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MN INSURANCE EXAM PROPERTY &
CASUALTY EXAM | QUESTIONS &
ANSWERS (VERIFIED) | LATEST
UPDATE | GRADED A+
The commissioner examines each insurer every __ years Correct Answer: 5 $___ fine per day if a person violates, aides, or abets a written cease and desist order Correct Answer: $10, Licensee may request a hearing within __ days of commissioners order after hearing request, the commissioner has ___ to hold the hearing Correct Answer: 30 and 30 ___ prelicensing hours per major line of authority Correct Answer: 20 hours number of years licensing exam results are valid Correct Answer: 3 years $___ per line of authority for an applicaton fee
Correct Answer: $ ___ credit hours per licensed producer Correct Answer: 24 credits how many hours of continuing education must be in ethics? Correct Answer: 3 For an earthquake how many hours and how many deductibles Correct Answer: 168 hours and only 1 deductible How many years is a license period Correct Answer: 2 years a temporary insurance producer license may be issued for up to ___ days Correct Answer: 180 days a licensee's time to notify the commissioner of address change is __ days Correct Answer: 10 days a license is suspended for any period no less than Correct Answer: 3 months
the producer must notify the commissioner of any administrative action take or criminal prosecution against the producer within ___ days Correct Answer: 30 days when is the property value determined? - Inland Marine Correct Answer: at the time of loss 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 Correct Answer: $60 - $ a promotional advertising item or gift of $___ or less per year is not a rebate Correct Answer: $ How many days does an insurer have to reply to customer claims and inquries? 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 financial and complain records must be kept on file for ___ years Correct Answer: 6 premium refunds must be sent to the insured within ___ days of the producers receipt from the insurer Correct Answer: 5 days Policy forms, applications, and advertising must be retained for __ years after the effective date Correct Answer: 3 years claim records must be retained for ___ years after the claim is paid or denied Correct Answer: 3 years complaint records must be retained for ___ years after the date received Correct Answer: 4 years unearned premium refund to be issued within ___ days Correct Answer: 30 days Domestic shipments can only be covered by
- Pays customer Adverse information remains in a credit report for ___ years. Correct Answer: 7 years how many years must bankruptcy information remain in the credit report for Correct Answer: 10 years Property policy begins at : standard time Correct Answer: 12:01AM insured's lawsuits against the insurance company must be initiated within __ years after the loss Correct Answer: 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 Correct Answer: 30 days once a loss has been settled, payment for the claim must be made within __ business days Correct Answer: 5 days how much must a township mutual maintain? Correct Answer: minimum of $300,
a FAIR plan inspection report is due within __ business days after the inspection Correct Answer: 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 Correct Answer: 59 days FAIR plan policy term is Correct Answer: 1 year FAIR - the plan must make an underwriting decision within __ business days of receiving the completed application Correct Answer: 5 days Insurance company must give __ days notice of homeowners cancellation Correct Answer: 30 days FAIR plan cancellations require at least __ days written notice to be insured Correct Answer: 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 Correct Answer: 20 days
Correct Answer: $30, $___ for bodily injury to two or more persons in any one accident Correct Answer: $60, $__ for property damage of others in any one accident Correct Answer: $10, For personal injury protection, how much is the minimum per person? Correct Answer: $40, for reasonable and necessary medical expenses what is the amount? Correct Answer: $20, Occurance form Correct Answer: coverage triggered by bodily injury or physical damage that occurs during the policy period $___ for income loss, funeral expense, and survivor's loss Correct Answer: $20, Income loss benefits provide compensation for % of gross income to a maximum of $_ per week Correct Answer: 85% and $
funeral and burial benefits shall be reasonable expenses not to exceed $___ Correct Answer: $5, Rehab treatment must be reported to the insurer within ___ days Correct Answer: 60 days a person entitled to basic economic loss benefits must notify the insurer within __ months of the date of accident Correct Answer: 6 months survivors economic loss benefits are subject to a maximum of $___ per week Correct Answer: $ for underinsured, $___ minimum limit because of the injury or death of one person in any accident Correct Answer: $25, non at fault claim may sue the at fault party if medical expenses excees $___ Correct Answer: $4, a non at-fault claimant may sue the at-fault party if the disability lasts for __ days Correct Answer: 60 days
after Correct Answer: 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 Correct Answer: $25,
