Minnesota State Insurance Exam | 115 Questions with 100% Correct Answers | Verified | Latest Update 2024

How are employee FICA taxes collected? - The employer withholds the employee's tax and pays it along with the employer's portion Mateo applies for an insurance policy that will have an annual premium payment of $1,000 ($510 semiannually, $260 quarterly, and $100 monthly) if issued. Which of the following premium checks would be adequate consideration if he chose to pay monthly? - $100 The nonforfeiture option that provides the least amount of coverage is: - Reduced Paid-Up In order for an insurance company to determine if it will issue a policy, what document must always be submitted for review? - The application Before an insurer can operate in this state, it must have which of the following? - Certificate of Authority issued by the state Insurance Department Prelicensing education must include how many hours of education per line of authority? - 20 If an applicant is a minor, who signs the application? - Their guardian All of the following are Dividend Options, except: - Reduced paid-up