than 25 employees must offer an HMO as an alternative to their regular health plans. -Reduce cost of healthcare through preventative care -Needs to be approved by MN DHS -Provides services rather than reimburs...

The initial amount of credit life insurance may NOT exceed A-The borrower's annual income. B-The amount to be repaid under the contract. C-An amount set by statute and adjusted regularly for inflation. D-The borrower's monthly income. - ️️B This state provided for a temporary licens...

In what type of policy does the owner pay the same premium throughout the term of the contract? - ️️Level premium policy Which type of beneficiary CANNOT be changed without consent? - ️️The beneficiary is irrevocable How many totals hours of continuing education covering the subjects f...

Which of the following is not a duty of the Commissioner? a. Issue an insurance license for a producer b. Make state insurance laws c. Handle insurance-related consumer complaints d. Enforce state insurance laws - ️️b. Make state insurance laws During policy solicitation an insurer exag...

In what type of policy does the owner pay the same premium throughout the term of the contract? - ️️Level premium policy Which type of beneficiary CANNOT be changed without consent? - ️️The beneficiary is irrevocable How many total hours of continuing education covering the subjects fo...

Governor - ️️Powers and Duties of Commissioner Appoints the Commissioner of Commerce enforce insurance laws - ️️Powers and Duties of Commissioner The Commissioner is empowered to_________________. (1 of 8 things) five years - ️️Powers and Duties of Commissioner The Commiss...

The law of large numbers A) states that there must be an adequate spread of risk for insurance to be effective. B) states that large risks should be transferred to an insurance company. C) prohibits insurance with extremely high premiums. D) states that the more examples used to develop a stat...

The Commissioner examines each insurer every ______ years - ️️5 There is a _________ fine per day if a person violates, aids, or abets a written cease and desist order - ️️$10,000 Licensee may request a hearing within _________ days of Commissioner's order - ️️30 After hearing ...

In what type of policy does the owner pay the same premium throughout the term of the contract? a. Deferred premium policy b. Single premium policy c. Level premium policy d. Flexible premium policy - ️️c. Level premium policy Which type of beneficiary CANNOT be changed without consent?...

What is an agent? - ️️Someone who acts on behalf of another (producer) What is a principal? - ️️Party for whom action is taken (insurance company) What is an agency agreement? - ️️Legal agreement that establishes the relationship between the principal and agent; outlines powers and...

A producer offer a buyer $100 basketballs game tickets (not specified in the contract) introduce to purchase a policy, if the prospect purchase the policy and accepts the tickets, the Producer be will guilty of? - ️️Rebate All of the producers (except those who only transact credit insurance)...