Mn life health insurance - Study guides, Class notes & Summaries

MN Life and Health Insurance Exam

MN LIFE INSURANCE QUESTIONS AND ANSWERS ALREADY PASSED 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 exaggerates the financial condition of one of its competitors and makes it sound worse than it is. This is an example of an unfair trade practice call...

MN Life and Health Insurance Exam

MN LIFE ACCIDENT & HEALTH PRODUCER EXAM LATEST UPDATE GRADED A+ Speculative Risk involves the chance of loss or gain, and is not insurable Pure Risk involves the chance of loss only, and is insurable Peril Something that causes a direct loss Physical Hazard Visible (Black ice) Moral Hazard dishonest tendencies (Fraud) Morale Hazard Carless, Irresponsible (leaving keys in car) Exposure susceptibility to loss Adverse selection those with high risk situations attempt to ...

In what type of policy does the owner pay the same premium throughout the term of the contract? - Answer - Level premium policy Which type of beneficiary CANNOT be changed without consent? - Answer - The beneficiary is irrevocable How many totals hours of continuing education covering the subjects for which the license is licensed must complete? - Answer - 24 hours Accidental and dismemberment will pay the principal sum of death occurs: - Answer - As a result of an accident regardle...

MN Life License Exam Questions and Answers Already Passed 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 (imposible) How many total hours of continuing education covering the subjects for which the license is licensed must complete? 24hours Accidental and dismemberment will pay the principal sum if death occurs: As a r...

MN State Insurance Exam Questions with Verified Solutions 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 of the following premium checks would be adequate consideration if he chose to pay monthly? $100 The nonforfeiture option that provides t...

The commissioner examines each insurer every ___ Years. - Answer - 5 years $____ fine per day if a person violates, aids, or abets a written cease and desist order - Answer - $10,000 License fee may request a hearing within ____ days of commissioners order. After hearing request, Commissioner has ____ days to hold the hearing. - Answer - 30 Days, 30 days All accident and health insurance policies must be filed with the commissioner at least ____ days prior to use - Answer - 60 days ...

Rules and Regulation MN Life Insurance Questions and Answers Already Passed 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) must complete at least, how many hours of approved education course during 24 month licensing period? 30hours If an insur...

MN Laws, Rules, & Regulations Pertinent to Life Insurance Latest Update Graded A Beneficiary Protection from Creditors If beneficiary eligible to receive death benefit but chooses to leave part/all on deposit with insurer, money is protected from claims of the beneficiaries creditors. Policyowner Rights Spendthrift provision: Gives insurer the right to hold back proceeds received by beneficiary and protect them from creditors. For old policies without this provision, owner of poli...