- Study guides, Class notes & Summaries

After an insurance company examination, the Commissioner or the Examiner appointed by the Commissioner must file a written report of the examination within? (Days) - CORRECT ANSWERS.️️60 days Insurers must keep records related to advertisements of insurance policies for? (Years) - CORRECT ANSWERS.️️3 years Once an individual passes a licensing exam, results are valid for? (Years) - CORRECT ANSWERS.️️3 years If an insurer meets all of the states requirements, their Certificat...

MN PROPERTY & CASUALTY INSURANCE EXAM 2025/2026 QUESTIONS WITH SOLUTION GRADED A+

Insuring Agreement - Describes the covered perils, or risks assumed, or nature of coverage, or makes some reference to the contractual agreement between insurer and insured. In package policies each different coverage form includes its own insuring agreement. Negligence - Caused by improper product design, improper assembly of the product, failure to inspect or test the product, etc. Single Limit - Pays up to one amount as the maximum limit of liability of the insurer with respect to any ...

Endorsement - A document which is attached to the policy and modifies or changes the original policy in some way. Errors and Omissions - A Professional Liability coverage which protects the insured against liability when professional negligence causes monetary damages. Exclusions - The section of the insurance policy which lists property, perils, persons, or situations which are not covered under the policy. Exclusive Agent - An agent, employed by a direct writer or general agent, who mar...

financial and complain records must be kept on file for ___ years - 6 premium refunds must be sent to the insured within ___ days of the producers receipt from the insurer - 5 days Policy forms, applications, and advertising must be retained for __ years after the effective date - 3 years claim records must be retained for ___ years after the claim is paid or denied - 3 years complaint records must be retained for ___ years after the date received - 4 years unearned premium refund to be...

Additional Coverage - Extra coverage added to the policy without an additional premium Named Insured - Anyone listed on the declarations page First Named Insured - The person whose name is listed first. Has control of the policy (cancel, renew, pay the premium, file claims) Additional Insured - Anyone not covered listed on the policy but covered by the policy Mortgage Clause - A mortgagee, as the lender, has an insurable interest in the property used as collateral, ensuring they are prot...

MN Property & Casualty Insurance, MN Insurance Exam Property & Casualty- Terms in this set (124)/MN Property & Casualty Insurance, MN Insurance Exam Property & Casualty- Terms in this set (124)/MN Property & Casualty Insurance, MN Insurance Exam Property & Casualty- Terms in this set (124)