MN Life License #1
In what type of policy does the owner pay the same premium throughout the term of the
contract?
a. Deferred premium policy
b. Single premium policy
c. Level premium policy
d. Flexible premium policy - ANS -c. Level premium policy
Which type of beneficiary CANNOT be changed without consent?
a. When there are more than two beneficiaries
b. The beneficiary is the spouse
c. The beneficiary is a child of the proposed insured
d. The beneficiary is irrevocable - ANS -d. The beneficiary is irrevocable
How many totals hours of continuing education covering the subjects for which the
license is licensed must complete?
a. 15 hours
b. 20 hours
c. 24 hours
d. 30 hours - ANS -c. 24 hours
Accidental and dismemberment will pay the principal sum of death occurs:
a. As a result of an accident regardless of when the accident occurs
b. As a result of an accident in the first 6 months after the occurrence
c. Within a specified period of the time after the accident, most often 3 months or 90 days
d. As a result of committing a crime - ANS -a. As a result of an accident regardless of
when the accident occurs
The following refers to which type of class? If the proposed insured dies while the policy
is in faced the company will pay the death benefit to the beneficiary?
a. An Insuring Clause
b. A warranty clause
c. An assignment clause
d. A sufferance clause - ANS -a. An Insuring Clause
, Under MN law, if an employee is laid off from employment and is no longer eligible for
group coverage, what can the employer's life insurance coverage?
a. Cancel coverage immediately with no notification and no right to continue
b. The employer must continue the coverage until the employee can afford to pay the
premium
c. The employer must inform the company of the amount payable to continue coverage
for to 18 months
d. The employer must allow the employee the right to continue the policy by paying the
monthly premiums to the employer. - ANS -c. The employer must inform the company of
the amount payable to continue coverage for to 18 months
Which rider allows additional insurance at a specified date or event without evidence of
insurability?
a. Return of premium
b. Guaranteed Insurability
c. Cost of living
d. Disability income - ANS -b. Guaranteed Insurability
Which of the exceptions of a variable annuity contract if a person cancelled an insurance
contract within the free look period is without liability and the person is entitled a refund
of?
a. The premium paid but not including any contract fees or other charges related to the
contract
b. The cash value, if any in the contract
c. All the premiums paid as well as any fees
d. Premium paid less a potential amount from the application is signed to the date of the
cancellation notice - ANS -a. The premium paid but not including any contract fees or
other charges related to the contract
The Department of Commerce must be given a minimum of how many days advance
notice of disciplinary?
a. 10 days
b. 20 days
c. 30 days
d. 60 days - ANS -a. 10 days
The proposed insured's statement on the application and the first premium payment are
part of the policy?
In what type of policy does the owner pay the same premium throughout the term of the
contract?
a. Deferred premium policy
b. Single premium policy
c. Level premium policy
d. Flexible premium policy - ANS -c. Level premium policy
Which type of beneficiary CANNOT be changed without consent?
a. When there are more than two beneficiaries
b. The beneficiary is the spouse
c. The beneficiary is a child of the proposed insured
d. The beneficiary is irrevocable - ANS -d. The beneficiary is irrevocable
How many totals hours of continuing education covering the subjects for which the
license is licensed must complete?
a. 15 hours
b. 20 hours
c. 24 hours
d. 30 hours - ANS -c. 24 hours
Accidental and dismemberment will pay the principal sum of death occurs:
a. As a result of an accident regardless of when the accident occurs
b. As a result of an accident in the first 6 months after the occurrence
c. Within a specified period of the time after the accident, most often 3 months or 90 days
d. As a result of committing a crime - ANS -a. As a result of an accident regardless of
when the accident occurs
The following refers to which type of class? If the proposed insured dies while the policy
is in faced the company will pay the death benefit to the beneficiary?
a. An Insuring Clause
b. A warranty clause
c. An assignment clause
d. A sufferance clause - ANS -a. An Insuring Clause
, Under MN law, if an employee is laid off from employment and is no longer eligible for
group coverage, what can the employer's life insurance coverage?
a. Cancel coverage immediately with no notification and no right to continue
b. The employer must continue the coverage until the employee can afford to pay the
premium
c. The employer must inform the company of the amount payable to continue coverage
for to 18 months
d. The employer must allow the employee the right to continue the policy by paying the
monthly premiums to the employer. - ANS -c. The employer must inform the company of
the amount payable to continue coverage for to 18 months
Which rider allows additional insurance at a specified date or event without evidence of
insurability?
a. Return of premium
b. Guaranteed Insurability
c. Cost of living
d. Disability income - ANS -b. Guaranteed Insurability
Which of the exceptions of a variable annuity contract if a person cancelled an insurance
contract within the free look period is without liability and the person is entitled a refund
of?
a. The premium paid but not including any contract fees or other charges related to the
contract
b. The cash value, if any in the contract
c. All the premiums paid as well as any fees
d. Premium paid less a potential amount from the application is signed to the date of the
cancellation notice - ANS -a. The premium paid but not including any contract fees or
other charges related to the contract
The Department of Commerce must be given a minimum of how many days advance
notice of disciplinary?
a. 10 days
b. 20 days
c. 30 days
d. 60 days - ANS -a. 10 days
The proposed insured's statement on the application and the first premium payment are
part of the policy?
