MN INSURANCE EXAM PROPERTY &
CASUALTY QUESTIONS & VALID
CORRECT ANSWERS ALL PASSED
The commissioner examines each insurer every __ years - Correct Answer ✔✔ 5
$___ fine per day if a person violates, aides, or abets a written cease and desist order -
Correct Answer ✔✔ $10,000
Licensee may request a hearing within __ days of commissioners order after hearing
request, the commissioner has ___ to hold the hearing - Correct Answer ✔✔ 30 and 30
___ relicensing hours per major line of authority - Correct Answer ✔✔ 20 hours
number of years licensing exam results are valid - Correct Answer ✔✔ 3 years
$___ per line of authority for an application fee - Correct Answer ✔✔ $50
___ credit hours per licensed producer - Correct Answer ✔✔ 24 credits
how many hours of continuing education must be in ethics? - Correct Answer ✔✔ 3
For an earthquake how many hours and how many deductibles - Correct Answer ✔✔
168 hours and only 1 deductible
How many years is a license period - Correct Answer ✔✔ 2 years
a temporary insurance producer license may be issued for up to ___ days - Correct
Answer ✔✔ 180 days
a licensee's time to notify the commissioner of address change is __ days - Correct
Answer ✔✔ 10 days
a license is suspended for any period no less than - Correct Answer ✔✔ 3 months
how many years can you reapply for a license when your license had been revoked? -
Correct Answer ✔✔ 2 years
when you license is revoked what must you obtain? - Correct Answer ✔✔ a
performance bond of $20,000
, the insurer must file a notice of appointment within __ days of the first sale by the
producer - Correct Answer ✔✔ 15 days
an insurance company that terminates an appointment must notify the commissioner
within ____ days - Correct Answer ✔✔ 30
How many days does the insurance company get to send a written notice to the
commissioner about termination to the producer? - Correct Answer ✔✔ 15 days
After getting the notice of termination, how many days can the producer file written
comments concerning the termination with the commissioner? - Correct Answer ✔✔ 30
days
How much is the penalty for failing to appoint a producer? and up to? - Correct Answer
✔✔ $25 up to $300
the producer must notify the commissioner of any administrative action take or criminal
prosecution against the producer within ___ days - Correct Answer ✔✔ 30 days
when is the property value determined? - Inland Marine - Correct 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 - Correct Answer ✔✔ 10 days
a lapsed licensee can reinstate license within ___ months - Correct Answer ✔✔ 12
months
the penalty for rebating is $___ to $___ per violation - Correct Answer ✔✔ $60 - $200
a promotional advertising item or gift of $___ or less per year is not a rebate - Correct
Answer ✔✔ $25
How many days does an insurer have to reply to customer claims and inquries? -
Correct Answer ✔✔ 10 days
Policies must be delivered to the insured within __ working days of the producer's
receipt from the insurer - Correct Answer ✔✔ 30 days
financial and complain records must be kept on file for ___ years - Correct Answer ✔✔
6
premium refunds must be sent to the insured within ___ days of the producers receipt
from the insurer - Correct Answer ✔✔ 5 days
CASUALTY QUESTIONS & VALID
CORRECT ANSWERS ALL PASSED
The commissioner examines each insurer every __ years - Correct Answer ✔✔ 5
$___ fine per day if a person violates, aides, or abets a written cease and desist order -
Correct Answer ✔✔ $10,000
Licensee may request a hearing within __ days of commissioners order after hearing
request, the commissioner has ___ to hold the hearing - Correct Answer ✔✔ 30 and 30
___ relicensing hours per major line of authority - Correct Answer ✔✔ 20 hours
number of years licensing exam results are valid - Correct Answer ✔✔ 3 years
$___ per line of authority for an application fee - Correct Answer ✔✔ $50
___ credit hours per licensed producer - Correct Answer ✔✔ 24 credits
how many hours of continuing education must be in ethics? - Correct Answer ✔✔ 3
For an earthquake how many hours and how many deductibles - Correct Answer ✔✔
168 hours and only 1 deductible
How many years is a license period - Correct Answer ✔✔ 2 years
a temporary insurance producer license may be issued for up to ___ days - Correct
Answer ✔✔ 180 days
a licensee's time to notify the commissioner of address change is __ days - Correct
Answer ✔✔ 10 days
a license is suspended for any period no less than - Correct Answer ✔✔ 3 months
how many years can you reapply for a license when your license had been revoked? -
Correct Answer ✔✔ 2 years
when you license is revoked what must you obtain? - Correct Answer ✔✔ a
performance bond of $20,000
, the insurer must file a notice of appointment within __ days of the first sale by the
producer - Correct Answer ✔✔ 15 days
an insurance company that terminates an appointment must notify the commissioner
within ____ days - Correct Answer ✔✔ 30
How many days does the insurance company get to send a written notice to the
commissioner about termination to the producer? - Correct Answer ✔✔ 15 days
After getting the notice of termination, how many days can the producer file written
comments concerning the termination with the commissioner? - Correct Answer ✔✔ 30
days
How much is the penalty for failing to appoint a producer? and up to? - Correct Answer
✔✔ $25 up to $300
the producer must notify the commissioner of any administrative action take or criminal
prosecution against the producer within ___ days - Correct Answer ✔✔ 30 days
when is the property value determined? - Inland Marine - Correct 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 - Correct Answer ✔✔ 10 days
a lapsed licensee can reinstate license within ___ months - Correct Answer ✔✔ 12
months
the penalty for rebating is $___ to $___ per violation - Correct Answer ✔✔ $60 - $200
a promotional advertising item or gift of $___ or less per year is not a rebate - Correct
Answer ✔✔ $25
How many days does an insurer have to reply to customer claims and inquries? -
Correct Answer ✔✔ 10 days
Policies must be delivered to the insured within __ working days of the producer's
receipt from the insurer - Correct Answer ✔✔ 30 days
financial and complain records must be kept on file for ___ years - Correct Answer ✔✔
6
premium refunds must be sent to the insured within ___ days of the producers receipt
from the insurer - Correct Answer ✔✔ 5 days
