MN Insurance Property & Casualty Final Exam Review Questions and Answers_Updated 100% A+ Graded

MN Insurance Property & Casualty Final Exam Review Questions and Answers_Updated 100% A+ Graded The commissioner examines each insurer every __ years - CORRECT ANSWER-5 $___ fine per day if a person violates, aides, or abets a written cease and desist order - CORRECT ANSWER-$10,000 Licensee may request a hearing within __ days of commissioners order after hearing request, the commissioner has ___ to hold the hearing - CORRECT ANSWER-30 and 30 ___ prelicensing hours per major line of authority - CORRECT ANSWER-20 hours number of years licensing exam results are valid - CORRECT ANSWER-3 years $___ per line of authority for an applicaton fee - CORRECT ANSWER-$50 ___ credit hours per licensed producer - CORRECT ANSWER-24 credits how many hours of continuing education must be in ethics? - CORRECT ANSWER-3 For an earthquake how many hours and how many deductibles - CORRECT ANSWER-168 hours and only 1 deductible How many years is a license period - CORRECT ANSWER-2 years a temporary insurance producer license may be issued for up to ___ days - CORRECT ANSWER-180 days a licensee's time to notify the commissioner of address change is __ days - CORRECT ANSWER-10 days a license is suspended for any period no less than - CORRECT ANSWER-3 months how many years can you reapply for a license when your license had been revoked? - CORRECT ANSWER-2 years when you license is revoked what must you obtain? - CORRECT ANSWER-a performance bond of $20,000 the insurer must file a notice of appointment within __ days of the first sale by the producer - CORRECT ANSWER-15 days an insurance company that terminates an appointment must notify the commissioner within ____ days - CORRECT ANSWER-30 How many days does the insurance company get to send a written notice to the commissioner about termination to the producer? - CORRECT ANSWER-15 days After getting the notice of termination, how many days can the producer file written comments concerning the termination with the commissioner? - CORRECT ANSWER-30 days How much is the penalty for failing to appoint a producer? and up to? - CORRECT ANSWER-$25 up to $300 the producer must notify the commissioner of any administrative action take or criminal prosecution against the producer within ___ days - CORRECT ANSWER-30 days when is the property value determined? - Inland Marine - CORRECT ANSWER-at the time of loss the producer must notify the commissioner within ___ days of any felony or gross misdemeanor conviction, guilty plea, or plea of no contest - CORRECT ANSWER-10 days a lapsed licensee can reinstate license within ___ months - CORRECT ANSWER-12 months the penalty for rebating is $___ to $___ per violation - CORRECT ANSWER-$60 - $200 a promotional advertising item or gift of $___ or less per year is not a rebate - CORRECT ANSWER-$25 How many days does an insurer have to reply to customer claims and inquries? - CORRECT ANSWER-10 days Policies must be delivered to the insured within __ working days of the producer's receipt from the insurer - CORRECT ANSWER-30 days financial and complain records must be kept on file for ___ years - CORRECT ANSWER-6 premium refunds must be sent to the insured within ___ days of the producers receipt from the insurer - CORRECT ANSWER-5 days Policy forms, applications, and advertising must be retained for __ years after the effective date - CORRECT ANSWER-3 years claim records must be retained for ___ years after the claim is paid or denied - CORRECT ANSWER-3 years complaint records must be retained for ___ years after the date received - CORRECT ANSWER-4 years unearned premium refund to be issued within ___ days - CORRECT ANSWER-30 days Domestic shipments can only be covered by - CORRECT ANSWER-truck, train, air or mail Annual Transit Policy - CORRECT ANSWER-covers all shipments during the year Trip transit - CORRECT ANSWER-Covers a single shipment-one time, one way Motor truck cargo - CORRECT ANSWER-truckers form covers the insureds bailee responsibility (carrying someone elsed stuff) oral binders must be put in writing to the insured within ___ business days - CORRECT ANSWER-5 what covers the insured own goods in the insureds own trucks - CORRECT ANSWER-owners form the applicant has the right to challenge any erroneous information contains in the consumer report within __ days - CORRECT ANSWER-30 Bailee Liability - CORRECT ANSWER-- Covers damage to customer's property - Pays customer Adverse information remains in a credit report for ___ years. - CORRECT ANSWER-7 years how many years must bankruptcy information remain in the credit report for - CORRECT ANSWER-10 years