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MN Laws, Rules, & Regulations Pertinent to Life Insurance Questions and answers.
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MN Laws, Rules, & Regulations Pertinent to Life Insurance Questions and answers.
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MN Laws, Rules, & Regulations Pertinentto Life Insurance
4 Forms of Credit Insurance - correct answer-Individual Term Life
Individual Accident and Health
Group Term Life Insurance
A life policy may be backdated up to _____ months before the application date. - correct
answer-6
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.
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
Conversion of Life Insurance Coverage - correct answer-Terminated employee can obtain
individual life insurance policy.
Conversion is at employee's expense
Does not require proof of insurability
Must be made without interruption of coverage
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.
Former employees may continue group health coverage for up to ______ months after
termination. - correct answer-18
If insurer receives an application that is replacing a different policy, the insurer must notify
any other existing insurer within _____ days. - correct answer-5
If the insurer determines within the first ____ years of a policy that a transfer of ownership
has been made to a person with no insurable interest, the policy may be considered to be a
STOLI and is a violation. - correct answer-4
Individual life insurance policy grace period is _____ month. - correct answer-1
Insurable Interest Act - correct answer-Prohibits solicitation of life insurance for purpose of
selling policy in secondary market.
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