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MN life insurance
To sell the variable the agent must pass? -Correct Answer โ โ Life license and Security license
When the producer license is expiring day? -Correct Answer โ โ you birthday or October 31
The insured is take out the life insurance policy and the insured is suicide himself 13 mounts later, what is the insurance company will do for this? -Correct Answer โ โ no liable
How long is the temporary license? -Correct Answer โ โ 18 months
Refunding part of the commission, premium, services, or anything of value to the purchaser as an inducement to buy insurance covered? - Correct Answer โ โ Rebating
The purposes of the insured concerning about silicate the insurer become insolvency and the Guaranty Association? -Correct Answer โ
โ To be bankruptcy
What is the insured becomes totally disability? -Correct Answer โ
โ Waiver of premiums
The producer submit the first application to the insurer, how long it takes place? -Correct Answer โ โ 15 days
Which type of life insurances policy is the first die and last survivor? - Correct Answer โ โ Survivor Ship
Which of the following that the consumer reports included written, oral, and other forms of communication that consumer reporting agency has regarding consumers' credit, character, reputation, or habits? -Correct Answer โ โ Consumer report
The protection life policy that pay the death benefit to the last person died. -Correct Answer โ โ Survivor ship Life policy
Similar to life insurance, this party has all of the rights in the annuity policy. This party is referred to as the: -Correct Answer โ โ Owner
What is the maximum an employee of an insurer being examined by the Division of Commerce may be fined for violating a written order? - Correct Answer โ โ $10,
John has a life insurance with XYZ Company, his premium payment is due on the first day of each month. Due to illness, John failed to pay on June 1st a premium of $210. On June 20th, John died. Which of the following would be a provision in John's policy that would come into play so that the beneficiary would be paid? -Correct Answer โ โ A grace period
Which of the following statements regarding the concept of insurable interest as related to the life insurance contract is TRUE? -Correct Answer โ โ Individual related closely by blood have an insurable interest based on love and affection
When the structure and flexibility of a universal life policy are combined with investment choice is a: -Correct Answer โ โ Variable universal life policy
If the initial premium is paid at the time of the application on May 1, the company issues the policy as a standard issue on May 30, and the producer delivers the policy to the owner in June 5, when is coverage effective, assuming the conditional receipt was given and there was no medical exam required? -Correct Answer โ โ May 1
Which of the following policies has cash value dependent on the investment performance of common stock? -Correct Answer โ โ Variable life
When an immediate annuity is funded with a single premium, the annuitant may begin receiving payment after: -Correct Answer โ โ 60 days
Generally, what are the tax options of life insurance as it pertains to the beneficiary? -Correct Answer โ โ Tax free at the time of the insured's death
Which of the following types of insurance is designed to provide life insurance protection only for a limited of time? -Correct Answer โ โ Term life insurance
A life insurance policy will become incontestable no later than how long after its effective date -Correct Answer โ โ 2 years
Which of the following beneficiary designations prohibits the policy owner from making any changes to the policy without the beneficiary written consent? -Correct Answer โ โ Revocable beneficiary
A reason for using individual reporting agencies to gather information about an insurance applicant is: -Correct Answer โ โ An evaluation of the applicant by a disinterested source not related to the insurer
Who performs the functions of risk selection in determining an individual's insurability for policy issue? -Correct Answer โ โ Underwriter
A rider on a whole life policy that adds temporary coverage for a spouse and children is: -Correct Answer โ โ A family term rider
An insured wants to purchase a policy with three key elements, flexible premium, death benefit, and the choice of how the cash value accumulates. Which policy would fit the needs? -Correct Answer โ
โ Variable universal life
Back dating an application can be done in: -Correct Answer โ โ Policy application cannot be back dated more than 6 months
Annuity products linked to a market related index are called -Correct Answer โ โ Equity indexed annuity
Which of the following is an example of an unfair claim settlement practice? -Correct Answer โ โ Failure to provide a reasonable basis for the denial claim upon request
An accidental death benefit -Correct Answer โ โ Pays only in the event of an accident resulting in death
Generally, if the application is not prepaid, the effective date of the policy is when: -Correct Answer โ โ Producer delivered the policy and collect premium
The proposed insured's statement on a life insurance application are considered to be: -Correct Answer โ โ Representation
Which of the following transactions would not be subjected to income tax under a Modified Endowment Contract (MEC)? -Correct Answer โ
โ The death benefit
An immediate annuity making payment after the: -Correct Answer โ
โ Policy has been in-force for one year
In what type of policy does the owner pay the same premium throughout the term of the contract? -Correct Answer โ โ Level premium policy
Which type of beneficiary CANNOT be changed without consent? - Correct Answer โ โ The beneficiary is irrevocable
How many total hours of continuing education covering the subjects for which the license is licensed must complete. -Correct Answer โ
โ 24 hours
Accidental and dismemberment will pay the principal sum of death occurs: -Correct Answer โ โ As a result of an accident regardless of when the accident occurs
The following refers to which type of class? If the proposed insured dies while the policy is in-forced the company will pay the death benefit to the beneficiary. -Correct Answer โ โ An insuring clause
The proposed insured's statement on the application and the first premium payment are part of the policy? -Correct Answer โ โ Consideration clause
A temporary producer license can be issued in any of the following EXCEPT -Correct Answer โ โ Any circumstance the commissioner deems to be in the public interest.
Which of the following would be prohibited advertising? -Correct Answer โ โ Advertising that uses the Minnesota Life and Health Insurance Guaranty Association
A proposed insured whose likelihood of loss is significantly less than the average is classified as: -Correct Answer โ โ Substandard risk
Once a policy has been reinstated the insured must wait what amount of time before coverage for sickness is available? -Correct Answer โ โ 10 days
Blood tests to detect the presence of Human Immunodeficiency Virus (HIV) are becoming commonplace laws have been allowing companies to: -Correct Answer โ โ Shares the positive HIV information with other companies
What is the purpose of the conversion privilege in a group life insurance policy? -Correct Answer โ โ Gives the employee the right to convert their group coverage to an individual policy without proof of insurability upon their termination
The act of inducing a person to terminate an existing policy and purchase a new policy is referred as: -Correct Answer โ โ Twisting
All of the following are examples of third party ownership EXCEPT: - Correct Answer โ โ Primary beneficiary
Which of the following provisions allows a person to temporarily give up a portion of their right to secure? -Correct Answer โ โ Collateral assignment
In addition to the actual policy, an entire contract includes which of the following? -Correct Answer โ โ The application
Which of the following is TRUE regarding suitability of a long term care insurance policy? -Correct Answer โ โ The agent must have reasonable grounds for believing that the recommendation is suitable for the customer
What is the minimum amount of protection for the claim under the Minnesota life and health company? -Correct Answer โ โ $1,000,
If the insured and the primary beneficiary are killed in the same accident, the policy proceed will pay the death benefit to: -Correct Answer โ โ Contingent beneficiary
Which type of life insurance is written under a single contract for both the spouse in which it is payable upon the first death. -Correct Answer โ โ Joint
Prior to annuity ration, what is the non-forfeiture value of an annuity? -Correct Answer โ โ All premiums paid and any withdrawals and surrender charge
At the time of initial contact and before a personal solicitation, a producer must state: -Correct Answer โ โ The name of the person making contact, the name of the producer in the business to sell life insurance
Which of the following is not included as part of a contract in the entire contract revision? -Correct Answer โ โ Endorsement if any
Which is the flexibility of a whole life policy? -Correct Answer โ โ Adjustable whole life
In group life insurance, what is it called when the employer pays for the employees? -Correct Answer โ โ Non-Contributory
How many days that the insured cancel the policy and refund all of the premiums? -Correct Answer โ โ 10 days
To sell long term care in Minnesota? -Correct Answer โ โ training 8 hours before going sell the long term care
How long is the Free Look? -Correct Answer โ โ 10 days
Decreasing Term? -Correct Answer โ โ Home mortgage
Home mortgage protection? -Correct Answer โ โ Decreasing term
Suicide? -Correct Answer โ โ Suicide is not covered in the policy for the first 2 years
Accelerated benefit rider? -Correct Answer โ โ Terminal illness or Injury
