MN INSURANCE FINAL PAPER 2025/2026 ALL
QUESTIONS AND SOLUTIONS GRADED A+ TIP
✔✔Policies must be delivered to the insured within __ working days of the producer's
receipt from the insurer - ✔✔30
✔✔Producer financial and complaint records must be kept on file for __ years - ✔✔6
✔✔Premium refunds must be sent to the insured within __ days of the producer's
receipt from the insurer - ✔✔5
✔✔Insurers policy forms, applications, and advertising must be retained for __ years
after the effective date - ✔✔3
✔✔Insurers claim records must be retained for __ years after the claim is paid or denied
- ✔✔3
✔✔Insurers complain records must be retained for __ years from the date received -
✔✔4
✔✔Insurers must refund unearned premium to the insured within ___ days - ✔✔30
✔✔Oral binders must be put in writing to the insured within __ business days - ✔✔5
✔✔The applicant has the right to challenge any erroneous information contained in the
consumer report within __ days - ✔✔30
✔✔Adverse information remains in a credit report for __ years - ✔✔7
✔✔Bankruptcy information remains in the credit report for __ years - ✔✔10
✔✔Free look for life insurance - ✔✔10 days
✔✔Free look for life insurance replacements - ✔✔30 days
✔✔Individual life insurance policy grace period - ✔✔1 month
✔✔A life policy may be backdated up to ___ months before the application date - ✔✔6
months
✔✔Former employees may continue coverage for up to __ months after termination -
✔✔18 months
, ✔✔The premium charged may not exceed __% of the plan cost - ✔✔102
✔✔The employee has __ days to elect to continue coverage - ✔✔60
✔✔If the insurer determines within the first __ years of a policy that a transfer of
ownership has been made to a person with no insurable interest, the policy may be
considered to be a STOLI and is a violation - ✔✔4
✔✔Period of time within receiving an application that the replacing insurer must notify
any other existing insurer - ✔✔5 days
✔✔Length of time replacing insurer must keep copies of the above replacement notice
records - ✔✔6 years
✔✔Newborn children are covered from - ✔✔birth
✔✔to continue coverage for a child with disabilities, proof of the incapacity and
dependency must be furnished to the insurer within __ days of the child reaching the
policy's limiting age - ✔✔31
✔✔the policy must cover preexisting conditions during the first __ months of coverage if
the insured was not diagnosed or treated for the particular condition during the __ days
immediately preceding the effective date of coverage - ✔✔6, 90
✔✔free look for medicare supplements - ✔✔30 days
✔✔renewal provision must be __ or better (non-cancelable) - ✔✔guaranteed renewable
✔✔guide to health insurance for people with medicare must be given at time of __ -
✔✔application
✔✔open enrollment within __ of enrolling in medicare part b, and age 65 or older - ✔✔6
months
✔✔penalty for violating medicare supplement laws - ✔✔$5000
✔✔The policy must cover preexisting conditions during the first __ months of coverage
if the insured was not diagnosed or treated for the particular condition during the __
days immediately preceding the effective date of coverage - ✔✔6, 90
✔✔renewal provision must be __ or better - ✔✔guaranteed renewable
QUESTIONS AND SOLUTIONS GRADED A+ TIP
✔✔Policies must be delivered to the insured within __ working days of the producer's
receipt from the insurer - ✔✔30
✔✔Producer financial and complaint records must be kept on file for __ years - ✔✔6
✔✔Premium refunds must be sent to the insured within __ days of the producer's
receipt from the insurer - ✔✔5
✔✔Insurers policy forms, applications, and advertising must be retained for __ years
after the effective date - ✔✔3
✔✔Insurers claim records must be retained for __ years after the claim is paid or denied
- ✔✔3
✔✔Insurers complain records must be retained for __ years from the date received -
✔✔4
✔✔Insurers must refund unearned premium to the insured within ___ days - ✔✔30
✔✔Oral binders must be put in writing to the insured within __ business days - ✔✔5
✔✔The applicant has the right to challenge any erroneous information contained in the
consumer report within __ days - ✔✔30
✔✔Adverse information remains in a credit report for __ years - ✔✔7
✔✔Bankruptcy information remains in the credit report for __ years - ✔✔10
✔✔Free look for life insurance - ✔✔10 days
✔✔Free look for life insurance replacements - ✔✔30 days
✔✔Individual life insurance policy grace period - ✔✔1 month
✔✔A life policy may be backdated up to ___ months before the application date - ✔✔6
months
✔✔Former employees may continue coverage for up to __ months after termination -
✔✔18 months
, ✔✔The premium charged may not exceed __% of the plan cost - ✔✔102
✔✔The employee has __ days to elect to continue coverage - ✔✔60
✔✔If the insurer determines within the first __ years of a policy that a transfer of
ownership has been made to a person with no insurable interest, the policy may be
considered to be a STOLI and is a violation - ✔✔4
✔✔Period of time within receiving an application that the replacing insurer must notify
any other existing insurer - ✔✔5 days
✔✔Length of time replacing insurer must keep copies of the above replacement notice
records - ✔✔6 years
✔✔Newborn children are covered from - ✔✔birth
✔✔to continue coverage for a child with disabilities, proof of the incapacity and
dependency must be furnished to the insurer within __ days of the child reaching the
policy's limiting age - ✔✔31
✔✔the policy must cover preexisting conditions during the first __ months of coverage if
the insured was not diagnosed or treated for the particular condition during the __ days
immediately preceding the effective date of coverage - ✔✔6, 90
✔✔free look for medicare supplements - ✔✔30 days
✔✔renewal provision must be __ or better (non-cancelable) - ✔✔guaranteed renewable
✔✔guide to health insurance for people with medicare must be given at time of __ -
✔✔application
✔✔open enrollment within __ of enrolling in medicare part b, and age 65 or older - ✔✔6
months
✔✔penalty for violating medicare supplement laws - ✔✔$5000
✔✔The policy must cover preexisting conditions during the first __ months of coverage
if the insured was not diagnosed or treated for the particular condition during the __
days immediately preceding the effective date of coverage - ✔✔6, 90
✔✔renewal provision must be __ or better - ✔✔guaranteed renewable
