MN LIFE AND HEALTH INSURANCE COMPREHENSIVE
EXAM 2026 QUESTIONS AND SOLUTIONS SCORED A+
✔✔1. Which of the following is NOT true regarding a deferred annuity? - ✔✔Income
payment begin within 1 years from the date of purchase.
✔✔*What does the application of contract of adhesion mean - ✔✔The holder of the
contract has the ultimate power of promise
✔✔Which of the following statements regarding HIV testing is NOT true? - ✔✔Test
results must be sent to the department of insurance
✔✔An annuity has accumulated the cash value of $70,000, of which $30,000 is from
premium payments. The annuitant dies during the accumulation phase. The beneficiary
will receive: - ✔✔70,000
✔✔What is the maximum fine for insurer who allow producers to transact insurance for
them without appointments? - ✔✔$25
✔✔In whole life insurance, when is the policy cash value schedule to equal the face
amount? - ✔✔At the insured's age 100
✔✔The entire contract includes all of the following except - ✔✔The life insurance policy
✔✔In a commercial auto coverage policy, which of the following coverage forms applies
to automobile transporting property for commercial enterprise - ✔✔Motor Carrier
✔✔All of the following are consideration in an insurance policy except - ✔✔The
Statements on the policy
✔✔Which of the following policies would not offer a policy loan option? - ✔✔Term life
✔✔Which of the following is true regarding premium in a 10-year level premium policy?
- ✔✔The premium will remain level for 10 years.
✔✔Which of the following is required in order for a plan to be qualified? - ✔✔The plan
must be formally written and communicated to the employees
✔✔When comparing a joint life policy to two individual life policies of the same amount
on the same insureds, which condition is true? - ✔✔Joint life has a lower premium than
the total of the two individual policies.
, ✔✔Which of the following is true regarding a joint life annuity? - ✔✔The payment stops
at first death.
✔✔A whole life policy that will generate immediate cash value is a? - ✔✔Single
premium policy
✔✔If a life insurance company uses HIV testing as a part of its underwriting, when must
an applicant be notified of the procedure? - ✔✔Prior to performance of the test
✔✔An adjustable life policy can assume the form of - ✔✔Either term insurance or
permanent insurance
✔✔Contributions to Roth IRAs are - ✔✔not tax deductible
✔✔When a producers change the address of their residence or office, the
commissioner must be notified within - ✔✔30 days
✔✔The owner of a whole life policy with an accidental death rider intentionally kills
himself after having the policy for 18 months. What is the insurance company course of
action? - ✔✔Deny any payment of death benefit
✔✔*what is the difference between a straight life policy and a 20 pay whole life policy? -
✔✔The face amount and cash value
✔✔An insurance form that requires a claim to be made during the policy period if it is to
be covered by the policy is called a - ✔✔Claim-made form
✔✔What is the purpose of key person insurance? - ✔✔To cover decreased business
revenues as a result of the death of a key employee
✔✔All of the following are true about group life insurance except - ✔✔Evidence of
insurability is usually not required.
✔✔A producer lives and is primarily licensed in one state but wants to conduct business
in a neighboring state. what type of license will allow the producer to do that? -
✔✔Nonresident
✔✔Which of the following has the right to change a settlement option in a life insurance
policy? - ✔✔The policy owner at any time during the life of the insured
✔✔A married couple wants to include the entire family in their whole life policy under
one rider. What rider will help them achieve that goal? - ✔✔Family term
EXAM 2026 QUESTIONS AND SOLUTIONS SCORED A+
✔✔1. Which of the following is NOT true regarding a deferred annuity? - ✔✔Income
payment begin within 1 years from the date of purchase.
✔✔*What does the application of contract of adhesion mean - ✔✔The holder of the
contract has the ultimate power of promise
✔✔Which of the following statements regarding HIV testing is NOT true? - ✔✔Test
results must be sent to the department of insurance
✔✔An annuity has accumulated the cash value of $70,000, of which $30,000 is from
premium payments. The annuitant dies during the accumulation phase. The beneficiary
will receive: - ✔✔70,000
✔✔What is the maximum fine for insurer who allow producers to transact insurance for
them without appointments? - ✔✔$25
✔✔In whole life insurance, when is the policy cash value schedule to equal the face
amount? - ✔✔At the insured's age 100
✔✔The entire contract includes all of the following except - ✔✔The life insurance policy
✔✔In a commercial auto coverage policy, which of the following coverage forms applies
to automobile transporting property for commercial enterprise - ✔✔Motor Carrier
✔✔All of the following are consideration in an insurance policy except - ✔✔The
Statements on the policy
✔✔Which of the following policies would not offer a policy loan option? - ✔✔Term life
✔✔Which of the following is true regarding premium in a 10-year level premium policy?
- ✔✔The premium will remain level for 10 years.
✔✔Which of the following is required in order for a plan to be qualified? - ✔✔The plan
must be formally written and communicated to the employees
✔✔When comparing a joint life policy to two individual life policies of the same amount
on the same insureds, which condition is true? - ✔✔Joint life has a lower premium than
the total of the two individual policies.
, ✔✔Which of the following is true regarding a joint life annuity? - ✔✔The payment stops
at first death.
✔✔A whole life policy that will generate immediate cash value is a? - ✔✔Single
premium policy
✔✔If a life insurance company uses HIV testing as a part of its underwriting, when must
an applicant be notified of the procedure? - ✔✔Prior to performance of the test
✔✔An adjustable life policy can assume the form of - ✔✔Either term insurance or
permanent insurance
✔✔Contributions to Roth IRAs are - ✔✔not tax deductible
✔✔When a producers change the address of their residence or office, the
commissioner must be notified within - ✔✔30 days
✔✔The owner of a whole life policy with an accidental death rider intentionally kills
himself after having the policy for 18 months. What is the insurance company course of
action? - ✔✔Deny any payment of death benefit
✔✔*what is the difference between a straight life policy and a 20 pay whole life policy? -
✔✔The face amount and cash value
✔✔An insurance form that requires a claim to be made during the policy period if it is to
be covered by the policy is called a - ✔✔Claim-made form
✔✔What is the purpose of key person insurance? - ✔✔To cover decreased business
revenues as a result of the death of a key employee
✔✔All of the following are true about group life insurance except - ✔✔Evidence of
insurability is usually not required.
✔✔A producer lives and is primarily licensed in one state but wants to conduct business
in a neighboring state. what type of license will allow the producer to do that? -
✔✔Nonresident
✔✔Which of the following has the right to change a settlement option in a life insurance
policy? - ✔✔The policy owner at any time during the life of the insured
✔✔A married couple wants to include the entire family in their whole life policy under
one rider. What rider will help them achieve that goal? - ✔✔Family term
