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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
