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RULES AND REGULATION MN LIFE
INSURANCE EXAM | QUESTIONS & ANSWERS
(VERIFIED) | LATEST UPDATE | GRADED A+
A producer offer a buyer $100 basketballs game tickets (not specified in the contract) introduce to purchase a policy, if the prospect purchase the policy and accepts the tickets, the Producer be will guilty of? Correct Answer: Rebate All of the producers (except those who only transact credit insurance) must complete at least, how many hours of approved education course during 24 month licensing period? Correct Answer: 30hours If an insurer employee unlicensed producer, the commissioner can asses of following penalty? Correct Answer: $25 for each policy sold by unlicensed producer ($300 maximum Penalty per producer) The commissioner of commerce is? Correct Answer: Appointed by Governor All the following statement's pertaining to fair credit reporting act are correct, except Correct Answer: The fair credit repot is a state law that helps assure accurate reporting information about customer
All producers' financial record must maintained for at least Correct Answer: 6years All following types of product by producer are considered unethical, except Correct Answer: Readjusting group premium rate's base on current year's or expense An insurance producer can be suspended or revoked from client for all of the following, except Correct Answer: Being charged with a misdemeanor not involving moral turpitude (immorality) An insurance must keep record of the all fund received from client at least, How many years? Correct Answer: 6years Who beside the states regulates the sale of variable if insurance and insurance annuities? Correct Answer: security and change commission Propert licensed agent legally represent? Correct Answer: Insurer To qualify producer license, an applicant must Correct Answer: Pass the state exam Which of the following statements regarding temporary license is NOT CORRECT
Correct Answer: 3days Which of the following statements regarding resident and nonresident license is CORRECT? Correct Answer: Person holding license in MN and also can hold license with good standing in their home state How many hours relicensing education must applicants for pourer license complete? Correct Answer: 45hours What did the passed of the McCarren- Ferguson Act with accomplish with respect to regulation of the insurance industry? Correct Answer: Assured continued State regulation of insurance All of the following about accelerated benefits provisions are correct, EXCEPT? Correct Answer: The money recieved as an accelerated benefit must be used to pay medical expenses How often must the commissioner examine the book and the domestic insurer? Correct Answer: At least once every 5years Assured Insurance company deals direct wit insurance and does not have any agents assured in a/an Correct Answer: Direct writer Except for mass-marketed life insurance, individuals life insurance policies, CAN NOT be issued to anyone over, what age?
Correct Answer: 60years old An insurance producer license can be voluntarily for all of the following, EXCEPT? Correct Answer: The insurance appointing the agent request it All of the following the Agent Act would violate MN insurance law EXCEPT? Correct Answer: Changing healthy 30year old a lower life insurance premium than a diabetic 60year old All of the following are duties of the commission, EXCEPT Correct Answer: Writing insurance laws If insurance producer's license is revoked, he must wait at least how many years beggar applying for a new license? Correct Answer: 2years Which of the people must complete the pre-license education and an examination requirement before they can transact insurance business? Correct Answer: Applicants of sound character who wish to see life insurance policies Which of the following statement about state-garnty association is CORRECT? Correct Answer: They cover consumer unpaid claims if an insurer became insolvent All of the following must take the MN Licensing exam before being able to sell insurance in the state Except
All of the following must have certificate of authority or licensed to conduct insurance business in MN except? Correct Answer: Anyone who works as employees of a creditor who are enroll debts for the life or accident or health insurance and RECEIVES NO COMMISSION Morris license agent, his principal is the Correct Answer: Insurer National association of insurance commissioner does not? Correct Answer: Prosecute and punish criminal violator in the insurance industry The state guaranty association assures policy owner that Correct Answer: Their claim will be paid if insurer becomes insolvent All of he following are prohibits acts except Correct Answer: refunding all the premium to a policy holder who decided to return his or her policy after 1 week The commissioner have power to take all the following actions except Correct Answer: enact laws affecting the insurance business who the license insurance agent represents in an insurance transaction is Correct Answer: the insurer
All of the following acts by an insurance producer would be violation of MN insurance law except Correct Answer: assuring an insured that his/her group certificate could be converted to an individual policy if terminated All of the following are prohibited life insurance sell practices except Correct Answer: paying equable bonuses to participating insurance policies holders our of divisible surplus
