MINNESOTA LAWS, RULES, AND REGULATIONS

MINNESOTA LAWS, RULES, AND
REGULATIONS

Policies must be delivered or mailed to the insured within _____

________ ______ of the producer's receipt from the insurer.


10 working days -Correct Answer ✔ ✔ Agent Conduct




A producer who is convicted of a felony, gross misdemeanor, or

misdemeanor involving moral turpitude must report it to the

Commissioner within ____ _________ ______ of the conviction.


six years -Correct Answer ✔ ✔ Agent Conduct




Financial and complaint records must be kept on file for _____

________.


10 days -Correct Answer ✔ ✔ Agent Conduct

,A producer who receives a policy cancellation request must make or

initiate the refund within ____ _______ of the request.


four years -Correct Answer ✔ ✔ Insurance Company Conduct




Complaint records must be retained for _______ ________ after the

complaint is made and must contain adequate information for easy

retrieval.


three years -Correct Answer ✔ ✔ Insurance Company Conduct




Policy forms, applications, and advertising must be retained for

_______ ________ after the effective date.


three years -Correct Answer ✔ ✔ Insurance Company Conduct

, Claim records must be retained for _______ _________ after the claim

is paid or declined.


30 days -Correct Answer ✔ ✔ Insurance Company Conduct




Upon policy termination, all unearned premium must be delivered to

the insured within ____ _______ following the insurer's receipt of the

insured's cancellation request.


seven years -Correct Answer ✔ ✔ Fair Credit Reporting Act




Most adverse information remains in a credit report for ________

________. Bankruptcy information remains in the report for 10 years.


Gramm-Leach-Billey Act -Correct Answer ✔ ✔ Required

Disclosures