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MN LIFE INSURANCE 2026
LATEST QUESTIONS WITH 100%
VERIFIED SOLUTIONS.
Which of the following is not a duty of the Commissioner?
a. Issue an insurance license for a producer
b. Make state insurance laws
c. Handle insurance-related consumer complaints
d. Enforce state insurance laws - answer -b. Make state insurance
laws
During policy solicitation an insurer exaggerates the financial
condition of one of its competitors and makes it sound worse than
it is. This is an example of an unfair trade practice called?
a. Twisting
b. False advertising
c. Controlled business
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d. Defamation - answer -Defamation
A life insurance policy qualifies a Modified Endowment Contract
(MEC) if the amount of premium paid exceeds the amount that
would have provided paid-up insurance in how many years? -
answer -7 years
All of the following information needs to be included on an
application for life insurance EXCEPT:
a. Medical information about the applicant
b. Health insurance policies in force
.c. Life insurance with other insurers.
d. The agent's statement, if applicable. - answer -b. health
insurance policies in force
When replacement is involved, the replacing insurer must send a
notice to the existing insurance company that identifies the
insured and policies within how many days?
a. 3 days
b. 5 days
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c. 10 days
d. 30 days - answer -a. 3 days
while completing a life insurance application the applicant realizes
that she should have answered an earlier question differently.
What should the agent do to make the necessary change? -
answer -cross out the incorrect information, write in the correct
answer, and have the applicant initial the change.
which of the following is not true regarding the accumulation
period of an annuity?
a. it is also known as the pay-in-period.
b. it would not occur in a deferred annuity.
c. it allows the insured 10 days to pay the initial premium.
d. it allows the insurer to temporarily suspend coverage after an
insured's disability. - answer -b. it would not occur in a deferred
annuity.
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An insurance contract must contain all of the following to be
considered legally binding EXCEPT:
A: Consideration
B: Competent Parties
C: Beneficiary's Consent
D: Offer and Acceptance - answer -C. beneficiary's consent
Which of the following would be considered an unfair claims
settlement practice.
a. requesting the insured to submit a signed, proof of loss
statement, after the insured has already verbally advised the
insurer of the claim.
b. requesting the insured swear under oath concerning the facts
of the claim.
c. the settlement of the claim is delayed for 30 days in order for
the insured to conduct an investigation.
d. A claims adjuster advises the insured that if the claim goes to
arbitration, the insured would probably receive less than what is
currently being offered. - answer -d. A claims adjuster advises the
insured that if the claim goes to arbitration, the insured would
probably receive less than what is currently being offered.
MN LIFE INSURANCE 2026
LATEST QUESTIONS WITH 100%
VERIFIED SOLUTIONS.
Which of the following is not a duty of the Commissioner?
a. Issue an insurance license for a producer
b. Make state insurance laws
c. Handle insurance-related consumer complaints
d. Enforce state insurance laws - answer -b. Make state insurance
laws
During policy solicitation an insurer exaggerates the financial
condition of one of its competitors and makes it sound worse than
it is. This is an example of an unfair trade practice called?
a. Twisting
b. False advertising
c. Controlled business
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d. Defamation - answer -Defamation
A life insurance policy qualifies a Modified Endowment Contract
(MEC) if the amount of premium paid exceeds the amount that
would have provided paid-up insurance in how many years? -
answer -7 years
All of the following information needs to be included on an
application for life insurance EXCEPT:
a. Medical information about the applicant
b. Health insurance policies in force
.c. Life insurance with other insurers.
d. The agent's statement, if applicable. - answer -b. health
insurance policies in force
When replacement is involved, the replacing insurer must send a
notice to the existing insurance company that identifies the
insured and policies within how many days?
a. 3 days
b. 5 days
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c. 10 days
d. 30 days - answer -a. 3 days
while completing a life insurance application the applicant realizes
that she should have answered an earlier question differently.
What should the agent do to make the necessary change? -
answer -cross out the incorrect information, write in the correct
answer, and have the applicant initial the change.
which of the following is not true regarding the accumulation
period of an annuity?
a. it is also known as the pay-in-period.
b. it would not occur in a deferred annuity.
c. it allows the insured 10 days to pay the initial premium.
d. it allows the insurer to temporarily suspend coverage after an
insured's disability. - answer -b. it would not occur in a deferred
annuity.
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An insurance contract must contain all of the following to be
considered legally binding EXCEPT:
A: Consideration
B: Competent Parties
C: Beneficiary's Consent
D: Offer and Acceptance - answer -C. beneficiary's consent
Which of the following would be considered an unfair claims
settlement practice.
a. requesting the insured to submit a signed, proof of loss
statement, after the insured has already verbally advised the
insurer of the claim.
b. requesting the insured swear under oath concerning the facts
of the claim.
c. the settlement of the claim is delayed for 30 days in order for
the insured to conduct an investigation.
d. A claims adjuster advises the insured that if the claim goes to
arbitration, the insured would probably receive less than what is
currently being offered. - answer -d. A claims adjuster advises the
insured that if the claim goes to arbitration, the insured would
probably receive less than what is currently being offered.
