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MN LAWS, RULES, & REGULATIONS PERTINENT TO LIFE INSURANCE EXAM | QUESTIONS & ANSWERS, Exams of Insurance law

Beneficiary Protection from Creditors Correct Answer: If beneficiary eligible to receive death benefit but chooses to leave part/all on deposit with insurer, money is protected from claims of the beneficiaries creditors. Policyowner Rights Correct Answer: Spendthrift provision: Gives insurer the right to hold back proceeds received by beneficiary and protect them from creditors. For old policies without this provision, owner of policy has the right to add it. Insured has up to _____ days from receiving the policy to cancel it by returning it and giving written notice of cancellation. This is called the _________ __________ period. Correct Answer: 10 days

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2024/2025

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MN LAWS, RULES, & REGULATIONS
PERTINENT TO LIFE INSURANCE EXAM |
QUESTIONS & ANSWERS (VERIFIED) | LATEST
UPDATE | GRADED A+
Beneficiary Protection from Creditors
Correct Answer: If beneficiary eligible to receive death benefit but chooses to leave part/all on deposit
with insurer, money is protected from claims of the beneficiaries creditors.
Policyowner Rights
Correct Answer: Spendthrift provision:
Gives insurer the right to hold back proceeds received by beneficiary and protect them from creditors.
For old policies without this provision, owner of policy has the right to add it.
Insured has up to _____ days from receiving the policy to cancel it by returning it and giving written
notice of cancellation. This is called the _________ __________ period.
Correct Answer: 10 days
Free Look
Individual life insurance policy grace period is _____ month.
Correct Answer: 1
A life policy may be backdated up to _____ months before the application date.
Correct Answer: 6
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Download MN LAWS, RULES, & REGULATIONS PERTINENT TO LIFE INSURANCE EXAM | QUESTIONS & ANSWERS and more Exams Insurance law in PDF only on Docsity!

MN LAWS, RULES, & REGULATIONS

PERTINENT TO LIFE INSURANCE EXAM |

QUESTIONS & ANSWERS (VERIFIED) | LATEST

UPDATE | GRADED A+

Beneficiary Protection from Creditors Correct Answer: If beneficiary eligible to receive death benefit but chooses to leave part/all on deposit with insurer, money is protected from claims of the beneficiaries creditors. Policyowner Rights Correct Answer: Spendthrift provision: Gives insurer the right to hold back proceeds received by beneficiary and protect them from creditors. For old policies without this provision, owner of policy has the right to add it. Insured has up to _____ days from receiving the policy to cancel it by returning it and giving written notice of cancellation. This is called the _________ __________ period. Correct Answer: 10 days Free Look Individual life insurance policy grace period is _____ month. Correct Answer: 1 A life policy may be backdated up to _____ months before the application date. Correct Answer: 6

Insurer must return/refund payments within ______ days after free look period notification of cancellation and return of policy. Correct Answer: 10 Credit Accident and Health Insurance Correct Answer: Insurance on a debtor to provide indemnity for payments due on a specific loan while debtor is disabled. 4 Forms of Credit Insurance Correct Answer: Individual Term Life Individual Accident and Health Group Term Life Insurance Former employees may continue group health coverage for up to ______ months after termination. Correct Answer: 18 The premium charged to continue group health coverage (COBRA) may not exceed ______ % of the plan cost. Correct Answer: 102% The terminated employee has _____ days to elect to continue coverage (COBRA). Correct Answer: 60

Correct Answer: Using current insurance values to buy new coverage with either same insurer or another replacing insurer. Churning Correct Answer: Unnecessary changes/replacement, for the agent/producer's benefit, not the client. Illegal Conservation Correct Answer: Attempt by producer/agent to dissuade policyowner from replacing existing policies or annuities. Illegal Replacement Insurance Exemptions Correct Answer: Credit Life Group Life Insurance Group Annuities Transaction where existing and replacing insurer is the same