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Minnesota Laws, Rules and Regulations
Common to Life, Health, Property, and
Casualty Insurance Questions and
Answers Already Passed
The Commissioner examines each insurer every ____years ✔✔5 years
$____ fine per day if a person violates, aids, or abets a written cease and desist order ✔✔$10,
Licensee may request a hearing within ____ days of Commissioner's orderAfter hearing request, the Commissioner has ____ days to hold the hearing. ✔✔30 days & 30 days
All accident and health insurance policies must be filed with the Commissioner at least ____ days prior to use ✔✔60 days
___prelicensing hours per major line of authority ✔✔20 hours
___passing score of state licensing exam ✔✔70%
___number of years licensing exam results are vaild ✔✔3 years
___credit hours per licensed producer ✔✔24 credits
___hours (of the 24 total) must be in ethics ✔✔3 hours
$___per line of authority for license application fees ✔✔$
License periods are ___ years (except for first period of licensure) ✔✔2 years
Individuals must be at least ___ years old to apply for a license ✔✔18 years
A temporary insurance producer license may be issued for up to ___ days ✔✔180 days
A licensee's time to notify the Commissioner of address change is ___ days ✔✔10 days
A license is suspended for any period of no less than ___ months ✔✔3 months
The producer must notify the Commissioner of any administrative action taken or criminal prosecution against the producer within ___ days ✔✔30 days
The producer must notify the Commissioner within ___ days of any felony or gross misdemeanor conviction, guilty plea, or plea of no contest ✔✔10 days
A lapsed licensee can reinstate license within ___ months ✔✔12 months
The penalty for rebating is $___ to $___ per violation. A promotional advertising item or gift of $___ or less per year is not a rebate ✔✔$60 to $200 & $
The insurer must reply to customer claims and inquiries withing ___ days ✔✔10 days
Policies must be delivered to the insured within ___ working days of the producer's receipt from the insurer ✔✔30 days
Producer: financial and complaint records must be kept on file for ___ years. ✔✔6 years
Premium refunds must be sent to the insured within ___ days of the producer's receipt from the insurer ✔✔5 days
Insurer: Policy forms, applications, and advertising must be retained for ___ years after the effective date ✔✔3 years
Insurer: Claim records must be retained for ___ years after the claim is paid or denied ✔✔ 3 years
Insurers: Complaint records must be retained for ___ years from the date received ✔✔4 years
Insurer: refund unearned premium to the insured within ___ days ✔✔30 days
Oral binder must be put in writing to the insured within ___ business days ✔✔5 days
The applicant has the right to challenge any erroneous information contained in the consumer report within ___ days ✔✔30 days
