MN life insurance exam With 128 Test Exam
Questions
What type of policy best fits an individual with a 30 year mortgage? -
Correct Answer ✔ ✔ Decreasing term
When are the applicant and the policy owner required to sign the
application: -Correct Answer ✔ ✔ When the insured is other than
the policy owner
What type of policy will cover both husband and wife as the insured
but will pay out the face amount on the death of the last surviving
spouse? -Correct Answer ✔ ✔ Joint Survivorship
How long will a temporary license be issued to an agent's spouse/next
of kin/employee, upon the agent's death or disabling event: -Correct
Answer ✔ ✔ 180 days
If a teacher wants to purchase a retirement plan, what type of plan
will he qualify for? -Correct Answer ✔ ✔ 403 (b)
,If the Commissioner believes a person has or shall violate an
insurance law, the
Commissioner may: -Correct Answer ✔ ✔ Issue a Cease and Desist
Order
Once Commissioner has issued a Cease and Desist Order, within how
many days hearing must be held after the Commissioner receives the
request: -Correct Answer ✔ ✔ 10 days
How much can the Commissioner fine -Correct Answer ✔ ✔ $1,000
per violation fine a person for violation of any law, rule, or order
related to the Commissioner's duties and responsibilities
A business that has been authorized by the Commissioner to do
business in Minnesota, is issued a: -Correct Answer ✔ ✔
Certificate of Authority
An agent licensed in the same state he / she lives, is considered a/n: -
Correct Answer ✔ ✔ domestic
, Who has the right to terminate a producer's appointment? -Correct
Answer ✔ ✔ Commissioner of Commerce
Cheapest policy for 30yrs mortgage protection? -Correct Answer ✔
✔ Decreasing term
which of the following...Modified Endowment Contract (MEC)? -
Correct Answer ✔ ✔ It fails the seven (7) years paid
If the birth date of the deceased is incorrect, what will the insurer do?
-Correct Answer ✔ ✔ Adiust the policy
A policy owner has a gross cash value of $1,500 but, he still own $500.
Which all of the following? -Correct Answer ✔ ✔ $1,000
When an individual replaces a life insurance policy, who signs the
replacement of the life insurance policy form? -Correct Answer ✔ ✔
Both the applicant and the insurance producer
Which kind of insurance companies that policyholder are part of the
owners of the company? -Correct Answer ✔ ✔ Mutual Company
Questions
What type of policy best fits an individual with a 30 year mortgage? -
Correct Answer ✔ ✔ Decreasing term
When are the applicant and the policy owner required to sign the
application: -Correct Answer ✔ ✔ When the insured is other than
the policy owner
What type of policy will cover both husband and wife as the insured
but will pay out the face amount on the death of the last surviving
spouse? -Correct Answer ✔ ✔ Joint Survivorship
How long will a temporary license be issued to an agent's spouse/next
of kin/employee, upon the agent's death or disabling event: -Correct
Answer ✔ ✔ 180 days
If a teacher wants to purchase a retirement plan, what type of plan
will he qualify for? -Correct Answer ✔ ✔ 403 (b)
,If the Commissioner believes a person has or shall violate an
insurance law, the
Commissioner may: -Correct Answer ✔ ✔ Issue a Cease and Desist
Order
Once Commissioner has issued a Cease and Desist Order, within how
many days hearing must be held after the Commissioner receives the
request: -Correct Answer ✔ ✔ 10 days
How much can the Commissioner fine -Correct Answer ✔ ✔ $1,000
per violation fine a person for violation of any law, rule, or order
related to the Commissioner's duties and responsibilities
A business that has been authorized by the Commissioner to do
business in Minnesota, is issued a: -Correct Answer ✔ ✔
Certificate of Authority
An agent licensed in the same state he / she lives, is considered a/n: -
Correct Answer ✔ ✔ domestic
, Who has the right to terminate a producer's appointment? -Correct
Answer ✔ ✔ Commissioner of Commerce
Cheapest policy for 30yrs mortgage protection? -Correct Answer ✔
✔ Decreasing term
which of the following...Modified Endowment Contract (MEC)? -
Correct Answer ✔ ✔ It fails the seven (7) years paid
If the birth date of the deceased is incorrect, what will the insurer do?
-Correct Answer ✔ ✔ Adiust the policy
A policy owner has a gross cash value of $1,500 but, he still own $500.
Which all of the following? -Correct Answer ✔ ✔ $1,000
When an individual replaces a life insurance policy, who signs the
replacement of the life insurance policy form? -Correct Answer ✔ ✔
Both the applicant and the insurance producer
Which kind of insurance companies that policyholder are part of the
owners of the company? -Correct Answer ✔ ✔ Mutual Company
