MN INSURANCE PRACTICE EXAM 2025/2026 ALL
QUESTIONS AND SOLUTIONS GRADED A+ TIP
✔✔complaint records must be retained for ___ years after the date received - ✔✔4
years
✔✔unearned premium refund to be issued within ___ days - ✔✔30 days
✔✔Domestic shipments can only be covered by - ✔✔truck, train, air or mail
✔✔Annual Transit Policy - ✔✔covers all shipments during the year
✔✔Trip transit - ✔✔Covers a single shipment-one time, one way
✔✔Motor truck cargo - ✔✔truckers form covers the insureds bailee responsibility
(carrying someone elsed stuff)
✔✔oral binders must be put in writing to the insured within ___ business days - ✔✔5
✔✔what covers the insured own goods in the insureds own trucks - ✔✔owners form
✔✔the applicant has the right to challenge any erroneous information contains in the
consumer report within __ days - ✔✔30
✔✔Bailee Liability - ✔✔- Covers damage to customer's property
- Pays customer
✔✔Adverse information remains in a credit report for ___ years. - ✔✔7 years
✔✔how many years must bankruptcy information remain in the credit report for - ✔✔10
years
✔✔Property policy begins at __:__ standard time - ✔✔12:01AM
✔✔insured's lawsuits against the insurance company must be initiated within __ years
after the loss - ✔✔2 years
✔✔the insurance company must give the insured notice of how it will handle the loss
within __ days after receipt of proof of loss - ✔✔30 days
✔✔once a loss has been settled, payment for the claim must be made within __
business days - ✔✔5 days
, ✔✔how much must a township mutual maintain? - ✔✔minimum of $300,000
✔✔a FAIR plan inspection report is due within __ business days after the inspection -
✔✔10 days
✔✔FAIR - if the inspection reveils that the applicant is not eligible, the plan must inform
the applicant within __ days of the inception of the policy - ✔✔59 days
✔✔FAIR plan policy term is - ✔✔1 year
✔✔FAIR - the plan must make an underwriting decision within __ business days of
receiving the completed application - ✔✔5 days
✔✔Insurance company must give __ days notice of homeowners cancellation - ✔✔30
days
✔✔FAIR plan cancellations require at least __ days written notice to be insured - ✔✔15
days
✔✔a homeowners policy in effect for less than 60 days can be cancelled for any reason
with at least ___ days notice of cancellation - ✔✔20 days
✔✔insurer must give __ days cancellation notice, if due to nonpayment of premium -
✔✔20 days
✔✔for a nonrenewal, notice must be mailed to the insured at least __ days before the
effective date - ✔✔60 days
✔✔each insurer must retain a record of all non renewals and company initiated
cancellations for ___ years - ✔✔3
✔✔First violation for violating MN nonrenewal statutes - ✔✔$100
✔✔second violation for violating MN nonrenewal statutes - ✔✔$300
✔✔third violation for violating MN nonrenewal statutes - ✔✔$500
✔✔the standard underwriting experience period in MN is __ years - ✔✔3 years
✔✔$___ for bodily injury to one person in any one accident - ✔✔$30,000
✔✔$___ for bodily injury to two or more persons in any one accident - ✔✔$60,000
QUESTIONS AND SOLUTIONS GRADED A+ TIP
✔✔complaint records must be retained for ___ years after the date received - ✔✔4
years
✔✔unearned premium refund to be issued within ___ days - ✔✔30 days
✔✔Domestic shipments can only be covered by - ✔✔truck, train, air or mail
✔✔Annual Transit Policy - ✔✔covers all shipments during the year
✔✔Trip transit - ✔✔Covers a single shipment-one time, one way
✔✔Motor truck cargo - ✔✔truckers form covers the insureds bailee responsibility
(carrying someone elsed stuff)
✔✔oral binders must be put in writing to the insured within ___ business days - ✔✔5
✔✔what covers the insured own goods in the insureds own trucks - ✔✔owners form
✔✔the applicant has the right to challenge any erroneous information contains in the
consumer report within __ days - ✔✔30
✔✔Bailee Liability - ✔✔- Covers damage to customer's property
- Pays customer
✔✔Adverse information remains in a credit report for ___ years. - ✔✔7 years
✔✔how many years must bankruptcy information remain in the credit report for - ✔✔10
years
✔✔Property policy begins at __:__ standard time - ✔✔12:01AM
✔✔insured's lawsuits against the insurance company must be initiated within __ years
after the loss - ✔✔2 years
✔✔the insurance company must give the insured notice of how it will handle the loss
within __ days after receipt of proof of loss - ✔✔30 days
✔✔once a loss has been settled, payment for the claim must be made within __
business days - ✔✔5 days
, ✔✔how much must a township mutual maintain? - ✔✔minimum of $300,000
✔✔a FAIR plan inspection report is due within __ business days after the inspection -
✔✔10 days
✔✔FAIR - if the inspection reveils that the applicant is not eligible, the plan must inform
the applicant within __ days of the inception of the policy - ✔✔59 days
✔✔FAIR plan policy term is - ✔✔1 year
✔✔FAIR - the plan must make an underwriting decision within __ business days of
receiving the completed application - ✔✔5 days
✔✔Insurance company must give __ days notice of homeowners cancellation - ✔✔30
days
✔✔FAIR plan cancellations require at least __ days written notice to be insured - ✔✔15
days
✔✔a homeowners policy in effect for less than 60 days can be cancelled for any reason
with at least ___ days notice of cancellation - ✔✔20 days
✔✔insurer must give __ days cancellation notice, if due to nonpayment of premium -
✔✔20 days
✔✔for a nonrenewal, notice must be mailed to the insured at least __ days before the
effective date - ✔✔60 days
✔✔each insurer must retain a record of all non renewals and company initiated
cancellations for ___ years - ✔✔3
✔✔First violation for violating MN nonrenewal statutes - ✔✔$100
✔✔second violation for violating MN nonrenewal statutes - ✔✔$300
✔✔third violation for violating MN nonrenewal statutes - ✔✔$500
✔✔the standard underwriting experience period in MN is __ years - ✔✔3 years
✔✔$___ for bodily injury to one person in any one accident - ✔✔$30,000
✔✔$___ for bodily injury to two or more persons in any one accident - ✔✔$60,000
