Minnesota Life Insurance EXAM (2026-
2027 Latest Update) with Premium
Questions and Verified Solutions / Fully
Solved / Already Rated A+
The initial amount of credit life insurance may NOT exceed
A-The borrower's annual income.
B-The amount to be repaid under the contract.
C-An amount set by statute and adjusted regularly for inflation.
D-The borrower's monthly income.
B
This state provided for a temporary license for all of the following
EXCEPT
A-A producer's time in the military service.
B-A producer's retirement.
C-The death of a producer.
D-A producer's disability.
B
Agents who persuade insureds to cancel a policy in favor of
another one when it might not be in the insured's best interest are
guilty of
A-Rebating.
B-Twisting.
C-Defamation.
D-Misrepresentation.
B
Which of the following is NOT a mandatory provision in health
insurance policies?
,A-Grace period
B-Entire contract
C-Notice of claim
D-Illegal occupation
D
Personal Lines property policies are designed to meet the needs of
A-Small companies.
B-Nonprofit corporations.
C-Private insurers.
D-Individuals.
D
What is the minimum required number of hours of prelicensing
education per line of authority in this state?
A-10 hours
B-15 hours
C-20 hours
D-40 hours
C
What kind of deductible is applied between basic coverage and
major medical coverage?
A-Middle deductible
B-Interval deductible
C-Corridor deductible
D-Bridging deductible
C
A rider attached to a life insurance policy that provides coverage
on the insured's family members is called the
A-Payor rider.
B-Other-insured rider.
C-Change of insured rider.
D-Juvenile rider.
B
Which of the following is true regarding the master policy?
,A-It is the same as the entire contract.
B-It is only available for creditor-debtor groups.
C-It is issued to the sponsor of the group.
D-It is issued to individual participants.
C
An insured misstates her age at the time the life insurance
application is taken.
A-This misstatement may result in Recession of the policy.
B-Adjustment in the amount of death benefit.
C-No change whatsoever.
D-Automatic lapse.
B
What is the term for how frequently a policyowner is required to
pay the policy premium?
A-Mode
B-Schedule
C-Grace period
D-Consideration
A
An insured's home is damaged in an earthquake. He finds out that
his homeowners policy will NOT cover the loss, because earth
movement is listed in his policy's
A-Conditions.
B-Exclusions.
C-Endorsements.
D-Riders.
B
All of the following are examples of third-party ownership of a life
insurance policy EXCEPT
A-A company purchases a life insurance policy on their manager,
who is an important part of the operation.
B-When an insured purchased a new home, the insured made an
absolute assignment of a life insurance policy to the mortgage
company.
, C-An insured borrows money from the bank and makes a collateral
assignment of a part of the death benefit to secure the loan.
D-An insured couple purchases a life insurance policy insuring the
life of their grandson.
C
What required provision protects against unintentional lapse of the
policy?
A-Assignment
B-Payment of premiums
C-Reinstatement
D-Grace period
D
For what period of time is an insurance license issued in
Minnesota?
A-24 months
B-36 months
C-Licenses are perpetual
D-12 months
A
Which of the following provisions states that it is the insured's
responsibility to notify the insurer of a loss within a specified
number o days?
A-Proof of loss
B-Claim forms
C-Time of payment of claims
D-Notice of claim
D
What do individuals use to transfer their risk of loss to a larger
group?
A-Indemnity
B-Insurance
C-Insurable interest
D-Exposure
2027 Latest Update) with Premium
Questions and Verified Solutions / Fully
Solved / Already Rated A+
The initial amount of credit life insurance may NOT exceed
A-The borrower's annual income.
B-The amount to be repaid under the contract.
C-An amount set by statute and adjusted regularly for inflation.
D-The borrower's monthly income.
B
This state provided for a temporary license for all of the following
EXCEPT
A-A producer's time in the military service.
B-A producer's retirement.
C-The death of a producer.
D-A producer's disability.
B
Agents who persuade insureds to cancel a policy in favor of
another one when it might not be in the insured's best interest are
guilty of
A-Rebating.
B-Twisting.
C-Defamation.
D-Misrepresentation.
B
Which of the following is NOT a mandatory provision in health
insurance policies?
,A-Grace period
B-Entire contract
C-Notice of claim
D-Illegal occupation
D
Personal Lines property policies are designed to meet the needs of
A-Small companies.
B-Nonprofit corporations.
C-Private insurers.
D-Individuals.
D
What is the minimum required number of hours of prelicensing
education per line of authority in this state?
A-10 hours
B-15 hours
C-20 hours
D-40 hours
C
What kind of deductible is applied between basic coverage and
major medical coverage?
A-Middle deductible
B-Interval deductible
C-Corridor deductible
D-Bridging deductible
C
A rider attached to a life insurance policy that provides coverage
on the insured's family members is called the
A-Payor rider.
B-Other-insured rider.
C-Change of insured rider.
D-Juvenile rider.
B
Which of the following is true regarding the master policy?
,A-It is the same as the entire contract.
B-It is only available for creditor-debtor groups.
C-It is issued to the sponsor of the group.
D-It is issued to individual participants.
C
An insured misstates her age at the time the life insurance
application is taken.
A-This misstatement may result in Recession of the policy.
B-Adjustment in the amount of death benefit.
C-No change whatsoever.
D-Automatic lapse.
B
What is the term for how frequently a policyowner is required to
pay the policy premium?
A-Mode
B-Schedule
C-Grace period
D-Consideration
A
An insured's home is damaged in an earthquake. He finds out that
his homeowners policy will NOT cover the loss, because earth
movement is listed in his policy's
A-Conditions.
B-Exclusions.
C-Endorsements.
D-Riders.
B
All of the following are examples of third-party ownership of a life
insurance policy EXCEPT
A-A company purchases a life insurance policy on their manager,
who is an important part of the operation.
B-When an insured purchased a new home, the insured made an
absolute assignment of a life insurance policy to the mortgage
company.
, C-An insured borrows money from the bank and makes a collateral
assignment of a part of the death benefit to secure the loan.
D-An insured couple purchases a life insurance policy insuring the
life of their grandson.
C
What required provision protects against unintentional lapse of the
policy?
A-Assignment
B-Payment of premiums
C-Reinstatement
D-Grace period
D
For what period of time is an insurance license issued in
Minnesota?
A-24 months
B-36 months
C-Licenses are perpetual
D-12 months
A
Which of the following provisions states that it is the insured's
responsibility to notify the insurer of a loss within a specified
number o days?
A-Proof of loss
B-Claim forms
C-Time of payment of claims
D-Notice of claim
D
What do individuals use to transfer their risk of loss to a larger
group?
A-Indemnity
B-Insurance
C-Insurable interest
D-Exposure
