MN LIFE AND HEALTH INSURANCE 2026/2027 QUESTIONS
AND SOLUTIONS RATED A+
✔✔Policies must be delivered to the insured within ____ working days of the producers
recipes from the insurer. - ✔✔30 days
✔✔Producer financial and compliant records must be kept on file for ____ years. - ✔✔6
years.
✔✔Premium refunds must be sent to insured within _____ days of the producer receipt
from the insurer. - ✔✔5 days
✔✔Insurers: Policy forms, applications, and advertising must be retained for ____ years
after the effective date. - ✔✔3 years
✔✔Insurers: Claim records must be retained for ____ years after the claim is paid or
denied - ✔✔3 years
✔✔Insurers: must refund unearned premium to the insured within _____ days. - ✔✔30
days
✔✔Oral binders must be put into writing to the insured within _____ business days. -
✔✔5 days
✔✔The applicant has the right to challenge any erroneous information contained in the
consumer report within ____ days - ✔✔30 days
✔✔Adverse information remains in a credit report for ____ years. Bankruptcy
information remains in the credit report for ____ years. - ✔✔7 years, 10 years.
✔✔Free-look for life insurance - ✔✔10 days
✔✔Free look for life insurance replacements - ✔✔30 days
✔✔Individual life insurance policy grace period - ✔✔1 month
✔✔A life policy may be backdated up to ___ months before the application date. - ✔✔6
months
✔✔Former employees may continue coverage for up to ___ months after termination. -
✔✔18 months
✔✔The premium charged may not exceed ____% of the plan cost - ✔✔102%
, ✔✔The employee has ___ days to elect to continue coverage. - ✔✔60 days
✔✔In the insurer determines within the first _____ years of a policy that a transfer of
ownership has been made to a person with no insurable interest, the policy may be
considered to be a STOLI and is a violations - ✔✔4 years
✔✔period of time within receiving an application that the replacing insurer must notify
any existing insurer - ✔✔5 days
✔✔Length of time replacing insurer must keep copies of the above replacement notice
records - ✔✔6 years
✔✔Newborn children are covered from - ✔✔birth
✔✔To continue coverage for a child with disabilities, proof of the incapacity and
dependency must be furnished to the insurer within ____ days of the child reaching the
policies limiting age. - ✔✔31 days.
✔✔Medicare: The policy must cover a preexisting condition during the first _____
months of coverage if the insured was not diagnosed or treated for the particular
condition during the ______ days immediately preceding the effective date of coverage.
- ✔✔6 months, 90 days
✔✔Free-look for Medicare supplements - ✔✔30 days
✔✔Medicare: Renewal provision must be _________ or better (non-cancelable) -
✔✔guaranteed renewable
✔✔"Guide to health insurance for people with medicare" must be given at time of _____
- ✔✔Application
✔✔"Open enrollment" within _______ of enrolling in Medicare part B, and aging of 65 or
older - ✔✔6 months
✔✔Penalty for violating medicare supplement laws - ✔✔$5,000
✔✔LTC: Policy holder must cover preexisting conditions during the first ______ months
of coverage if the insured was not diagnosed or treated for the particular condition
during the _______ days immediately preceding the effective date of coverage. - ✔✔6
months, 90 days
AND SOLUTIONS RATED A+
✔✔Policies must be delivered to the insured within ____ working days of the producers
recipes from the insurer. - ✔✔30 days
✔✔Producer financial and compliant records must be kept on file for ____ years. - ✔✔6
years.
✔✔Premium refunds must be sent to insured within _____ days of the producer receipt
from the insurer. - ✔✔5 days
✔✔Insurers: Policy forms, applications, and advertising must be retained for ____ years
after the effective date. - ✔✔3 years
✔✔Insurers: Claim records must be retained for ____ years after the claim is paid or
denied - ✔✔3 years
✔✔Insurers: must refund unearned premium to the insured within _____ days. - ✔✔30
days
✔✔Oral binders must be put into writing to the insured within _____ business days. -
✔✔5 days
✔✔The applicant has the right to challenge any erroneous information contained in the
consumer report within ____ days - ✔✔30 days
✔✔Adverse information remains in a credit report for ____ years. Bankruptcy
information remains in the credit report for ____ years. - ✔✔7 years, 10 years.
✔✔Free-look for life insurance - ✔✔10 days
✔✔Free look for life insurance replacements - ✔✔30 days
✔✔Individual life insurance policy grace period - ✔✔1 month
✔✔A life policy may be backdated up to ___ months before the application date. - ✔✔6
months
✔✔Former employees may continue coverage for up to ___ months after termination. -
✔✔18 months
✔✔The premium charged may not exceed ____% of the plan cost - ✔✔102%
, ✔✔The employee has ___ days to elect to continue coverage. - ✔✔60 days
✔✔In the insurer determines within the first _____ years of a policy that a transfer of
ownership has been made to a person with no insurable interest, the policy may be
considered to be a STOLI and is a violations - ✔✔4 years
✔✔period of time within receiving an application that the replacing insurer must notify
any existing insurer - ✔✔5 days
✔✔Length of time replacing insurer must keep copies of the above replacement notice
records - ✔✔6 years
✔✔Newborn children are covered from - ✔✔birth
✔✔To continue coverage for a child with disabilities, proof of the incapacity and
dependency must be furnished to the insurer within ____ days of the child reaching the
policies limiting age. - ✔✔31 days.
✔✔Medicare: The policy must cover a preexisting condition during the first _____
months of coverage if the insured was not diagnosed or treated for the particular
condition during the ______ days immediately preceding the effective date of coverage.
- ✔✔6 months, 90 days
✔✔Free-look for Medicare supplements - ✔✔30 days
✔✔Medicare: Renewal provision must be _________ or better (non-cancelable) -
✔✔guaranteed renewable
✔✔"Guide to health insurance for people with medicare" must be given at time of _____
- ✔✔Application
✔✔"Open enrollment" within _______ of enrolling in Medicare part B, and aging of 65 or
older - ✔✔6 months
✔✔Penalty for violating medicare supplement laws - ✔✔$5,000
✔✔LTC: Policy holder must cover preexisting conditions during the first ______ months
of coverage if the insured was not diagnosed or treated for the particular condition
during the _______ days immediately preceding the effective date of coverage. - ✔✔6
months, 90 days
