MN INSURANCE EXAM PROPERTY & CASUALTY EXAM NEWEST
ACTUAL EXAM COMPLETE 180 QUESTIONS AND CORRECT
DETAILED ANSWERS VERIFIED ANSWERS ALREADY GRADED A
1. The commissioner examines each insurer every ___ Years.: 5 years
2. $____ fine per day if a person violates, aids, or abets a written cease and desist order:
$10,000
3. License fee may request a hearing within ____ days of commissioners order. After hearing
request, Commissioner has ____ days to hold the hearing.: 30 Days, 30 days
4. All accident and health insurance policies must be filed with the commissioner at least
____ days prior to use: 60 days
5. During Pre-licensing...
____ hours per major line of authority
_____% passing score on state exam
____ number of years the exam results are valid: 20, 70%, 3 YEARS
6. License application fee: $50 per line of authority
7. ____ Credit hours per licensed producer
___ hours must be in ethics: 25 credit hours, 3
8. ___ hour partnership prior to selling LTC: 8 hour
9. ___ hour refresher course every two years after initial training for LTC: 4 hours
10. License periods after the first licensing period are___ years: 2 years
11. A temporary insurance producer license may be issued for up to ___ days: 180 days
12. A licensee's time to notify the commissioner of address change is ___ days: 10 days
13. A license is suspended for any period of time no less than ___ months: 3
months`
14. A person who's license is revoked can reapply after ___ years. The producer must obtain
a performance bond of at least _____: 2 years, $20,000
15. Commissioner may fine a producer up to ___ per violation: $10,000
16. The insurer must fine notice of appointment within ___ days of first sale by the
producer.: 15 days
17. An insurer that terminates an appointment must notify the commissioner within
_____ days: 30 days
18. Within ____ days, the insurer must send written notice of the termination to the
producer.: 15 days
19. Within ___ days after receiving notice of termination, the producer may file written
comments concerning the termination with the commissioner: 30 days
20. The penalty for failing to appoint a producer is $____ per offense, and up to $____
maximum per unappointed producer: $25, $300
21. The producer must notify the commissioner of any administrative action taken or
criminal prosecution against the producer within ____ days: 30 days 22. The producer must
, .
notify the commissioner within ______ days of any felony or gross misdemeanor conviction,
guilty plea, or plea of no contest.: 10 days
23. A lapsed licensee can reinstate license within ____ months.: 12 Months
24. The penally for rebating is $____ to $____ per violation. A promotional gift or advertising
item of $____ is not a rebate.: $60 to $200, $25
25. The insurer must reply to customer claims and inquires within ____ days.: 10 days
26. Policies must be delivered to the insured within ____ working days of the producers
recipes from the insurer.: 30 days
27. Producer financial and compliant records must be kept on file for ____ years.: 6 years.
28. Premium refunds must be sent to insured within _____ days of the producer receipt
from the insurer.: 5 days
29. Insurers: Policy forms, applications, and advertising must be retained for
____ years after the effective date.: 3 years
30. Insurers: Claim records must be retained for ____ years after the claim is paid or denied:
3 years
31. Insurers: must refund unearned premium to the insured within _____ days.: 30 days
32. Oral binders must be put into writing to the insured within _____ business days.: 5 days
33. The applicant has the right to challenge any erroneous information contained in the
consumer report within ____ days: 30 days
34. Adverse information remains in a credit report for ____ years. Bankruptcy information
remains in the credit report for ____ years.: 7 years, 10 years.
35. Free-look for life insurance: 10 days
36. Free look for life insurance replacements: 30 days
37. Individual life insurance policy grace period: 1 month
38. A life policy may be backdated up to ___ months before the application date.: 6 months
39. Former employees may continue coverage for up to ___ months after termination.: 18
months
40. The premium charged may not exceed ____% of the plan cost: 102%
41. The employee has ___ days to elect to continue coverage.: 60 days
42. 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: 4 years
43. period of time within receiving an application that the replacing insurer must notify any
existing insurer: 5 days
44. Length of time replacing insurer must keep copies of the above replacement notice
records: 6 years
45. Newborn children are covered from: birth
46. 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
policies limiting age.: 31 days.
ACTUAL EXAM COMPLETE 180 QUESTIONS AND CORRECT
DETAILED ANSWERS VERIFIED ANSWERS ALREADY GRADED A
1. The commissioner examines each insurer every ___ Years.: 5 years
2. $____ fine per day if a person violates, aids, or abets a written cease and desist order:
$10,000
3. License fee may request a hearing within ____ days of commissioners order. After hearing
request, Commissioner has ____ days to hold the hearing.: 30 Days, 30 days
4. All accident and health insurance policies must be filed with the commissioner at least
____ days prior to use: 60 days
5. During Pre-licensing...
____ hours per major line of authority
_____% passing score on state exam
____ number of years the exam results are valid: 20, 70%, 3 YEARS
6. License application fee: $50 per line of authority
7. ____ Credit hours per licensed producer
___ hours must be in ethics: 25 credit hours, 3
8. ___ hour partnership prior to selling LTC: 8 hour
9. ___ hour refresher course every two years after initial training for LTC: 4 hours
10. License periods after the first licensing period are___ years: 2 years
11. A temporary insurance producer license may be issued for up to ___ days: 180 days
12. A licensee's time to notify the commissioner of address change is ___ days: 10 days
13. A license is suspended for any period of time no less than ___ months: 3
months`
14. A person who's license is revoked can reapply after ___ years. The producer must obtain
a performance bond of at least _____: 2 years, $20,000
15. Commissioner may fine a producer up to ___ per violation: $10,000
16. The insurer must fine notice of appointment within ___ days of first sale by the
producer.: 15 days
17. An insurer that terminates an appointment must notify the commissioner within
_____ days: 30 days
18. Within ____ days, the insurer must send written notice of the termination to the
producer.: 15 days
19. Within ___ days after receiving notice of termination, the producer may file written
comments concerning the termination with the commissioner: 30 days
20. The penalty for failing to appoint a producer is $____ per offense, and up to $____
maximum per unappointed producer: $25, $300
21. The producer must notify the commissioner of any administrative action taken or
criminal prosecution against the producer within ____ days: 30 days 22. The producer must
, .
notify the commissioner within ______ days of any felony or gross misdemeanor conviction,
guilty plea, or plea of no contest.: 10 days
23. A lapsed licensee can reinstate license within ____ months.: 12 Months
24. The penally for rebating is $____ to $____ per violation. A promotional gift or advertising
item of $____ is not a rebate.: $60 to $200, $25
25. The insurer must reply to customer claims and inquires within ____ days.: 10 days
26. Policies must be delivered to the insured within ____ working days of the producers
recipes from the insurer.: 30 days
27. Producer financial and compliant records must be kept on file for ____ years.: 6 years.
28. Premium refunds must be sent to insured within _____ days of the producer receipt
from the insurer.: 5 days
29. Insurers: Policy forms, applications, and advertising must be retained for
____ years after the effective date.: 3 years
30. Insurers: Claim records must be retained for ____ years after the claim is paid or denied:
3 years
31. Insurers: must refund unearned premium to the insured within _____ days.: 30 days
32. Oral binders must be put into writing to the insured within _____ business days.: 5 days
33. The applicant has the right to challenge any erroneous information contained in the
consumer report within ____ days: 30 days
34. Adverse information remains in a credit report for ____ years. Bankruptcy information
remains in the credit report for ____ years.: 7 years, 10 years.
35. Free-look for life insurance: 10 days
36. Free look for life insurance replacements: 30 days
37. Individual life insurance policy grace period: 1 month
38. A life policy may be backdated up to ___ months before the application date.: 6 months
39. Former employees may continue coverage for up to ___ months after termination.: 18
months
40. The premium charged may not exceed ____% of the plan cost: 102%
41. The employee has ___ days to elect to continue coverage.: 60 days
42. 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: 4 years
43. period of time within receiving an application that the replacing insurer must notify any
existing insurer: 5 days
44. Length of time replacing insurer must keep copies of the above replacement notice
records: 6 years
45. Newborn children are covered from: birth
46. 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
policies limiting age.: 31 days.
