MN LIFE INSURANCE MAIN EXAMINATION 2026 SET
QUESTIONS AND SOLUTIONS SCORED A+
✔✔Children's riders attached to whole life policies are usually issued as what type of
insurance?
A-Term
B-Variable life
C-Adjustable life
D-Whole life - ✔✔A
✔✔An insured under a life insurance policy has been diagnosed with a terminal illness
and has 6 months to live. The insured knows that his financial state will worsen even
more with the upcoming medical expenses. What option could the insured utilize?
A-Viatical settlement
B-Estate liquidation
C-Nonpayment of premium
D-Change of beneficiary - ✔✔A
✔✔Under a 20-pay whole life policy, in order for the policy to pay the death benefit to a
beneficiary, the premiums must be paid
A-For 20 years or until death, whichever occurs first.
B-Until the policyowner reaches age 65.
C-For at least 20 years.
D-Until the policyowner's age 100, when the policy matures. - ✔✔A
✔✔Which of the following would be grounds for the Commissioner to deny, suspend, or
revoke an insurance producer's license?
A-The Commissioner determines the licensee does not intend to or is not in good faith
carrying on the business of an insurance producer.
B-The licensee has violated or failed to comply with any order of the insurance regulator
of any other state or jurisdiction.
C-The licensee has misrepresented the terms of any actual or proposed insurance
contract.
D-Any of the above - ✔✔D
,✔✔Which of the following homeowners coverage forms applies to condominium unit
owners?
A- НО-4
B- НО-6
C- НО-8
D- НО-2 - ✔✔B
✔✔Which is NOT true about beneficiary designations?
A-The policy does not have to have a beneficiary named in order to be valid. B-Trusts
can be valid beneficiaries.
C-The beneficiary must have insurable interest in the insured.
D-The beneficiary may be a natural person. - ✔✔C
✔✔Which of the following types of life insurance refers to temporary protection that only
lasts for a specified period of time?
A-Single-premium whole life
B-Joint life
C-Limited-pay whole life
D-Term life - ✔✔D
✔✔And insured had a $10,000 of term life policy. The annual premium of $200 was due
on February 1, however, the insured failed to pay the premium. He died on February 28.
How much would the beneficiary receive it from the policy?
A-$0
B- $200
C- $9800
D - $10,000 - ✔✔C
✔✔Which of the following best describes annually renewable term insurance?
A-It is level term insurance.
B-It requires proof of insurability at each renewal.
C-Neither the premium nor the death benefit is affected by the insured's age.
D-It provides an annually increasing death benefit. - ✔✔A
✔✔Continuing education must be completed every
A-Year.
,B-2 years.
C-3 years.
D-4 years. - ✔✔B
✔✔Which provision states that the legal right or interest in a policy may be transferred?
A-Duties of the Insured
B-Assignment
C-Notice of Claim
D-Pro rata - ✔✔B
✔✔The rider in a whole life policy that allows the company to forgo collecting the
premium if the insured is disabled is called
A-Waiver of premium.
B-Guaranteed insurability.
C-Waiver of cost of insurance.
D-Payor benefit. - ✔✔A
✔✔Once an individual is licensed as an insurance producer for life or accident and
health insurance, how many hours of training must he or she initially complete to sell
long-term care insurance?
A-6
B-8
C - 12
D - 4 - ✔✔B
✔✔Which of the following is correct concerning the taxation of premiums in a key-
person life insurance policy?
A - Premiums are taxable to the employee.
B - Premiums are not tax deductible as a business expense.
C - Premiums are tax deductible by the key employee.
D - Premiums are tax deductible as a business expense. - ✔✔B
✔✔An insured decides to replace his life insurance policy with one offered by a new
insurer. After receiving the policy, he is unsatisfied with the provisions and decides to
return it. Within how many days must he return the policy to receive a full premium
refund?
A - 10 days
, B - 15 days
C - 20 days
D - 30 days - ✔✔D
✔✔An insurance contract must contain all of the following to be considered legally
binding
A - Consideration.
B - Competent parties.
C -Beneficiary's consent.
D - Offer and acceptance. - ✔✔C
✔✔Which of the following is NOT a mandatory provision in health insurance policy?
A - illegal occupation
B - Grace period
C - entire contract
D- notice of claim - ✔✔A
✔✔If a life insurance policy has an irrevocable beneficiary designation,
A - The beneficiary cannot be changed to for at least two years.
B - The owner can always change the beneficiary at will.
C - The beneficiary cannot be changed.
D - The beneficiary can only be changed with written permission of the beneficiary. -
✔✔D
✔✔Twin brothers are starting a new business. They know it will take several years to
build a business to the point they can pay off the debt incurred in starting the business.
What type of insurance would be the most affordable and still provide a death benefit
should one of them die?
A - whole life
B - ordinary life
C - join to life
D - decreasing life - ✔✔C
✔✔And personal auto policies, which of the following types of coverage gives a total
amount per claim to be used wherever needed, instead of setting maximum for bodily
injury and property damage?
A - maximum combine payment
QUESTIONS AND SOLUTIONS SCORED A+
✔✔Children's riders attached to whole life policies are usually issued as what type of
insurance?
A-Term
B-Variable life
C-Adjustable life
D-Whole life - ✔✔A
✔✔An insured under a life insurance policy has been diagnosed with a terminal illness
and has 6 months to live. The insured knows that his financial state will worsen even
more with the upcoming medical expenses. What option could the insured utilize?
A-Viatical settlement
B-Estate liquidation
C-Nonpayment of premium
D-Change of beneficiary - ✔✔A
✔✔Under a 20-pay whole life policy, in order for the policy to pay the death benefit to a
beneficiary, the premiums must be paid
A-For 20 years or until death, whichever occurs first.
B-Until the policyowner reaches age 65.
C-For at least 20 years.
D-Until the policyowner's age 100, when the policy matures. - ✔✔A
✔✔Which of the following would be grounds for the Commissioner to deny, suspend, or
revoke an insurance producer's license?
A-The Commissioner determines the licensee does not intend to or is not in good faith
carrying on the business of an insurance producer.
B-The licensee has violated or failed to comply with any order of the insurance regulator
of any other state or jurisdiction.
C-The licensee has misrepresented the terms of any actual or proposed insurance
contract.
D-Any of the above - ✔✔D
,✔✔Which of the following homeowners coverage forms applies to condominium unit
owners?
A- НО-4
B- НО-6
C- НО-8
D- НО-2 - ✔✔B
✔✔Which is NOT true about beneficiary designations?
A-The policy does not have to have a beneficiary named in order to be valid. B-Trusts
can be valid beneficiaries.
C-The beneficiary must have insurable interest in the insured.
D-The beneficiary may be a natural person. - ✔✔C
✔✔Which of the following types of life insurance refers to temporary protection that only
lasts for a specified period of time?
A-Single-premium whole life
B-Joint life
C-Limited-pay whole life
D-Term life - ✔✔D
✔✔And insured had a $10,000 of term life policy. The annual premium of $200 was due
on February 1, however, the insured failed to pay the premium. He died on February 28.
How much would the beneficiary receive it from the policy?
A-$0
B- $200
C- $9800
D - $10,000 - ✔✔C
✔✔Which of the following best describes annually renewable term insurance?
A-It is level term insurance.
B-It requires proof of insurability at each renewal.
C-Neither the premium nor the death benefit is affected by the insured's age.
D-It provides an annually increasing death benefit. - ✔✔A
✔✔Continuing education must be completed every
A-Year.
,B-2 years.
C-3 years.
D-4 years. - ✔✔B
✔✔Which provision states that the legal right or interest in a policy may be transferred?
A-Duties of the Insured
B-Assignment
C-Notice of Claim
D-Pro rata - ✔✔B
✔✔The rider in a whole life policy that allows the company to forgo collecting the
premium if the insured is disabled is called
A-Waiver of premium.
B-Guaranteed insurability.
C-Waiver of cost of insurance.
D-Payor benefit. - ✔✔A
✔✔Once an individual is licensed as an insurance producer for life or accident and
health insurance, how many hours of training must he or she initially complete to sell
long-term care insurance?
A-6
B-8
C - 12
D - 4 - ✔✔B
✔✔Which of the following is correct concerning the taxation of premiums in a key-
person life insurance policy?
A - Premiums are taxable to the employee.
B - Premiums are not tax deductible as a business expense.
C - Premiums are tax deductible by the key employee.
D - Premiums are tax deductible as a business expense. - ✔✔B
✔✔An insured decides to replace his life insurance policy with one offered by a new
insurer. After receiving the policy, he is unsatisfied with the provisions and decides to
return it. Within how many days must he return the policy to receive a full premium
refund?
A - 10 days
, B - 15 days
C - 20 days
D - 30 days - ✔✔D
✔✔An insurance contract must contain all of the following to be considered legally
binding
A - Consideration.
B - Competent parties.
C -Beneficiary's consent.
D - Offer and acceptance. - ✔✔C
✔✔Which of the following is NOT a mandatory provision in health insurance policy?
A - illegal occupation
B - Grace period
C - entire contract
D- notice of claim - ✔✔A
✔✔If a life insurance policy has an irrevocable beneficiary designation,
A - The beneficiary cannot be changed to for at least two years.
B - The owner can always change the beneficiary at will.
C - The beneficiary cannot be changed.
D - The beneficiary can only be changed with written permission of the beneficiary. -
✔✔D
✔✔Twin brothers are starting a new business. They know it will take several years to
build a business to the point they can pay off the debt incurred in starting the business.
What type of insurance would be the most affordable and still provide a death benefit
should one of them die?
A - whole life
B - ordinary life
C - join to life
D - decreasing life - ✔✔C
✔✔And personal auto policies, which of the following types of coverage gives a total
amount per claim to be used wherever needed, instead of setting maximum for bodily
injury and property damage?
A - maximum combine payment
