MN Life and Health Insurance Exam 2025

The commissioner examines each insurer every ___ Years. - Correct Ans-5 years $____ fine per day if a person violates, aids, or abets a written cease and desist order - Correct Ans-$10,000 Licensee may request a hearing within ____ days of commissioners order. After hearing request, Commissioner has ____ days to hold the hearing. - Correct Ans-30 Days, 30 days All accident and health insurance policies must be filed with the commissioner at least ____ days prior to use - Correct 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 - Correct Ans-20, 70%, 3 YEARS License application fee - Correct Ans-$50 per line of authority ____ Credit hours C.ed. per licensed producer ___ hours must be in ethics - Correct Ans-24 credit hours, 3 ___ hours training prior to selling LTC - Correct Ans-8 ___ hour refresher course every two years after initial training for LTC - Correct Ans-4 hours License periods after the first licensing period are___ years - Correct Ans-2 years A temporary insurance producer license may be issued for up to ___ days - Correct Ans-180 days A licensee's time to notify the commissioner of address change is ___ days - Correct Ans-10 days A license is suspended for any period of time no less than ___ months - Correct Ans-3 months A person whose license is revoked can reapply after ___ years. The producer must obtain a performance bond of at least _____ - Correct Ans-2 years, $20,000 Commissioner may fine a producer up to ___ per violation - Correct Ans-$10,000 The insurer must file notice of appointment within ___ days of first sale by the producer. - Correct Ans-15 days An insurer that terminates an appointment must notify the commissioner within _____ days - Correct Ans-30 days Within ____ days, the insurer must send written notice of the termination to the producer. - Correct Ans-15 days Within ___ days after receiving notice of termination, the producer may file written comments concerning the termination with the commissioner - Correct Ans-30 days The penalty for failing to appoint a producer is $____ per offense, and up to $____ maximum per unappointed producer - Correct Ans-$25, $300 The producer must notify the commissioner of any administrative action taken or criminal prosecution against the producer within ____ days - Correct 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. - Correct Ans-10 days A lapsed licensee can reinstate license within ____ months. - Correct Ans-12 Months The penally for rebating is $____ to $____ per violation. A promotional gift or advertising item of $____ is not a rebate. - Correct Ans-$60 to $200, $25 The insurer must reply to customer claims and inquires within ____ days. - Correct Ans-10 days Policies must be delivered to the insured within ____ working days of the producers receipt from the insurer. - Correct Ans-30 days Producer financial and compliant records must be kept on file for ____ years. - Correct Ans-6 years. Insurers: Policy forms, applications, and advertising must be retained for ____ years after the effective date. - Correct Ans-3 years Insurers: Claim records must be retained for ____ years after the claim is paid or denied - Correct Ans-3 years Insurers: must refund unearned premium to the insured within _____ days. - Correct Ans-30 days Oral binders must be put into writing to the insured within _____ business days. - Correct Ans-5 days The applicant has the right to challenge any erroneous information contained in the consumer report within ____ days - Correct Ans-30 days Adverse information remains in a credit report for ____ years. Bankruptcy information remains in the credit report for ____ years. - Correct Ans-7 years, 10 years. Free-look for life insurance - Correct Ans-10 days Free look for life insurance replacements - Correct Ans-30 days Individual life insurance policy grace period - Correct Ans-30 days A life policy may be backdated up to ___ months before the application date. - Correct Ans-6 months Former employees may continue health coverage for up to ___ months after termination - Cobra - Correct Ans-18 months The premium charged may not exceed ____% of the plan cost - Correct Ans-102% The departing employee has ___ days to elect to continue coverage. - Correct Ans-60 days 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 - Correct Ans-4 years period of time within receiving an application that the replacing insurer must notify any existing insurer - Correct Ans-5 days Length of time replacing insurer must keep copies of the above replacement notice records - Correct Ans-6 years Newborn children are covered from - Correct Ans-birth To continue coverage for a child with disabilities, proof of the incapacity and dependency must be furnished to the insurer within ____ days of the child reaching the policies limiting age. - Co