MN life insurance With 203 Test Exam
Questions
Which statement best describes agreement as it relates to insurance
contracts? -Correct Answer ✔ ✔ One party accepts the exact
terms of the other party's offer.
Who is the annuity owner? -Correct Answer ✔ ✔ The person who
purchases the annuity
A distribution from an employer-sponsored retirement plan or from
an ira is eligible for a tax-free rollover if it is reinvested in an IRA
within -Correct Answer ✔ ✔ 60 days
Which of the following are characteristics of term life insurance? -
Correct Answer ✔ ✔ Temporary protection, renewability, no cash
value
,Which of the following is true regarding pure life annuity settlement
option? -Correct Answer ✔ ✔ It provides the highest monthly
benefit
j works part time in her father's insurance agency but she doesn't
have an insurance producer license. she may perform all of the
following activities except? -Correct Answer ✔ ✔ Collect premium
for in-force polices and explain coverages to clients that have existing
polices written by her father
a producer's license lapses. it can be reinstated without requiring the
producer pass to the licensing exam again, provided that the producer
applies for reinstatement within -Correct Answer ✔ ✔ 12 months
an agreement that is enforceable by law is known as what kind of
contract? -Correct Answer ✔ ✔ Legal
The reduction of premium option uses the dividend to reduce -Correct
Answer ✔ ✔ Next year's premium
,Which of the following would not be eligible for coverage under key
person? -Correct Answer ✔ ✔ owner of a shop
Which of the following is a permissible reason for an insurance
company to contest payment of a claim based on statements in the
application? -Correct Answer ✔ ✔ The application contains
material misstatements
a group life insurance policy is issued to? -Correct Answer ✔ ✔
Both
Which of the following criminal activities would be sufficient violation
to warrant rejection, revocation or suspension? -Correct Answer ✔
✔ Forgery
with adjustable life, the owner can change all of the following except?
-Correct Answer ✔ ✔ The length of time the cover will last
, An insurer that operates for one or more social, educational,
charitable, benevolent, or religious purposes for the benefit of its
members is known as a -Correct Answer ✔ ✔ Fraternal Insurer
Which of the following best describes pure life of annuity? -Correct
Answer ✔ ✔ It provides the highest monthly benefits.
An insurer must notify the consumer in writing that an investigative
consumer report has been requested, within how many days of the
initial request? -Correct Answer ✔ ✔ 3 days
A producer's license lapses. it can be reinstated without requiring the
producer pass to the licensing exam again, provided that the producer
applies for reinstatement within -Correct Answer ✔ ✔ 12 months
An insured has 2 property policies in force covering the same risk.
when a loss occurs, which of the following policy provisions states
that each policy will pay the same proportion of its limits to the
overall coverage? -Correct Answer ✔ ✔ Pro rata
Questions
Which statement best describes agreement as it relates to insurance
contracts? -Correct Answer ✔ ✔ One party accepts the exact
terms of the other party's offer.
Who is the annuity owner? -Correct Answer ✔ ✔ The person who
purchases the annuity
A distribution from an employer-sponsored retirement plan or from
an ira is eligible for a tax-free rollover if it is reinvested in an IRA
within -Correct Answer ✔ ✔ 60 days
Which of the following are characteristics of term life insurance? -
Correct Answer ✔ ✔ Temporary protection, renewability, no cash
value
,Which of the following is true regarding pure life annuity settlement
option? -Correct Answer ✔ ✔ It provides the highest monthly
benefit
j works part time in her father's insurance agency but she doesn't
have an insurance producer license. she may perform all of the
following activities except? -Correct Answer ✔ ✔ Collect premium
for in-force polices and explain coverages to clients that have existing
polices written by her father
a producer's license lapses. it can be reinstated without requiring the
producer pass to the licensing exam again, provided that the producer
applies for reinstatement within -Correct Answer ✔ ✔ 12 months
an agreement that is enforceable by law is known as what kind of
contract? -Correct Answer ✔ ✔ Legal
The reduction of premium option uses the dividend to reduce -Correct
Answer ✔ ✔ Next year's premium
,Which of the following would not be eligible for coverage under key
person? -Correct Answer ✔ ✔ owner of a shop
Which of the following is a permissible reason for an insurance
company to contest payment of a claim based on statements in the
application? -Correct Answer ✔ ✔ The application contains
material misstatements
a group life insurance policy is issued to? -Correct Answer ✔ ✔
Both
Which of the following criminal activities would be sufficient violation
to warrant rejection, revocation or suspension? -Correct Answer ✔
✔ Forgery
with adjustable life, the owner can change all of the following except?
-Correct Answer ✔ ✔ The length of time the cover will last
, An insurer that operates for one or more social, educational,
charitable, benevolent, or religious purposes for the benefit of its
members is known as a -Correct Answer ✔ ✔ Fraternal Insurer
Which of the following best describes pure life of annuity? -Correct
Answer ✔ ✔ It provides the highest monthly benefits.
An insurer must notify the consumer in writing that an investigative
consumer report has been requested, within how many days of the
initial request? -Correct Answer ✔ ✔ 3 days
A producer's license lapses. it can be reinstated without requiring the
producer pass to the licensing exam again, provided that the producer
applies for reinstatement within -Correct Answer ✔ ✔ 12 months
An insured has 2 property policies in force covering the same risk.
when a loss occurs, which of the following policy provisions states
that each policy will pay the same proportion of its limits to the
overall coverage? -Correct Answer ✔ ✔ Pro rata
