MN life insurance | 100 Questions with 100 % correct answers | Verified

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 for which the license is licensed must complete. - 24 hours Accidental and dismemberment will pay the principal sum of death occurs: - As a result of an accident regardless of when the accident occurs The following refers to which type of class? If the proposed insured dies while the policy is in -forced the company will pay the death benefit to the beneficiary. - An insuring clause Under Minnesota Law, if an employee is laid off from employment and is no longer eligible for group coverage, what can the employer do about the employer's life insurance coverage? - The employer must inform the employee of the amount payable to continue coverage for up to 18 months Which rider would allow additional insurance at a specified date or event without evidence of insurability? - Guaranteed insurability Which of the exceptions of a variable annuity contract if a person cancels a insurance contract within the free-look period is without liability and the person is entitled a refund of? - The premium paid but not including any contract fees or other charges related to the contract The Department of Commerce must be given a minimum of how many days advance notice of disciplinary - 30 days The proposed insured's statement on the application and the first premium payment are part of the policy? - Consideration clause