MN LIFE AND HEALTH PRODUCER MAIN EXAM 2026/2027
QUESTIONS AND SOLUTIONS RATED A+
✔✔The penalty for rebating is __ to ___ per violation a promotional advertising item or
gift of ___ or less per year is not a rebate. - ✔✔60 200 25
✔✔The insurer must reply to customer claims and inquiries within ___ days - ✔✔10
✔✔Policies must be delivered to the insured within __ working days of the producer's
receipt from the insurer - ✔✔30
✔✔Producer financial and complaint records must be kept on file for ___ years - ✔✔6
✔✔premium refunds must be sent to the insured within ___ days of the producers
receipt from the insurer - ✔✔5
✔✔Insurers: Policy forms, applications, and advertising must be retained for ____ years
after the effective date. - ✔✔3
✔✔Insurers: Complaint records must be retained for ___ years from the date received -
✔✔4
✔✔Insurers: must refund unearned premium to the insured within _____ days. - ✔✔30
✔✔oral binders must be put in writing to the insured within ___ business days - ✔✔5
✔✔The applicant has the right to challenge any erroneous information contained in the
consumer report within___ days - ✔✔30
✔✔Adverse information remains in a credit report for ___ years. Bankruptcy information
remains in the credit report for____ years - ✔✔7 10
✔✔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
✔✔Former employee may continue coverage for up to__ months after termination -
✔✔18
, ✔✔The premium charged may not exceed___% of the plan cost - ✔✔102
✔✔The employee has ____ days to elect to continue coverage - ✔✔60
✔✔If 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 violation - ✔✔4
✔✔Period of time within receiving an application that the replacing insurer must notify
any other 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
policy limiting age - ✔✔31
✔✔The policy must cover preexisting conditions during the first____ months of
coverage if the insured was not diagnosed or treated for particular condition during the
___ days immediately preceding the effective date of coverage - ✔✔6 90
✔✔Free-look for Medicare supplements - ✔✔30 days
✔✔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 Medicare part b and age 65 or older - ✔✔6
months
✔✔Penalty for violating Medicare supplement law - ✔✔5k
✔✔Shoppers guide to long term care must be given before taking the - ✔✔application
✔✔Coverage may include a waiting (elimination) period of up to ___ days - ✔✔180
✔✔Free look for long-term care insurance - ✔✔30 days
QUESTIONS AND SOLUTIONS RATED A+
✔✔The penalty for rebating is __ to ___ per violation a promotional advertising item or
gift of ___ or less per year is not a rebate. - ✔✔60 200 25
✔✔The insurer must reply to customer claims and inquiries within ___ days - ✔✔10
✔✔Policies must be delivered to the insured within __ working days of the producer's
receipt from the insurer - ✔✔30
✔✔Producer financial and complaint records must be kept on file for ___ years - ✔✔6
✔✔premium refunds must be sent to the insured within ___ days of the producers
receipt from the insurer - ✔✔5
✔✔Insurers: Policy forms, applications, and advertising must be retained for ____ years
after the effective date. - ✔✔3
✔✔Insurers: Complaint records must be retained for ___ years from the date received -
✔✔4
✔✔Insurers: must refund unearned premium to the insured within _____ days. - ✔✔30
✔✔oral binders must be put in writing to the insured within ___ business days - ✔✔5
✔✔The applicant has the right to challenge any erroneous information contained in the
consumer report within___ days - ✔✔30
✔✔Adverse information remains in a credit report for ___ years. Bankruptcy information
remains in the credit report for____ years - ✔✔7 10
✔✔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
✔✔Former employee may continue coverage for up to__ months after termination -
✔✔18
, ✔✔The premium charged may not exceed___% of the plan cost - ✔✔102
✔✔The employee has ____ days to elect to continue coverage - ✔✔60
✔✔If 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 violation - ✔✔4
✔✔Period of time within receiving an application that the replacing insurer must notify
any other 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
policy limiting age - ✔✔31
✔✔The policy must cover preexisting conditions during the first____ months of
coverage if the insured was not diagnosed or treated for particular condition during the
___ days immediately preceding the effective date of coverage - ✔✔6 90
✔✔Free-look for Medicare supplements - ✔✔30 days
✔✔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 Medicare part b and age 65 or older - ✔✔6
months
✔✔Penalty for violating Medicare supplement law - ✔✔5k
✔✔Shoppers guide to long term care must be given before taking the - ✔✔application
✔✔Coverage may include a waiting (elimination) period of up to ___ days - ✔✔180
✔✔Free look for long-term care insurance - ✔✔30 days
