MN STATE LAW Insurance Exam 8 UPDATED ACTUAL
Questions and CORRECT Answers
Choose the false statement about the expiration of an the producer has a 31 day grace period after the renewal date to pay the renewal
insurance license. fee
, If an insurer wants a property and casualty insurance Expedited
policy form to be effective before the 60-day filing
period is over, they should use which filing procedure?
Misrepresentation is which of the following? Forcing a person to lapse an existing policy by not stating the correct policy
terms
An insurer uses an audit to determine a policy's premium, $1500
and requests information from the insured to do so. The
audit reveals that the insured provided fraudulent
information. If the normal premium is $500, how much is
the insured liable for?
Choose the false statement regarding credit life Credit health insurance coverage must exceed the unpaid balance of the loan by
insurance. 10%
In Minnesota, a producer submits an insurance The producer must be appointed by that insurer within 15 days
application to an insurer, but they are not appointed.
What must happen for this transaction to be valid?
Which of the following is false regarding the process of The order automatically becomes permanent if a hearing is not requested within
conducting a hearing regarding the violation of an 14 days
insurance law?
The Minnesota Life and Health Insurance Guaranty Notice Concerning Policyholder Rights
Association requires life and health insurers to deliver
what form to the applicant at the time of application?
Copies of all advertisements for life and health insurance 3 years
policies to be delivered in Minnesota must be kept on file
for at least ______ _.
Which of the following correctly describes the practice Misleading an insured to induce them to terminate or exchange an existing policy
of twisting? for a different one
Which of the following is true about the termination of an If a license has been revoked, the producer may not reapply earlier than 2 years
insurance license in Minnesota? from the revocation date
Which of the following must be displayed in an agent's License
office for inspection?
Violating a written order concerning an examination from $10,000
the Division of Commerce has a maximum fine of:
Questions and CORRECT Answers
Choose the false statement about the expiration of an the producer has a 31 day grace period after the renewal date to pay the renewal
insurance license. fee
, If an insurer wants a property and casualty insurance Expedited
policy form to be effective before the 60-day filing
period is over, they should use which filing procedure?
Misrepresentation is which of the following? Forcing a person to lapse an existing policy by not stating the correct policy
terms
An insurer uses an audit to determine a policy's premium, $1500
and requests information from the insured to do so. The
audit reveals that the insured provided fraudulent
information. If the normal premium is $500, how much is
the insured liable for?
Choose the false statement regarding credit life Credit health insurance coverage must exceed the unpaid balance of the loan by
insurance. 10%
In Minnesota, a producer submits an insurance The producer must be appointed by that insurer within 15 days
application to an insurer, but they are not appointed.
What must happen for this transaction to be valid?
Which of the following is false regarding the process of The order automatically becomes permanent if a hearing is not requested within
conducting a hearing regarding the violation of an 14 days
insurance law?
The Minnesota Life and Health Insurance Guaranty Notice Concerning Policyholder Rights
Association requires life and health insurers to deliver
what form to the applicant at the time of application?
Copies of all advertisements for life and health insurance 3 years
policies to be delivered in Minnesota must be kept on file
for at least ______ _.
Which of the following correctly describes the practice Misleading an insured to induce them to terminate or exchange an existing policy
of twisting? for a different one
Which of the following is true about the termination of an If a license has been revoked, the producer may not reapply earlier than 2 years
insurance license in Minnesota? from the revocation date
Which of the following must be displayed in an agent's License
office for inspection?
Violating a written order concerning an examination from $10,000
the Division of Commerce has a maximum fine of:
