MN Life and Health Insurance Exam
The commissioner examines each insurer every ___ Years. - ANS -5 years
$____ fine per day if a person violates, aids, or abets a written cease and desist order -
ANS -$10,000
License fee may request a hearing within ____ days of commissioners order. After a
hearing request, the Commissioner has ____ days to hold the hearing. - ANS -30 Days,
30 days
All accident and health insurance policies must be filed with the commissioner at least
____ days prior to use - ANS -60 days
During Pre-licensing...
____ hours per major line of authority
_____% passing score on state exam
____ number of years the exam results are valid - ANS -20, 70%, 3 YEARS
License application fee - ANS -$50 per line of authority
____ Credit hours per licensed producer
___ hours must be in ethics - ANS -25 credit hours, 3
___ hour partnership prior to selling LTC - ANS -8 hour
___ hour refresher course every two years after initial training for LTC - ANS -4 hours
License periods after the first licensing period are___ years - ANS -2 years
A temporary insurance producer license may be issued for up to ___ days - ANS -180
days
A licensee's time to notify the commissioner of address change is ___ days - ANS -10
days
A license is suspended for any period of time no less than ___ months - ANS -3 months`
A person whose license is revoked can reapply after ___ years. The producer must
obtain a performance bond of at least _____ - ANS -2 years, $20,000
, Commissioner may fine a producer up to ___ per violation - ANS -$10,000
The insurer must fine notice of appointment within ___ days of first sale by the producer.
- ANS -15 days
An insurer that terminates an appointment must notify the commissioner within _____
days - ANS -30 days
Within ____ days, the insurer must send written notice of the termination to the producer.
- ANS -15 days
Within ___ days after receiving notice of termination, the producer may file written
comments concerning the termination with the commissioner - ANS -30 days
The penalty for failing to appoint a producer is $____ per offense, and up to $____
maximum per unappointed producer - ANS -$25, $300
The producer must notify the commissioner of any administrative action taken or
criminal prosecution against the producer within ____ days - ANS -30 days
The producer must notify the commissioner within ______ days of any felony or gross
misdemeanor conviction, guilty plea, or plea of no contest. - ANS -10 days
A lapsed licensee can reinstate license within ____ months. - ANS -12 Months
The penally for rebating is $____ to $____ per violation. A promotional gift or advertising
item of $____ is not a rebate. - ANS -$60 to $200, $25
The insurer must reply to customer claims and inquires within ____ days. - ANS -10 days
Policies must be delivered to the insured within ____ working days of the producers
recipes from the insurer. - ANS -30 days
Producer financial and compliant records must be kept on file for ____ years. - ANS -6
years.
Premium refunds must be sent to insured within _____ days of the producer receipt from
the insurer. - ANS -5 days
Insurers: Policy forms, applications, and advertising must be retained for ____ years
after the effective date. - ANS -3 years
The commissioner examines each insurer every ___ Years. - ANS -5 years
$____ fine per day if a person violates, aids, or abets a written cease and desist order -
ANS -$10,000
License fee may request a hearing within ____ days of commissioners order. After a
hearing request, the Commissioner has ____ days to hold the hearing. - ANS -30 Days,
30 days
All accident and health insurance policies must be filed with the commissioner at least
____ days prior to use - ANS -60 days
During Pre-licensing...
____ hours per major line of authority
_____% passing score on state exam
____ number of years the exam results are valid - ANS -20, 70%, 3 YEARS
License application fee - ANS -$50 per line of authority
____ Credit hours per licensed producer
___ hours must be in ethics - ANS -25 credit hours, 3
___ hour partnership prior to selling LTC - ANS -8 hour
___ hour refresher course every two years after initial training for LTC - ANS -4 hours
License periods after the first licensing period are___ years - ANS -2 years
A temporary insurance producer license may be issued for up to ___ days - ANS -180
days
A licensee's time to notify the commissioner of address change is ___ days - ANS -10
days
A license is suspended for any period of time no less than ___ months - ANS -3 months`
A person whose license is revoked can reapply after ___ years. The producer must
obtain a performance bond of at least _____ - ANS -2 years, $20,000
, Commissioner may fine a producer up to ___ per violation - ANS -$10,000
The insurer must fine notice of appointment within ___ days of first sale by the producer.
- ANS -15 days
An insurer that terminates an appointment must notify the commissioner within _____
days - ANS -30 days
Within ____ days, the insurer must send written notice of the termination to the producer.
- ANS -15 days
Within ___ days after receiving notice of termination, the producer may file written
comments concerning the termination with the commissioner - ANS -30 days
The penalty for failing to appoint a producer is $____ per offense, and up to $____
maximum per unappointed producer - ANS -$25, $300
The producer must notify the commissioner of any administrative action taken or
criminal prosecution against the producer within ____ days - ANS -30 days
The producer must notify the commissioner within ______ days of any felony or gross
misdemeanor conviction, guilty plea, or plea of no contest. - ANS -10 days
A lapsed licensee can reinstate license within ____ months. - ANS -12 Months
The penally for rebating is $____ to $____ per violation. A promotional gift or advertising
item of $____ is not a rebate. - ANS -$60 to $200, $25
The insurer must reply to customer claims and inquires within ____ days. - ANS -10 days
Policies must be delivered to the insured within ____ working days of the producers
recipes from the insurer. - ANS -30 days
Producer financial and compliant records must be kept on file for ____ years. - ANS -6
years.
Premium refunds must be sent to insured within _____ days of the producer receipt from
the insurer. - ANS -5 days
Insurers: Policy forms, applications, and advertising must be retained for ____ years
after the effective date. - ANS -3 years
