MN Life License Exam
Which of the following would be prohibited advertising? -Correct
Answer ✔ ✔ Advertising that uses the MN Life and Health
Insurance Guaranty Association
A proposed insured whose likelihood of loss is significantly less than
the average is classified as: -Correct Answer ✔ ✔ Substandard risk
Once a policy has been reinstated the insured must wait what amount
of time before coverage for sickness is available? -Correct Answer ✔
✔ 10days
Blood tests to detect the presence of Human Immunodeficiency Virus
(HIV) are becoming commonplace laws have been allowing companies
to: -Correct Answer ✔ ✔ Shared the positive HIV information with
other companies
, What is the purpose of the conversion privilege in a group life
insurance policy? -Correct Answer ✔ ✔ Gives the employee the
right to convert their group coverage to an individual policy without
proof of insurability upon their termination
The act of inducing a person to terminate an existing policy and
purchase a new policy is referred as: -Correct Answer ✔ ✔
Twisting
All of the following are examples of third party ownership EXCEPT:
A. Key person
B. Contact assignment
C. Primary beneficiary
D. Invariable policies -Correct Answer ✔ ✔ C. Primary beneficiary
When an individual replaces a life insurance policy, who initials the
replacement of the life insurance policy form? -Correct Answer ✔ ✔
Both the applicant and insurance producer
Which of the following would be prohibited advertising? -Correct
Answer ✔ ✔ Advertising that uses the MN Life and Health
Insurance Guaranty Association
A proposed insured whose likelihood of loss is significantly less than
the average is classified as: -Correct Answer ✔ ✔ Substandard risk
Once a policy has been reinstated the insured must wait what amount
of time before coverage for sickness is available? -Correct Answer ✔
✔ 10days
Blood tests to detect the presence of Human Immunodeficiency Virus
(HIV) are becoming commonplace laws have been allowing companies
to: -Correct Answer ✔ ✔ Shared the positive HIV information with
other companies
, What is the purpose of the conversion privilege in a group life
insurance policy? -Correct Answer ✔ ✔ Gives the employee the
right to convert their group coverage to an individual policy without
proof of insurability upon their termination
The act of inducing a person to terminate an existing policy and
purchase a new policy is referred as: -Correct Answer ✔ ✔
Twisting
All of the following are examples of third party ownership EXCEPT:
A. Key person
B. Contact assignment
C. Primary beneficiary
D. Invariable policies -Correct Answer ✔ ✔ C. Primary beneficiary
When an individual replaces a life insurance policy, who initials the
replacement of the life insurance policy form? -Correct Answer ✔ ✔
Both the applicant and insurance producer
