MN LIFE AND HEALTH INSURANCE ACTUAL
EXAM PREP 2026 ALL QUESTIONS AND
CORRECT DETAILED ANSWERS ALREADY A
GRADED WITH EXPERT FEEDBACK |NEW AND
REVISED
A lapsed licensee can reinstate license within ____ months. - ANSWER-
12 Months
The penally for rebating is $____ to $____ per violation. A promotional
gift or advertising item of $____ is not a rebate. - ANSWER- $60 to
$200, $25
The insurer must reply to customer claims and inquires within ____
days. - ANSWER- 10 days
Policies must be delivered to the insured within ____ working days of
the producers recipes from the insurer. - ANSWER- 30 days
Producer financial and compliant records must be kept on file for ____
years. - ANSWER- 6 years.
Premium refunds must be sent to insured within _____ days of the
producer receipt from the insurer. - ANSWER- 5 days
,Insurers: Policy forms, applications, and advertising must be retained for
____ years after the effective date. - ANSWER- 3 years
Insurers: Claim records must be retained for ____ years after the claim is
paid or denied - ANSWER- 3 years
Insurers: must refund unearned premium to the insured within _____
days. - ANSWER- 30 days
Oral binders must be put into writing to the insured within _____
business days. - ANSWER- 5 days
The applicant has the right to challenge any erroneous information
contained in the consumer report within ____ days - ANSWER- 30 days
Adverse information remains in a credit report for ____ years.
Bankruptcy information remains in the credit report for ____ years. -
ANSWER- 7 years, 10 years.
Free-look for life insurance - ANSWER- 10 days
Free look for life insurance replacements - ANSWER- 30 days
Individual life insurance policy grace period - ANSWER- 1 month
, A life policy may be backdated up to ___ months before the application
date. - ANSWER- 6 months
Former employees may continue coverage for up to ___ months after
termination. - ANSWER- 18 months
The premium charged may not exceed ____% of the plan cost -
ANSWER- 102%
The employee has ___ days to elect to continue coverage. - ANSWER-
60 days
In 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 violations -
ANSWER- 4 years
period of time within receiving an application that the replacing insurer
must notify any existing insurer - ANSWER- 5 days
Length of time replacing insurer must keep copies of the above
replacement notice records - ANSWER- 6 years
Newborn children are covered from - ANSWER- birth
EXAM PREP 2026 ALL QUESTIONS AND
CORRECT DETAILED ANSWERS ALREADY A
GRADED WITH EXPERT FEEDBACK |NEW AND
REVISED
A lapsed licensee can reinstate license within ____ months. - ANSWER-
12 Months
The penally for rebating is $____ to $____ per violation. A promotional
gift or advertising item of $____ is not a rebate. - ANSWER- $60 to
$200, $25
The insurer must reply to customer claims and inquires within ____
days. - ANSWER- 10 days
Policies must be delivered to the insured within ____ working days of
the producers recipes from the insurer. - ANSWER- 30 days
Producer financial and compliant records must be kept on file for ____
years. - ANSWER- 6 years.
Premium refunds must be sent to insured within _____ days of the
producer receipt from the insurer. - ANSWER- 5 days
,Insurers: Policy forms, applications, and advertising must be retained for
____ years after the effective date. - ANSWER- 3 years
Insurers: Claim records must be retained for ____ years after the claim is
paid or denied - ANSWER- 3 years
Insurers: must refund unearned premium to the insured within _____
days. - ANSWER- 30 days
Oral binders must be put into writing to the insured within _____
business days. - ANSWER- 5 days
The applicant has the right to challenge any erroneous information
contained in the consumer report within ____ days - ANSWER- 30 days
Adverse information remains in a credit report for ____ years.
Bankruptcy information remains in the credit report for ____ years. -
ANSWER- 7 years, 10 years.
Free-look for life insurance - ANSWER- 10 days
Free look for life insurance replacements - ANSWER- 30 days
Individual life insurance policy grace period - ANSWER- 1 month
, A life policy may be backdated up to ___ months before the application
date. - ANSWER- 6 months
Former employees may continue coverage for up to ___ months after
termination. - ANSWER- 18 months
The premium charged may not exceed ____% of the plan cost -
ANSWER- 102%
The employee has ___ days to elect to continue coverage. - ANSWER-
60 days
In 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 violations -
ANSWER- 4 years
period of time within receiving an application that the replacing insurer
must notify any existing insurer - ANSWER- 5 days
Length of time replacing insurer must keep copies of the above
replacement notice records - ANSWER- 6 years
Newborn children are covered from - ANSWER- birth
