MN Life and Health Insurance Exam questions with correct Resolution Result Verified Answers s

MN Life and Health Insurance Exam
questions with correct Resolution Result
Verified Answers s


Question 1
What is the purpose of the insurable interest requirement in life insurance?
A) To ensure the policyholder benefits financially from the insured's death
B) To prevent gambling on human life
C) To guarantee the insurer makes a profit
D) To allow any person to insure any other person
Correct ,, Resolution Result Verified Answers ,,,: B




Question 2
Under Minnesota law, the free look period for a life insurance policy is:
A) 7 days
B) 10 days
C) 20 days
D) 30 days

Correct ,, Resolution Result Verified Answers ,,,: B




Question 3
Which life insurance policy provides coverage for a specified period and builds no
cash value? A) Whole life
B) Universal life
C) Term life
D) Variable life

,Correct ,, Resolution Result Verified Answers ,,,: C




Question 4
What is the contestability period in a life insurance policy?
A) Time during which the insured can cancel the policy
B) Period (typically 2 years) during which the insurer can contest claims for
misrepresentation
C) Time when premiums can be adjusted
D) Period when the policy is not in force
Correct ,, Resolution Result Verified Answers ,,,: B




Question 5
Which of the following is not a required provision in Minnesota health insurance
policies?
A) Entire contract clause
B) Grace period (31 days for annual policies)
C) Waiver of premium for disability
D) Time limit on certain defenses
Correct ,, Resolution Result Verified Answers ,,,: C




Question 6
Under the Affordable Care Act (ACA) , which of the following is a prohibited
practice?
A) Charging higher premiums based on age
B) Denying coverage for pre-existing conditions
C) Charging higher premiums based on tobacco use
D) Offering plans with different benefit levels
Correct ,, Resolution Result Verified Answers ,,,: B

,Question 7
In Minnesota, what is the mandatory grace period for a monthly pay health
insurance policy?
A) 7 days
B) 10 days
C) 31 days
D) 60 days
Correct ,, Resolution Result Verified Answers ,,,: B




Question 8
What is the nonforfeiture option in a cash value life insurance policy?
A) Allows the insurer to cancel the policy
B) Allows the policyholder to receive the cash value if the policy lapses
C) Allows premium increases
D) Allows the beneficiary to change
Correct ,, Resolution Result Verified Answers ,,,: B




Question 9
Under Minnesota law, an insurance producer must complete continuing education
credits every: A) 12 months
B) 24 months
C) 36 months
D) 48 months
Correct ,, Resolution Result Verified Answers ,,,: B



Question 10
What is the Medicare Supplement (Medigap) open enrollment period?

, A) First 6 months after turning 65 and enrolling in Part B
B) Any time after age 65
C) Only during November–December each year
D) First 30 days after turning 65
Correct ,, Resolution Result Verified Answers ,,,: A

Question 11
What is the maximum penalty for transacting insurance without a license in
Minnesota?
A) $1,000 fine
B) $5,000 fine and/or imprisonment
C) $10,000 fine
D) $25,000 fine

Correct ,, Resolution Result Verified Answers ,,,: B




Question 12
Under Minnesota law, a replacement of life insurance requires the producer to
provide the applicant with: A) A buyer's guide only
B) A policy summary only
C) A notice regarding replacement
D) A blank check

Correct ,, Resolution Result Verified Answers ,,,: C



Question 13
What is the accelerated death benefit rider?
A) Pays double the face amount for accidental death
B) Pays a portion of the death benefit while the insured is terminally ill