MINNESOTA STATE INSURANCE
LICENSING EXAM 400 QUESTIONS
AND CORRECT DETAILED
ANSWERS UPDATE ALREADY A
GRADED|NEW!!
Save
Terms in this set (350)
What is an Someone who acts on behalf of
agent? another (producer)
What is a Party for whom action is taken
principal? (insurance company)
Legal agreement that establishes the
What is an
relationship between the principal
agency
and agent; outlines powers and
agreement?
responsibilities of agents.
,What is Express Powers given to agent as part of
authority? agency agreement(written)
Powers not given by the agency
What is implied agreement, but necessary to
authority? complete the functions allowed in
the agency agreement
Powers not given by the agency
What is apparent agreement, but that a reasonable
authority? person would presume the agent
has (between you and consumer)
1. Have a fiduciary (trust)
responsibility to the insurer. Means
the producer must always protect
insurer's interests and follow any
What are lawful instructions from the insurer
producer 2. Must also uphold high standards
responsibilities? of commercial honor when dealing
w/applicant. Must act fairly and
honestly, and disclose all info
needed by the applicant to make
well-informed buying decision.
What is the Individual states, not federal gov,
McCarran- responsible for regulating insurance
Ferguson Act? industry.
, Who oversee Department of Commerce
the MN
insurance
industry?
Who direct the Headed by commissioner of
dept of commerce who is appointed by the
commerce? governor
-Enforces all MN insurance laws
-Establishes rules & procedures to
ensure the consistent enforcement
of the laws
-Conduct investigations and hold
hearings
What does the -Examine books, records,
Dept of documents of any person or entity
Commerce do? engaged in regulated activities at
anytime w/no court order
-Publish info collected from
investigations, hearings, and
examinations
-Require reports of all
sales/transactions that are regulated
LICENSING EXAM 400 QUESTIONS
AND CORRECT DETAILED
ANSWERS UPDATE ALREADY A
GRADED|NEW!!
Save
Terms in this set (350)
What is an Someone who acts on behalf of
agent? another (producer)
What is a Party for whom action is taken
principal? (insurance company)
Legal agreement that establishes the
What is an
relationship between the principal
agency
and agent; outlines powers and
agreement?
responsibilities of agents.
,What is Express Powers given to agent as part of
authority? agency agreement(written)
Powers not given by the agency
What is implied agreement, but necessary to
authority? complete the functions allowed in
the agency agreement
Powers not given by the agency
What is apparent agreement, but that a reasonable
authority? person would presume the agent
has (between you and consumer)
1. Have a fiduciary (trust)
responsibility to the insurer. Means
the producer must always protect
insurer's interests and follow any
What are lawful instructions from the insurer
producer 2. Must also uphold high standards
responsibilities? of commercial honor when dealing
w/applicant. Must act fairly and
honestly, and disclose all info
needed by the applicant to make
well-informed buying decision.
What is the Individual states, not federal gov,
McCarran- responsible for regulating insurance
Ferguson Act? industry.
, Who oversee Department of Commerce
the MN
insurance
industry?
Who direct the Headed by commissioner of
dept of commerce who is appointed by the
commerce? governor
-Enforces all MN insurance laws
-Establishes rules & procedures to
ensure the consistent enforcement
of the laws
-Conduct investigations and hold
hearings
What does the -Examine books, records,
Dept of documents of any person or entity
Commerce do? engaged in regulated activities at
anytime w/no court order
-Publish info collected from
investigations, hearings, and
examinations
-Require reports of all
sales/transactions that are regulated
