MN Insurance Exam Property & Casualty
___ credit hours per licensed producer - ANS-24 credits
\___ prelicensing hours per major line of authority - ANS-20 hours
\$__ for property damage of others in any one accident - ANS-$10,000
\$___ fine per day if a person violates, aides, or abets a written cease and desist order -
ANS-$10,000
\$___ for bodily injury to one person in any one accident - ANS-$30,000
\$___ for bodily injury to two or more persons in any one accident - ANS-$60,000
\$___ for income loss, funeral expense, and survivor's loss - ANS-$20,000
\$___ per line of authority for an application fee - ANS-$50
\a FAIR plan inspection report is due within __ business days after the inspection - ANS-10
days
\a homeowners policy in effect for less than 60 days can be cancelled for any reason with at
least ___ days notice of cancellation - ANS-20 days
\a lapsed licensee can reinstate license within ___ months - ANS-12 months
\a license is suspended for any period no less than - ANS-3 months
\a licensee's time to notify the commissioner of address change is __ days - ANS-10 days
\a non at-fault claimant may sue the at-fault party if the disability lasts for __ days - ANS-60
days
\a person entitled to basic economic loss benefits must notify the insurer within __ months of
the date of accident - ANS-6 months
\a promotional advertising item or gift of $___ or less per year is not a rebate - ANS-$25
\a temporary insurance producer license may be issued for up to ___ days - ANS-180 days
\Adverse information remains in a credit report for ___ years. - ANS-7 years
\after - ANS-
\after a total of $___ of permanent total disability benefits have been paid, the amount of
benefits paid by the employer are reduced by the amount of any government disability
benefits, including SS benefits - ANS-$25,000
\After getting the notice of termination, how many days can the producer file written
comments concerning the termination with the commissioner? - ANS-30 days
\an insurance company must complete the claim investigation within __ days - ANS-30 days
\an insurance company that terminates an appointment must notify the commissioner within
____ days - ANS-30
\Annual Transit Policy - ANS-covers all shipments during the year
\Bailee Liability - ANS-- Covers damage to customer's property
- Pays customer
\claim records must be retained for ___ years after the claim is paid or denied - ANS-3 years
\complaint records must be retained for ___ years after the date received - ANS-4 years
\disability benefits are equal to ___% of the employees gross weekly wage up to a maximum
of ___% of the statewide average weekly wage - ANS-66 2/3% and 102%
\Domestic shipments can only be covered by - ANS-truck, train, air or mail
\each insurer must retain a record of all non renewals and company initiated cancellations
for ___ years - ANS-3
___ credit hours per licensed producer - ANS-24 credits
\___ prelicensing hours per major line of authority - ANS-20 hours
\$__ for property damage of others in any one accident - ANS-$10,000
\$___ fine per day if a person violates, aides, or abets a written cease and desist order -
ANS-$10,000
\$___ for bodily injury to one person in any one accident - ANS-$30,000
\$___ for bodily injury to two or more persons in any one accident - ANS-$60,000
\$___ for income loss, funeral expense, and survivor's loss - ANS-$20,000
\$___ per line of authority for an application fee - ANS-$50
\a FAIR plan inspection report is due within __ business days after the inspection - ANS-10
days
\a homeowners policy in effect for less than 60 days can be cancelled for any reason with at
least ___ days notice of cancellation - ANS-20 days
\a lapsed licensee can reinstate license within ___ months - ANS-12 months
\a license is suspended for any period no less than - ANS-3 months
\a licensee's time to notify the commissioner of address change is __ days - ANS-10 days
\a non at-fault claimant may sue the at-fault party if the disability lasts for __ days - ANS-60
days
\a person entitled to basic economic loss benefits must notify the insurer within __ months of
the date of accident - ANS-6 months
\a promotional advertising item or gift of $___ or less per year is not a rebate - ANS-$25
\a temporary insurance producer license may be issued for up to ___ days - ANS-180 days
\Adverse information remains in a credit report for ___ years. - ANS-7 years
\after - ANS-
\after a total of $___ of permanent total disability benefits have been paid, the amount of
benefits paid by the employer are reduced by the amount of any government disability
benefits, including SS benefits - ANS-$25,000
\After getting the notice of termination, how many days can the producer file written
comments concerning the termination with the commissioner? - ANS-30 days
\an insurance company must complete the claim investigation within __ days - ANS-30 days
\an insurance company that terminates an appointment must notify the commissioner within
____ days - ANS-30
\Annual Transit Policy - ANS-covers all shipments during the year
\Bailee Liability - ANS-- Covers damage to customer's property
- Pays customer
\claim records must be retained for ___ years after the claim is paid or denied - ANS-3 years
\complaint records must be retained for ___ years after the date received - ANS-4 years
\disability benefits are equal to ___% of the employees gross weekly wage up to a maximum
of ___% of the statewide average weekly wage - ANS-66 2/3% and 102%
\Domestic shipments can only be covered by - ANS-truck, train, air or mail
\each insurer must retain a record of all non renewals and company initiated cancellations
for ___ years - ANS-3
