MN Laws, Rules, & Regulations Pertinent to Life Insurance | Questions with 100 % correct answers | Verified

Beneficiary Protection from Creditors - If beneficiary eligible to receive death benefit but chooses to leave part/all on deposit with insurer, money is protected from claims of the beneficiaries creditors. Policyowner Rights - Spendthrift provision: Gives insurer the right to hold back proceeds received by beneficiary and protect them from creditors. For old policies without this provision, owner of policy has the right to add it. Insured has up to _____ days from receiving the policy to cancel it by returning it and giving written notice of cancellation. This is called the _________ __________ period. - 10 days Free Look Individual life insurance policy grace period is _____ month. - 1 A life policy may be backdated up to _____ months before the application date. - 6 Insurer must return/refund payments within ______ days after free look period notification of cancellation and return of policy. - 10 Credit Accident and Health Insurance - Insurance on a debtor to provide indemnity for payments due on a specific loan while debtor is disabled. 4 Forms of Credit Insurance - Individual Term Life Individual Accident and Health Group Term Life InsuranceFormer employees may continue group health coverage for up to ______ months after termination. - 18