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MINNESOTA LAWS, RULES AND REGULATIONS COMMON TO LIFE, HEALTH, PROPERTY, AND CASUALTY, Exams of Public Health

Rasmussen College - MinnesotaPublic Health

MINNESOTA LAWS, RULES AND REGULATIONS COMMON TO LIFE, HEALTH, PROPERTY, AND CASUALTY INSURANCE EXAM | QUESTIONS & ANSWERS (VERIFIED) | LATEST UPDATE | GRADED A+

Typology: Exams

2024/2025

Available from 07/05/2025

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MINNESOTA LAWS, RULES AND
REGULATIONS COMMON TO LIFE,
HEALTH, PROPERTY, AND CASUALTY
INSURANCE EXAM | QUESTIONS &
ANSWERS (VERIFIED) | LATEST
UPDATE | GRADED A+
The Commissioner examines each insurer every ____years
Correct Answer: 5 years
$____ fine per day if a person violates, aids, or abets a written cease and desist order
Correct Answer: $10,000
Licensee may request a hearing within ____ days of Commissioner's orderAfter hearing request, the
Commissioner has ____ days to hold the hearing.
Correct Answer: 30 days & 30 days
All accident and health insurance policies must be filed with the Commissioner at least ____ days prior
to use
Correct Answer: 60 days
___prelicensing hours per major line of authority
Correct Answer: 20 hours
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MINNESOTA LAWS, RULES AND

REGULATIONS COMMON TO LIFE,

HEALTH, PROPERTY, AND CASUALTY

INSURANCE EXAM | QUESTIONS &

ANSWERS (VERIFIED) | LATEST

UPDATE | GRADED A+

The Commissioner examines each insurer every ____years Correct Answer: 5 years $____ fine per day if a person violates, aids, or abets a written cease and desist order Correct Answer: $10, Licensee may request a hearing within ____ days of Commissioner's orderAfter hearing request, the Commissioner has ____ days to hold the hearing. Correct Answer: 30 days & 30 days All accident and health insurance policies must be filed with the Commissioner at least ____ days prior to use Correct Answer: 60 days ___prelicensing hours per major line of authority Correct Answer: 20 hours

___passing score of state licensing exam Correct Answer: 70% ___number of years licensing exam results are vaild Correct Answer: 3 years ___credit hours per licensed producer Correct Answer: 24 credits ___hours (of the 24 total) must be in ethics Correct Answer: 3 hours $___per line of authority for license application fees Correct Answer: $ License periods are ___ years (except for first period of licensure) Correct Answer: 2 years Individuals must be at least ___ years old to apply for a license Correct Answer: 18 years A temporary insurance producer license may be issued for up to ___ days

The penalty for failing to appoint a producer is $___ per offense, up to $___ maximum per unappointed producer Correct Answer: $25 & $ The producer must notify the Commissioner of any administrative action taken or criminal prosecution against the producer within ___ days Correct Answer: 30 days The producer must notify the Commissioner within ___ days of any felony or gross misdemeanor conviction, guilty plea, or plea of no contest Correct Answer: 10 days A lapsed licensee can reinstate license within ___ months Correct Answer: 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 Correct Answer: $60 to $200 & $ The insurer must reply to customer claims and inquiries withing ___ days Correct Answer: 10 days

Policies must be delivered to the insured within ___ working days of the producer's receipt from the insurer Correct Answer: 30 days Producer: financial and complaint records must be kept on file for ___ years. Correct Answer: 6 years Premium refunds must be sent to the insured within ___ days of the producer's receipt from the insurer Correct Answer: 5 days Insurer: Policy forms, applications, and advertising must be retained for ___ years after the effective date Correct Answer: 3 years Insurer: Claim records must be retained for ___ years after the claim is paid or denied Correct Answer: 3 years Insurers: Complaint records must be retained for ___ years from the date received Correct Answer: 4 years Insurer: refund unearned premium to the insured within ___ days Correct Answer: 30 days Oral binder must be put in writing to the insured within ___ business days