MN Life and Health Insurance Exam
Producer financial and compliant records must be kept on file for ____
years. -Correct Answer ✔ ✔ 6 years.
Premium refunds must be sent to insured within _____ days of the
producer receipt from the insurer. -Correct Answer ✔ ✔ 5 days
Insurers: Policy forms, applications, and advertising must be retained
for ____ years after the effective date. -Correct Answer ✔ ✔ 3
years
Insurers: Claim records must be retained for ____ years after the
claim is paid or denied -Correct Answer ✔ ✔ 3 years
Insurers: must refund unearned premium to the insured within _____
days. -Correct Answer ✔ ✔ 30 days
Oral binders must be put into writing to the insured within _____
business days. -Correct Answer ✔ ✔ 5 days
,The applicant has the right to challenge any erroneous information
contained in the consumer report within ____ days -Correct Answer
✔ ✔ 30 days
Adverse information remains in a credit report for ____ years.
Bankruptcy information remains in the credit report for ____ years. -
Correct Answer ✔ ✔ 7 years, 10 years.
Free-look for life insurance -Correct Answer ✔ ✔ 10 days
Free look for life insurance replacements -Correct Answer ✔ ✔ 30
days
Individual life insurance policy grace period -Correct Answer ✔ ✔ 1
month
A life policy may be backdated up to ___ months before the
application date. -Correct Answer ✔ ✔ 6 months
Former employees may continue coverage for up to ___ months after
termination. -Correct Answer ✔ ✔ 18 months
,The premium charged may not exceed ____% of the plan cost -Correct
Answer ✔ ✔ 102%
The employee has ___ days to elect to continue coverage. -Correct
Answer ✔ ✔ 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 violations
-Correct Answer ✔ ✔ 4 years
period of time within receiving an application that the replacing
insurer must notify any existing insurer -Correct Answer ✔ ✔ 5
days
Length of time replacing insurer must keep copies of the above
replacement notice records -Correct Answer ✔ ✔ 6 years
Newborn children are covered from -Correct Answer ✔ ✔ 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. -Correct
Answer ✔ ✔ 31 days.
Medicare: The policy must cover a preexisting condition during the
first _____ months of coverage if the insured was not diagnosed or
treated for the particular condition during the ______ days
immediately preceding the effective date of coverage. -Correct
Answer ✔ ✔ 6 months, 90 days
Free-look for Medicare supplements -Correct Answer ✔ ✔ 30 days
Medicare: Renewal provision must be _________ or better (non-
cancelable) -Correct Answer ✔ ✔ guaranteed renewable
"Guide to health insurance for people with medicare" must be given
at time of _____ -Correct Answer ✔ ✔ Application
Producer financial and compliant records must be kept on file for ____
years. -Correct Answer ✔ ✔ 6 years.
Premium refunds must be sent to insured within _____ days of the
producer receipt from the insurer. -Correct Answer ✔ ✔ 5 days
Insurers: Policy forms, applications, and advertising must be retained
for ____ years after the effective date. -Correct Answer ✔ ✔ 3
years
Insurers: Claim records must be retained for ____ years after the
claim is paid or denied -Correct Answer ✔ ✔ 3 years
Insurers: must refund unearned premium to the insured within _____
days. -Correct Answer ✔ ✔ 30 days
Oral binders must be put into writing to the insured within _____
business days. -Correct Answer ✔ ✔ 5 days
,The applicant has the right to challenge any erroneous information
contained in the consumer report within ____ days -Correct Answer
✔ ✔ 30 days
Adverse information remains in a credit report for ____ years.
Bankruptcy information remains in the credit report for ____ years. -
Correct Answer ✔ ✔ 7 years, 10 years.
Free-look for life insurance -Correct Answer ✔ ✔ 10 days
Free look for life insurance replacements -Correct Answer ✔ ✔ 30
days
Individual life insurance policy grace period -Correct Answer ✔ ✔ 1
month
A life policy may be backdated up to ___ months before the
application date. -Correct Answer ✔ ✔ 6 months
Former employees may continue coverage for up to ___ months after
termination. -Correct Answer ✔ ✔ 18 months
,The premium charged may not exceed ____% of the plan cost -Correct
Answer ✔ ✔ 102%
The employee has ___ days to elect to continue coverage. -Correct
Answer ✔ ✔ 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 violations
-Correct Answer ✔ ✔ 4 years
period of time within receiving an application that the replacing
insurer must notify any existing insurer -Correct Answer ✔ ✔ 5
days
Length of time replacing insurer must keep copies of the above
replacement notice records -Correct Answer ✔ ✔ 6 years
Newborn children are covered from -Correct Answer ✔ ✔ 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. -Correct
Answer ✔ ✔ 31 days.
Medicare: The policy must cover a preexisting condition during the
first _____ months of coverage if the insured was not diagnosed or
treated for the particular condition during the ______ days
immediately preceding the effective date of coverage. -Correct
Answer ✔ ✔ 6 months, 90 days
Free-look for Medicare supplements -Correct Answer ✔ ✔ 30 days
Medicare: Renewal provision must be _________ or better (non-
cancelable) -Correct Answer ✔ ✔ guaranteed renewable
"Guide to health insurance for people with medicare" must be given
at time of _____ -Correct Answer ✔ ✔ Application
