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MN Life and Health Insurance Exam
Questions with Detailed Verified Answers
(100% Correct Answers) /Already Graded
A+
The commissioner examines each insurer every ___ Years.
Ans: 5 years
$____ fine per day if a person violates, aids, or abets a written cease and desist order
Ans: $10,000
Licensee may request a hearing within ____ days of commissioners order. After hearing request,
Commissioner has ____ days to hold the hearing.
Ans: 30 Days, 30 days
All accident and health insurance policies must be filed with the commissioner at least ____ days prior
to use
Ans: 60 days
During Pre-licensing...
____ hours per major line of authority
_____% passing score on state exam
____ number of years the exam results are valid
Ans: 20, 70%, 3 YEARS
License application fee
Ans: $50 per line of authority
____ Credit hours C.ed. per licensed producer
___ hours must be in ethics
Ans: 24 credit hours, 3
___ hours training prior to selling LTC
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Ans: 8
___ hour refresher course every two years after initial training for LTC
Ans: 4 hours
License periods after the first licensing period are___ years
Ans: 2 years
A temporary insurance producer license may be issued for up to ___ days
Ans: 180 days
A licensee's time to notify the commissioner of address change is ___ days
Ans: 10 days
A license is suspended for any period of time no less than ___ months
Ans: 3 months
A person whose license is revoked can reapply after ___ years. The producer must obtain a
performance bond of at least _____
Ans: 2 years, $20,000
Commissioner may fine a producer up to ___ per violation
Ans: $10,000
The insurer must file notice of appointment within ___ days of first sale by the producer.
Ans: 15 days
An insurer that terminates an appointment must notify the commissioner within _____ days
Ans: 30 days
Within ____ days, the insurer must send written notice of the termination to the producer.
Ans: 15 days
Within ___ days after receiving notice of termination, the producer may file written comments
concerning the termination with the commissioner
Ans: 30 days
The penalty for failing to appoint a producer is $____ per offense, and up to $____ maximum per
unappointed producer
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Ans: $25, $300
The producer must notify the commissioner of any administrative action taken or criminal prosecution
against the producer within ____ days
Ans: 30 days
The producer must notify the commissioner within ______ days of any felony or gross misdemeanor
conviction, guilty plea, or plea of no contest.
Ans: 10 days
A lapsed licensee can reinstate license within ____ months.
Ans: 12 Months
The penally for rebating is $____ to $____ per violation. A promotional gift or advertising item of
$____ is not a rebate.
Ans: $60 to $200, $25
The insurer must reply to customer claims and inquires within ____ days.
Ans: 10 days
Policies must be delivered to the insured within ____ working days of the producers receipt from the
insurer.
Ans: 30 days
Producer financial and compliant records must be kept on file for ____ years.
Ans: 6 years.
Insurers: Policy forms, applications, and advertising must be retained for ____ years after the
effective date.
Ans: 3 years
Insurers: Claim records must be retained for ____ years after the claim is paid or denied
Ans: 3 years
Insurers: must refund unearned premium to the insured within _____ days.
Ans: 30 days
Oral binders must be put into writing to the insured within _____ business days.
Ans: 5 days
MN Life and Health Insurance Exam
Questions with Detailed Verified Answers
(100% Correct Answers) /Already Graded
A+
The commissioner examines each insurer every ___ Years.
Ans: 5 years
$____ fine per day if a person violates, aids, or abets a written cease and desist order
Ans: $10,000
Licensee may request a hearing within ____ days of commissioners order. After hearing request,
Commissioner has ____ days to hold the hearing.
Ans: 30 Days, 30 days
All accident and health insurance policies must be filed with the commissioner at least ____ days prior
to use
Ans: 60 days
During Pre-licensing...
____ hours per major line of authority
_____% passing score on state exam
____ number of years the exam results are valid
Ans: 20, 70%, 3 YEARS
License application fee
Ans: $50 per line of authority
____ Credit hours C.ed. per licensed producer
___ hours must be in ethics
Ans: 24 credit hours, 3
___ hours training prior to selling LTC
, Page |2
Ans: 8
___ hour refresher course every two years after initial training for LTC
Ans: 4 hours
License periods after the first licensing period are___ years
Ans: 2 years
A temporary insurance producer license may be issued for up to ___ days
Ans: 180 days
A licensee's time to notify the commissioner of address change is ___ days
Ans: 10 days
A license is suspended for any period of time no less than ___ months
Ans: 3 months
A person whose license is revoked can reapply after ___ years. The producer must obtain a
performance bond of at least _____
Ans: 2 years, $20,000
Commissioner may fine a producer up to ___ per violation
Ans: $10,000
The insurer must file notice of appointment within ___ days of first sale by the producer.
Ans: 15 days
An insurer that terminates an appointment must notify the commissioner within _____ days
Ans: 30 days
Within ____ days, the insurer must send written notice of the termination to the producer.
Ans: 15 days
Within ___ days after receiving notice of termination, the producer may file written comments
concerning the termination with the commissioner
Ans: 30 days
The penalty for failing to appoint a producer is $____ per offense, and up to $____ maximum per
unappointed producer
, Page |3
Ans: $25, $300
The producer must notify the commissioner of any administrative action taken or criminal prosecution
against the producer within ____ days
Ans: 30 days
The producer must notify the commissioner within ______ days of any felony or gross misdemeanor
conviction, guilty plea, or plea of no contest.
Ans: 10 days
A lapsed licensee can reinstate license within ____ months.
Ans: 12 Months
The penally for rebating is $____ to $____ per violation. A promotional gift or advertising item of
$____ is not a rebate.
Ans: $60 to $200, $25
The insurer must reply to customer claims and inquires within ____ days.
Ans: 10 days
Policies must be delivered to the insured within ____ working days of the producers receipt from the
insurer.
Ans: 30 days
Producer financial and compliant records must be kept on file for ____ years.
Ans: 6 years.
Insurers: Policy forms, applications, and advertising must be retained for ____ years after the
effective date.
Ans: 3 years
Insurers: Claim records must be retained for ____ years after the claim is paid or denied
Ans: 3 years
Insurers: must refund unearned premium to the insured within _____ days.
Ans: 30 days
Oral binders must be put into writing to the insured within _____ business days.
Ans: 5 days
