MN Property & Casualty State Exam (2025)
After an insurance company examination, the Commissioner or the Examiner appointed
by the Commissioner must file a written report of the examination within? (Days) - ANS
-60 days
Insurers must keep records related to advertisements of insurance policies for? (Years) -
ANS -3 years
Once an individual passes a licensing exam, are the results valid for? (Years) - ANS -3
years
If an insurer meets all of the state's requirements, their Certificate of Authority should
arrive within? (Days) - ANS -60 days
After appointing an agent, an insurer has to file a "Notice of Appointment" with the
Commissioner within? (days) - ANS -15 days
A temporary producer's license is effective for - ANS -180 days
Maximum penalty per offence for transacting insurance without a Certificate of Authority
is? ($) - ANS -$1,000 dollars
Workers Compensation disability benefits begin after? (Days) - ANS -3 days
In the event of theft of a covered vehicle, transportation expense coverage in a PAP
begins how many hours after the theft? - ANS -48 hours
The Minimum Uninsured Motorist liability limits that must be provided in Minnesota is: -
ANS -$25,000/$50,000
Policies issued through the Minnesota Automobile Insurance Plan must provide liability
limits of at least: - ANS -30/60/10
This Value works best for items that do not fluctuate must in value: - ANS -Agreed Value
A dwelling policy will pay loss of use due to Civil Authority for a maximum of? (Weeks) -
ANS -2 Weeks
, In the event the Commissioner believes there has been a violation of insurance law, a
hearing may be conducted. The hearing must occur no sooner than how many days from
the date of hearing notice? - ANS -20 days
How many hours of continuing education must be completed every 2 years? - ANS -24
hours
How many of the 24 hours of CE must be in the area of ethics? - ANS -3 hours
How many initial hours of training must be needed to sell long-term care? - ANS -8 hours
How many hours of CE are needed every 24 months after being licensed in Long-Term
Care? - ANS -4 hours
An insurance license must be renewed how often? - ANS -24 months
This type of adjuster is a person or business that represents an insurer under contract in
the claim settlement process. They are not employees. - ANS -Independent adjuster
This type of adjuster is an individual or business that charges a fee to the claimant for
representation in the claims settlement process. They represent claimants. - ANS -Public
adjuster
This type of adjuster represents the insured either as an employee or contractor in the
claims settlement process. This is an employee of the insurance company. - ANS -Staff
Adjuster
Minnesota Standard Fire Policy: In order to cancel a fire insurance policy that has been in
place for less than 60 days, an insurer must provide an insured with a notice of
cancellation at least how many days in advance? - ANS -20 days
Minnesota Standard Fire Policy: In the event of nonrenewal, a notice of how many days
must be provided to an insured? - ANS -60 days
In a Township Mutual, what is the minimum property requirement? - ANS -$50,000
In a Township Mutual, what is the minimum number of citizens needed? - ANS -25
Citizens
A Township Mutual must have at least __ but no more than __ members on its BOD. -
ANS -5, 9
The FAIR plan must take action on acceptance or rejection of the risk within how many
days of an application? - ANS -59 days
After an insurance company examination, the Commissioner or the Examiner appointed
by the Commissioner must file a written report of the examination within? (Days) - ANS
-60 days
Insurers must keep records related to advertisements of insurance policies for? (Years) -
ANS -3 years
Once an individual passes a licensing exam, are the results valid for? (Years) - ANS -3
years
If an insurer meets all of the state's requirements, their Certificate of Authority should
arrive within? (Days) - ANS -60 days
After appointing an agent, an insurer has to file a "Notice of Appointment" with the
Commissioner within? (days) - ANS -15 days
A temporary producer's license is effective for - ANS -180 days
Maximum penalty per offence for transacting insurance without a Certificate of Authority
is? ($) - ANS -$1,000 dollars
Workers Compensation disability benefits begin after? (Days) - ANS -3 days
In the event of theft of a covered vehicle, transportation expense coverage in a PAP
begins how many hours after the theft? - ANS -48 hours
The Minimum Uninsured Motorist liability limits that must be provided in Minnesota is: -
ANS -$25,000/$50,000
Policies issued through the Minnesota Automobile Insurance Plan must provide liability
limits of at least: - ANS -30/60/10
This Value works best for items that do not fluctuate must in value: - ANS -Agreed Value
A dwelling policy will pay loss of use due to Civil Authority for a maximum of? (Weeks) -
ANS -2 Weeks
, In the event the Commissioner believes there has been a violation of insurance law, a
hearing may be conducted. The hearing must occur no sooner than how many days from
the date of hearing notice? - ANS -20 days
How many hours of continuing education must be completed every 2 years? - ANS -24
hours
How many of the 24 hours of CE must be in the area of ethics? - ANS -3 hours
How many initial hours of training must be needed to sell long-term care? - ANS -8 hours
How many hours of CE are needed every 24 months after being licensed in Long-Term
Care? - ANS -4 hours
An insurance license must be renewed how often? - ANS -24 months
This type of adjuster is a person or business that represents an insurer under contract in
the claim settlement process. They are not employees. - ANS -Independent adjuster
This type of adjuster is an individual or business that charges a fee to the claimant for
representation in the claims settlement process. They represent claimants. - ANS -Public
adjuster
This type of adjuster represents the insured either as an employee or contractor in the
claims settlement process. This is an employee of the insurance company. - ANS -Staff
Adjuster
Minnesota Standard Fire Policy: In order to cancel a fire insurance policy that has been in
place for less than 60 days, an insurer must provide an insured with a notice of
cancellation at least how many days in advance? - ANS -20 days
Minnesota Standard Fire Policy: In the event of nonrenewal, a notice of how many days
must be provided to an insured? - ANS -60 days
In a Township Mutual, what is the minimum property requirement? - ANS -$50,000
In a Township Mutual, what is the minimum number of citizens needed? - ANS -25
Citizens
A Township Mutual must have at least __ but no more than __ members on its BOD. -
ANS -5, 9
The FAIR plan must take action on acceptance or rejection of the risk within how many
days of an application? - ANS -59 days
