MN Life License Study Guide
In what type of policy does the owner pay the same premium throughout the term of the
contract? - ANS -Level premium policy
Which type of beneficiary CANNOT be changed without consent? - ANS -The beneficiary
is irrevocable
How many total hours of continuing education covering the subjects for which the
license is licensed must complete? - ANS -24 hours
Accidental and dismemberment will pay the principal sum of death occurs: - ANS -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 force the company will pay the death benefit to the beneficiary? - ANS -An Insuring
Clause
Under MN law, if an employee is laid off from employment and is no longer eligible for
group coverage, what can the employer's life insurance coverage? - ANS -The employer
must inform the company of he amount payable to continue coverage for up to 18
months
Which rider allows additional insurance at a specified date or event without evidence of
insurability? - ANS -Guaranteed Insurability
Which of the exceptions of a variable annuity contract if a person cancelled an insurance
contract within the free look period is without liability and the person is entitled a refund
of? - ANS -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? - ANS -10 days
The proposed insured's statement on the application and the first premium payment are
part of the policy? - ANS -Consideration Clause
A temporary producer license can be issued in any of the following EXCEPT - ANS -Any
circumstance the commissioner deems to be in the public interest
, Which of the following would be prohibited advertising? - ANS -Advertising that uses the
MN Life and Health Insurance Guaranty Association
A proposed insured whose likelihood of loss is significantly less than the average is
classified as: - ANS -Preferred risk
Once a policy has been reinstated the insured must wait what amount of time before
coverage for sickness is available? - ANS -10 days
Blood tests to detect the presence of Human Immunodeficiency Virus (HIV) are becoming
commonplace laws that have been allowing companies to: - ANS -Shares the positive
HIV information with other companies
What is the purpose of the conversion privilege in a group life insurance policy? - ANS
-Gives the employee the right to convert their group coverage to an individual policy
without proof of insurability upon their termination
The act of inducing a person to terminate an existing policy and purchase a new policy
is: - ANS -Twisting
All of the following are examples of third party ownership EXCEPT: - ANS -Primary
Beneficiary
When an individual replaces a life insurance policy, who initials the replacement of the
life insurance policy form? - ANS -Both the applicant and the insurance producer
A false written or oral statement made by a producer for the purpose of replacing an
existing policy to the document of insurance is: - ANS -Defamation
John has a life insurance policy with XYZ Company; his premium payment is due on the
first of each month. Due to illness, John failed to pay on June 1st a premium of $210. On
June 20th, John died. Which of the following would be a provision in John's policy that
would come into play so that the beneficiary would be paid? - ANS -Grace period
provision
Which of the following statements regarding the concepts of insurable interest as related
to the life insurable contract is TRUE? - ANS -Individual related closely by blood have an
insurable interest based on love and affection
When the structure and flexibility of a universal life policy are combined with investment,
choice is: - ANS -Variable Universal Life Policy
In what type of policy does the owner pay the same premium throughout the term of the
contract? - ANS -Level premium policy
Which type of beneficiary CANNOT be changed without consent? - ANS -The beneficiary
is irrevocable
How many total hours of continuing education covering the subjects for which the
license is licensed must complete? - ANS -24 hours
Accidental and dismemberment will pay the principal sum of death occurs: - ANS -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 force the company will pay the death benefit to the beneficiary? - ANS -An Insuring
Clause
Under MN law, if an employee is laid off from employment and is no longer eligible for
group coverage, what can the employer's life insurance coverage? - ANS -The employer
must inform the company of he amount payable to continue coverage for up to 18
months
Which rider allows additional insurance at a specified date or event without evidence of
insurability? - ANS -Guaranteed Insurability
Which of the exceptions of a variable annuity contract if a person cancelled an insurance
contract within the free look period is without liability and the person is entitled a refund
of? - ANS -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? - ANS -10 days
The proposed insured's statement on the application and the first premium payment are
part of the policy? - ANS -Consideration Clause
A temporary producer license can be issued in any of the following EXCEPT - ANS -Any
circumstance the commissioner deems to be in the public interest
, Which of the following would be prohibited advertising? - ANS -Advertising that uses the
MN Life and Health Insurance Guaranty Association
A proposed insured whose likelihood of loss is significantly less than the average is
classified as: - ANS -Preferred risk
Once a policy has been reinstated the insured must wait what amount of time before
coverage for sickness is available? - ANS -10 days
Blood tests to detect the presence of Human Immunodeficiency Virus (HIV) are becoming
commonplace laws that have been allowing companies to: - ANS -Shares the positive
HIV information with other companies
What is the purpose of the conversion privilege in a group life insurance policy? - ANS
-Gives the employee the right to convert their group coverage to an individual policy
without proof of insurability upon their termination
The act of inducing a person to terminate an existing policy and purchase a new policy
is: - ANS -Twisting
All of the following are examples of third party ownership EXCEPT: - ANS -Primary
Beneficiary
When an individual replaces a life insurance policy, who initials the replacement of the
life insurance policy form? - ANS -Both the applicant and the insurance producer
A false written or oral statement made by a producer for the purpose of replacing an
existing policy to the document of insurance is: - ANS -Defamation
John has a life insurance policy with XYZ Company; his premium payment is due on the
first of each month. Due to illness, John failed to pay on June 1st a premium of $210. On
June 20th, John died. Which of the following would be a provision in John's policy that
would come into play so that the beneficiary would be paid? - ANS -Grace period
provision
Which of the following statements regarding the concepts of insurable interest as related
to the life insurable contract is TRUE? - ANS -Individual related closely by blood have an
insurable interest based on love and affection
When the structure and flexibility of a universal life policy are combined with investment,
choice is: - ANS -Variable Universal Life Policy
