MINNESOTA LAWS, RULES AND REGULATIONS COMMON TO LIFE, HEALTH, PROPERTY, AND CASUALTY INSURANCE QUESTIONS AND ANSWERS GRADED A+

MINNESOTA LAWS, RULES AND REGULATIONS COMMON TO LIFE, HEALTH, PROPERTY, AND CASUALTY INSURANCE QUESTIONS AND ANSWERS GRADED A+ The Commissioner examines each insurer every ____years - -5 years $____ 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 orderAfter hearing request, the Commissioner has ____ days to hold the hearing. - -30 days & 30 days All accident and health insurance policies must be filed with the Commissioner at least ____ days prior to use - -60 days ___prelicensing hours per major line of authority - -20 hours ___passing score of state licensing exam - -70% ___number of years licensing exam results are vaild - -3 years ___credit hours per licensed producer - -24 credits ___hours (of the 24 total) must be in ethics - -3 hours $___per line of authority for license application fees - -$50 License periods are ___ years (except for first period of licensure) - -2 years Individuals must be at least ___ years old to apply for a license - -18 years A temporary insurance producer license may be issued for up to ___ days - -180 days A licensee's time to notify the Commissioner of address change is ___ days - -10 days A license is suspended for any period of no less than ___ months - -3 months A person whose license is revoked can reapply after ___ years. The producer must obtain a performance - -2 years & $20,000 The insurer must file a notice of appointment within ___days of first sale by the producer - -15 days An insurer that terminates an appointment must notify the Commissioner within ___ days - -30 days Within___days, the insurer must send written notice of the termination to the producer - -15 days Within ___ days after receiving notice of the termination, the producer may file written comments concerning the termination with the Commissioner - -30 days The penalty for failing to appoint a producer is $___ per offense, up to $___ maximum per unappointed producer - -$25 & $300 The producer must notify the Commissioner of any administrative action taken or criminal prosecution against the producer within ___ days - -30 days The producer must notify the Commissioner within ___ days of any felony or gross misdemeanor conviction, guilty plea, or plea of no contest - -10 days A lapsed licensee can reinstate license within ___ months - -12 months The penalty for rebating is $___ to $___ per violation. A promotional advertising item or gift of $___ or less per year is not a rebate - -$60 to $200 & $25