MN Insurance Exam Property & Casualty Questions with
Verified Answers Graded A
The commissioner examines each insurer every many deductibles - ANSWER -168 hours
__ years - ANSWER -5 and only 1 deductible
$___ fine per day if a person violates, aides, or How many years is a license period -
abets a written cease and desist order - ANSWER -2 years
ANSWER -$10,000
a temporary insurance producer license may be
Licensee may request a hearing within __ days issued for up to ___ days - ANSWER -180
of commissioners order after hearing request, the days
commissioner has ___ to hold the hearing -
ANSWER -30 and 30
a licensee's time to notify the commissioner of
address change is __ days - ANSWER -10
___ prelicensing hours per major line of authority days
- ANSWER -20 hours
a license is suspended for any period no less
number of years licensing exam results are valid than - ANSWER -3 months
- ANSWER -3 years
how many years can you reapply for a license
$___ per line of authority for an applicaton fee - when your license had been revoked? -
ANSWER -$50 ANSWER -2 years
___ credit hours per licensed producer - when you license is revoked what must you
ANSWER -24 credits obtain? - ANSWER -a performance bond of
$20,000
how many hours of continuing education must be
in ethics? - ANSWER -3 the insurer must file a notice of appointment
within __ days of the first sale by the producer -
ANSWER -15 days
For an earthquake how many hours and how
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, MN Insurance Exam Property & Casualty Questions with
Verified Answers Graded A
an insurance company that terminates an
appointment must notify the commissioner within a lapsed licensee can reinstate license within ___
____ days - ANSWER -30 months - ANSWER -12 months
How many days does the insurance company get the penalty for rebating is $___ to $___ per
to send a written notice to the commissioner violation - ANSWER -$60 - $200
about termination to the producer? -
ANSWER -15 days
a promotional advertising item or gift of $___ or
less per year is not a rebate - ANSWER -
After getting the notice of termination, how many $25
days can the producer file written comments
concerning the termination with the
commissioner? - ANSWER -30 days
How many days does an insurer have to reply to
customer claims and inquries? - ANSWER -
10 days
How much is the penalty for failing to appoint a
producer? and up to? - ANSWER -$25 up
to $300
Policies must be delivered to the insured within
__ working days of the producer's receipt from
the insurer - ANSWER -30 days
the producer must notify the commissioner of any
administrative action take or criminal prosecution
against the producer within ___ days -
ANSWER -30 days financial and complain records must be kept on
file for ___ years - ANSWER -6
when is the property value determined? - Inland
Marine - ANSWER -at the time of loss premium refunds must be sent to the insured
within ___ days of the producers receipt from the
insurer - ANSWER -5 days
the producer must notify the commissioner within
___ days of any felony or gross misdemeanor
conviction, guilty plea, or plea of no contest - Policy forms, applications, and advertising must
ANSWER -10 days be retained for __ years after the effective date -
ANSWER -3 years
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Verified Answers Graded A
The commissioner examines each insurer every many deductibles - ANSWER -168 hours
__ years - ANSWER -5 and only 1 deductible
$___ fine per day if a person violates, aides, or How many years is a license period -
abets a written cease and desist order - ANSWER -2 years
ANSWER -$10,000
a temporary insurance producer license may be
Licensee may request a hearing within __ days issued for up to ___ days - ANSWER -180
of commissioners order after hearing request, the days
commissioner has ___ to hold the hearing -
ANSWER -30 and 30
a licensee's time to notify the commissioner of
address change is __ days - ANSWER -10
___ prelicensing hours per major line of authority days
- ANSWER -20 hours
a license is suspended for any period no less
number of years licensing exam results are valid than - ANSWER -3 months
- ANSWER -3 years
how many years can you reapply for a license
$___ per line of authority for an applicaton fee - when your license had been revoked? -
ANSWER -$50 ANSWER -2 years
___ credit hours per licensed producer - when you license is revoked what must you
ANSWER -24 credits obtain? - ANSWER -a performance bond of
$20,000
how many hours of continuing education must be
in ethics? - ANSWER -3 the insurer must file a notice of appointment
within __ days of the first sale by the producer -
ANSWER -15 days
For an earthquake how many hours and how
1/6
, MN Insurance Exam Property & Casualty Questions with
Verified Answers Graded A
an insurance company that terminates an
appointment must notify the commissioner within a lapsed licensee can reinstate license within ___
____ days - ANSWER -30 months - ANSWER -12 months
How many days does the insurance company get the penalty for rebating is $___ to $___ per
to send a written notice to the commissioner violation - ANSWER -$60 - $200
about termination to the producer? -
ANSWER -15 days
a promotional advertising item or gift of $___ or
less per year is not a rebate - ANSWER -
After getting the notice of termination, how many $25
days can the producer file written comments
concerning the termination with the
commissioner? - ANSWER -30 days
How many days does an insurer have to reply to
customer claims and inquries? - ANSWER -
10 days
How much is the penalty for failing to appoint a
producer? and up to? - ANSWER -$25 up
to $300
Policies must be delivered to the insured within
__ working days of the producer's receipt from
the insurer - ANSWER -30 days
the producer must notify the commissioner of any
administrative action take or criminal prosecution
against the producer within ___ days -
ANSWER -30 days financial and complain records must be kept on
file for ___ years - ANSWER -6
when is the property value determined? - Inland
Marine - ANSWER -at the time of loss premium refunds must be sent to the insured
within ___ days of the producers receipt from the
insurer - ANSWER -5 days
the producer must notify the commissioner within
___ days of any felony or gross misdemeanor
conviction, guilty plea, or plea of no contest - Policy forms, applications, and advertising must
ANSWER -10 days be retained for __ years after the effective date -
ANSWER -3 years
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