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MN LIFE AND HEALTH INSURANCE EXAM |
FREQUENTLY TESTED QUESTIONS WITH
CORRECT ANSWERS | BRAND NEW!
The commissioner may suspend or revoke a health carrier's
license and impose a momentary penalty not to exceed $_______
for each violation of statute. - ✔✔✔ Correct Answer > $25,000
The insurer must fine notice of appointment within ___ days of
first sale by the producer. - ✔✔✔ Correct Answer > 15 days
An insurer that terminates an appointment must notify the
commissioner within _____ days - ✔✔✔ Correct Answer > 30 days
Within ____ days, the insurer must send written notice of the
termination to the producer. - ✔✔✔ Correct Answer > 15 days
Within ___ days after receiving notice of termination, the
producer may file written comments concerning the termination
with the commissioner - ✔✔✔ Correct Answer > 30 days
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The penalty for failing to appoint a producer is $____ per offense,
and up to $____ maximum per unappointed producer - ✔✔✔ Correct
Answer > $25, $300
The producer must notify the commissioner of any administrative
action taken or criminal prosecution against the producer within
____ days - ✔✔✔ Correct Answer > 30 days
The producer must notify the commissioner within ______ days of
any felony or gross misdemeanor conviction, guilty plea, or plea
of no contest. - ✔✔✔ Correct Answer > 10 days
A lapsed licensee can reinstate license within ____ months. - ✔✔✔
Correct Answer > 12 Months
The penally for rebating is $____ to $____ per violation. A
promotional gift or advertising item of $____ is not a rebate. - ✔✔✔
Correct Answer > $60 to $200, $25
The insurer must reply to customer claims and inquires within
____ days. - ✔✔✔ Correct Answer > 10 days
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Policies must be delivered to the insured within ____ working
days of the producers recipes from the insurer. - ✔✔✔ Correct Answer
> 30 days
Producer financial and compliant records must be kept on file for
____ years. - ✔✔✔ Correct Answer > 6 years.
Premium refunds must be sent to insured within _____ days of the
producer receipt from the insurer. - ✔✔✔ Correct Answer > 5 days
Insurers: Policy forms, applications, and advertising must be
retained for ____ years after the effective date. - ✔✔✔ Correct Answer >
3 years
Insurers: Claim records must be retained for ____ years after the
claim is paid or denied - ✔✔✔ Correct Answer > 3 years
Insurers: must refund unearned premium to the insured within
_____ days. - ✔✔✔ Correct Answer > 30 days
Oral binders must be put into writing to the insured within _____
business days. - ✔✔✔ Correct Answer > 5 days
MN LIFE AND HEALTH INSURANCE EXAM |
FREQUENTLY TESTED QUESTIONS WITH
CORRECT ANSWERS | BRAND NEW!
The commissioner may suspend or revoke a health carrier's
license and impose a momentary penalty not to exceed $_______
for each violation of statute. - ✔✔✔ Correct Answer > $25,000
The insurer must fine notice of appointment within ___ days of
first sale by the producer. - ✔✔✔ Correct Answer > 15 days
An insurer that terminates an appointment must notify the
commissioner within _____ days - ✔✔✔ Correct Answer > 30 days
Within ____ days, the insurer must send written notice of the
termination to the producer. - ✔✔✔ Correct Answer > 15 days
Within ___ days after receiving notice of termination, the
producer may file written comments concerning the termination
with the commissioner - ✔✔✔ Correct Answer > 30 days
,Page 2 of 30
The penalty for failing to appoint a producer is $____ per offense,
and up to $____ maximum per unappointed producer - ✔✔✔ Correct
Answer > $25, $300
The producer must notify the commissioner of any administrative
action taken or criminal prosecution against the producer within
____ days - ✔✔✔ Correct Answer > 30 days
The producer must notify the commissioner within ______ days of
any felony or gross misdemeanor conviction, guilty plea, or plea
of no contest. - ✔✔✔ Correct Answer > 10 days
A lapsed licensee can reinstate license within ____ months. - ✔✔✔
Correct Answer > 12 Months
The penally for rebating is $____ to $____ per violation. A
promotional gift or advertising item of $____ is not a rebate. - ✔✔✔
Correct Answer > $60 to $200, $25
The insurer must reply to customer claims and inquires within
____ days. - ✔✔✔ Correct Answer > 10 days
, Page 3 of 30
Policies must be delivered to the insured within ____ working
days of the producers recipes from the insurer. - ✔✔✔ Correct Answer
> 30 days
Producer financial and compliant records must be kept on file for
____ years. - ✔✔✔ Correct Answer > 6 years.
Premium refunds must be sent to insured within _____ days of the
producer receipt from the insurer. - ✔✔✔ Correct Answer > 5 days
Insurers: Policy forms, applications, and advertising must be
retained for ____ years after the effective date. - ✔✔✔ Correct Answer >
3 years
Insurers: Claim records must be retained for ____ years after the
claim is paid or denied - ✔✔✔ Correct Answer > 3 years
Insurers: must refund unearned premium to the insured within
_____ days. - ✔✔✔ Correct Answer > 30 days
Oral binders must be put into writing to the insured within _____
business days. - ✔✔✔ Correct Answer > 5 days
