MN Life and Health Insurance Exam
questions with correct answers latest updated
questions 2025
GUARANTEED PASS GRADED AT A +
1.The commissioner examines each insurer every ___ Years. - ANSWER 5 years
2.Which of the following is NOT considered a standard life insurance
nonforfeiture option?
a.) policy loan
b.) cash surrender
c.) extended term insurance
d.) reduced paid-up insurance - ANSWER a.) policy loan
3. Which of the following do variable life insurance premiums generally include to
cover the cost of collecting and processing premiums?
a.) maintenance fee
b.) compensation fee
c.) premium surcharge
d.) quarterly administrative fee - ANSWER a.) maintenance fee
4. When an insured dies, what are the two main categories of needs that arise? -
ANSWER lump-sum needs and ongoing income needs
5. Donna is laid off from Omicron Laboratories in Rochester on June 1. She has
been insured under Omicron's group health plan for several years. She is eligible to
continue this coverage for how long? - ANSWER 18 months
6. What type of life insurance company is owned by its stockholders? - ANSWER
stock company
7. $____ fine per day if a person violates, aids, or abets a written cease and desist
order - ANSWER $10,000
,8. Licensee may request a hearing within ____ days of commissioners order. After
hearing request, Commissioner has ____ days to hold the hearing. - ANSWER 30
Days, 30 days
9. All accident and health insurance policies must be filed with the commissioner
at least ____ days prior to use - ANSWER 60 days
10. During Pre-licensing...
____ hours per major line of authority
_____% passing score on state exam
____ number of years the exam results are valid - ANSWER 20, 70%, 3 YEARS
11. License application fee - ANSWER $50 per line of authority
____ Credit hours C.ed. per licensed producer
12.___ hours must be in ethics - ANSWER 24 credit hours, 3
13. ___ hours training prior to selling LTC - ANSWER 8
14. ___ hour refresher course every two years after initial training for LTC -
ANSWER 4 hours
15. License periods after the first licensing period are___ years - ANSWER 2 years
16. A temporary insurance producer license may be issued for up to ___ days -
ANSWER 180 days
17. A licensee's time to notify the commissioner of address change is ___ days -
ANSWER 10 days
18. A license is suspended for any period of time no less than ___ months -
ANSWER 3 months
19.A person whose license is revoked can reapply after ___ years. The producer
must obtain a performance bond of at least _____ - ANSWER 2 years, $20,000
20. Commissioner may fine a producer up to ___ per violation - ANSWER
$10,000
,21. The insurer must file notice of appointment within ___ days of first sale by the
producer. - ANSWER 15 days
22. An insurer that terminates an appointment must notify the commissioner within
_____ days - ANSWER 30 days
23. Within ____ days, the insurer must send written notice of the termination to the
producer. - ANSWER 15 days
24. Within ___ days after receiving notice of termination, the producer may file
written comments concerning the termination with the commissioner - ANSWER
30 days
25. The penalty for failing to appoint a producer is $____ per offense, and up to
$____ maximum per unappointed producer - ANSWER $25, $300
26. The producer must notify the commissioner of any administrative action taken
or criminal prosecution against the producer within ____ days - ANSWER 30 days
27. The producer must notify the commissioner within ______ days of any felony
or gross misdemeanor conviction, guilty plea, or plea of no contest. - ANSWER 10
days
28. A lapsed licensee can reinstate license within ____ months. - ANSWER 12
Months
29. The penally for rebating is $____ to $____ per violation. A promotional gift or
advertising item of $____ is not a rebate. - ANSWER $60 to $200, $25
30. The insurer must reply to customer claims and inquires within ____ days. -
ANSWER 10 days
31. Policies must be delivered to the insured within ____ working days of the
producers receipt from the insurer. - ANSWER 30 days
32. Producer financial and compliant records must be kept on file for ____ years. -
ANSWER 6 years.
33. Insurers: Policy forms, applications, and advertising must be retained for ____
years after the effective date. - ANSWER 3 years
, 34. Insurers: Claim records must be retained for ____ years after the claim is paid
or denied - ANSWER 3 years
35. Insurers: must refund unearned premium to the insured within _____ days. -
ANSWER 30 days
36. Oral binders must be put into writing to the insured within _____ business
days. - ANSWER 5 days
37. The applicant has the right to challenge any erroneous information contained in
the consumer report within ____ days - ANSWER 30 days
38. Adverse information remains in a credit report for ____ years. Bankruptcy
information remains in the credit report for ____ years. - ANSWER 7 years, 10
years.
39. Free-look for life insurance - ANSWER 10 days
40. Free look for life insurance replacements - ANSWER 30 days
41. Individual life insurance policy grace period - ANSWER 30 days
42. A life policy may be backdated up to ___ months before the application date. -
ANSWER 6 months
43. Former employees may continue health coverage for up to ___ months after
termination - Cobra - ANSWER 18 months
44. The premium charged may not exceed ____% of the plan cost - ANSWER
102%
45. The departing employee has ___ days to elect to continue coverage. -
ANSWER 60 days
46. 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 violation - ANSWER 4 years
questions with correct answers latest updated
questions 2025
GUARANTEED PASS GRADED AT A +
1.The commissioner examines each insurer every ___ Years. - ANSWER 5 years
2.Which of the following is NOT considered a standard life insurance
nonforfeiture option?
a.) policy loan
b.) cash surrender
c.) extended term insurance
d.) reduced paid-up insurance - ANSWER a.) policy loan
3. Which of the following do variable life insurance premiums generally include to
cover the cost of collecting and processing premiums?
a.) maintenance fee
b.) compensation fee
c.) premium surcharge
d.) quarterly administrative fee - ANSWER a.) maintenance fee
4. When an insured dies, what are the two main categories of needs that arise? -
ANSWER lump-sum needs and ongoing income needs
5. Donna is laid off from Omicron Laboratories in Rochester on June 1. She has
been insured under Omicron's group health plan for several years. She is eligible to
continue this coverage for how long? - ANSWER 18 months
6. What type of life insurance company is owned by its stockholders? - ANSWER
stock company
7. $____ fine per day if a person violates, aids, or abets a written cease and desist
order - ANSWER $10,000
,8. Licensee may request a hearing within ____ days of commissioners order. After
hearing request, Commissioner has ____ days to hold the hearing. - ANSWER 30
Days, 30 days
9. All accident and health insurance policies must be filed with the commissioner
at least ____ days prior to use - ANSWER 60 days
10. During Pre-licensing...
____ hours per major line of authority
_____% passing score on state exam
____ number of years the exam results are valid - ANSWER 20, 70%, 3 YEARS
11. License application fee - ANSWER $50 per line of authority
____ Credit hours C.ed. per licensed producer
12.___ hours must be in ethics - ANSWER 24 credit hours, 3
13. ___ hours training prior to selling LTC - ANSWER 8
14. ___ hour refresher course every two years after initial training for LTC -
ANSWER 4 hours
15. License periods after the first licensing period are___ years - ANSWER 2 years
16. A temporary insurance producer license may be issued for up to ___ days -
ANSWER 180 days
17. A licensee's time to notify the commissioner of address change is ___ days -
ANSWER 10 days
18. A license is suspended for any period of time no less than ___ months -
ANSWER 3 months
19.A person whose license is revoked can reapply after ___ years. The producer
must obtain a performance bond of at least _____ - ANSWER 2 years, $20,000
20. Commissioner may fine a producer up to ___ per violation - ANSWER
$10,000
,21. The insurer must file notice of appointment within ___ days of first sale by the
producer. - ANSWER 15 days
22. An insurer that terminates an appointment must notify the commissioner within
_____ days - ANSWER 30 days
23. Within ____ days, the insurer must send written notice of the termination to the
producer. - ANSWER 15 days
24. Within ___ days after receiving notice of termination, the producer may file
written comments concerning the termination with the commissioner - ANSWER
30 days
25. The penalty for failing to appoint a producer is $____ per offense, and up to
$____ maximum per unappointed producer - ANSWER $25, $300
26. The producer must notify the commissioner of any administrative action taken
or criminal prosecution against the producer within ____ days - ANSWER 30 days
27. The producer must notify the commissioner within ______ days of any felony
or gross misdemeanor conviction, guilty plea, or plea of no contest. - ANSWER 10
days
28. A lapsed licensee can reinstate license within ____ months. - ANSWER 12
Months
29. The penally for rebating is $____ to $____ per violation. A promotional gift or
advertising item of $____ is not a rebate. - ANSWER $60 to $200, $25
30. The insurer must reply to customer claims and inquires within ____ days. -
ANSWER 10 days
31. Policies must be delivered to the insured within ____ working days of the
producers receipt from the insurer. - ANSWER 30 days
32. Producer financial and compliant records must be kept on file for ____ years. -
ANSWER 6 years.
33. Insurers: Policy forms, applications, and advertising must be retained for ____
years after the effective date. - ANSWER 3 years
, 34. Insurers: Claim records must be retained for ____ years after the claim is paid
or denied - ANSWER 3 years
35. Insurers: must refund unearned premium to the insured within _____ days. -
ANSWER 30 days
36. Oral binders must be put into writing to the insured within _____ business
days. - ANSWER 5 days
37. The applicant has the right to challenge any erroneous information contained in
the consumer report within ____ days - ANSWER 30 days
38. Adverse information remains in a credit report for ____ years. Bankruptcy
information remains in the credit report for ____ years. - ANSWER 7 years, 10
years.
39. Free-look for life insurance - ANSWER 10 days
40. Free look for life insurance replacements - ANSWER 30 days
41. Individual life insurance policy grace period - ANSWER 30 days
42. A life policy may be backdated up to ___ months before the application date. -
ANSWER 6 months
43. Former employees may continue health coverage for up to ___ months after
termination - Cobra - ANSWER 18 months
44. The premium charged may not exceed ____% of the plan cost - ANSWER
102%
45. The departing employee has ___ days to elect to continue coverage. -
ANSWER 60 days
46. 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 violation - ANSWER 4 years
