Exam (elaborations)
MINNESOTA LAWS, RULES, AND REGULATIONS COMMON TO LIFE, HEALTH, PROPERTY
- Course
- Institution
MINNESOTA LAWS, RULES, AND REGULATIONS COMMON TO LIFE, HEALTH, PROPERTY
[Show more]
Seller
Follow
Hkane
Reviews received
Content preview
MINNESOTA LAWS, RULES, ANDREGULATIONS COMMON TO LIFE,
HEALTH, PROPERTY, AND CASUALTY
INSURANCE
$10,000 for each day - correct answer-Powers and Duties of Commissioner
Any person who violates or aids and abets any violation of a written order may be fined up to
_______________ the violation continues.
$10,000 per violation - correct answer-Revocation or Suspension of License
In addition to taking action against a producer's license, the Commissioner may fine a
producer up to __________ _____ ___________.
$20,000 - correct answer-Revocation or Suspension of License
As a condition of reapplication the producer must obtain a performance bond of at least
_________ with the state of Minnesota as obligee.
$25 per offense - correct answer-Termination of Appointment
Any insurer that fails to file a company appointment is penalized _____ _____ _________.
$300 - correct answer-Termination of Appointment
The maximum penalty per unappointed producer ______.
10 days - correct answer-Agent Conduct
A producer who receives a policy cancellation request must make or initiate the refund within
____ _______ of the request.
10 days - correct answer-Notification Requirements
The producer must notify the Commissioner within ____ _______ of a change of name,
address, or any other information that was provided on the initial license application.
10 days - correct answer-Notification Requirements
The producer must notify the Commissioner within ____ _______ of any conviction, guilty
plea, or plea of no contest to any felony, gross misdemeanor, or misdemeanor involving
moral turpitude.
, 10 days - correct answer-Termination of Appointment
If the insurer fails to pay a penalty within _____ _______ after notice from the
Commissioner, the insurer's authority to transact business in Minnesota will be revoked until
the penalty is paid.
10 days - correct answer-Types of Licenses
A nonresident producer who moves from one state to another must file a change of address
and provide certification from the new resident state within ____ ______ of legal residence.
No fee or license application is required.
10 working days - correct answer-Agent Conduct
A producer who is convicted of a felony, gross misdemeanor, or misdemeanor involving
moral turpitude must report it to the Commissioner within ____ _________ ______ of the
conviction.
12 months - correct answer-License Expiration
Initial licenses issued to an individual producer on or after August 1, 2010 are valid for at
least _____ ________, but not more than 24 months.
12 months - correct answer-Reinstating a Lapsed License
An individual producer whose license lapses may, within _____ _________ from the due
date of the renewal fee, reinstate the license without having to pass a written exam.
15 days - correct answer-Appointment
A licensed insurance producer shall not transact insurance business on behalf of an insurer
unless the producer has the insurer's permission to transact business on its behalf and
obtains an appointment within ____ ______ after submitting the first application to the
insurer.
15 days - correct answer-Appointment
To appoint a producer as its agent, the insurer must file a notice of appointment within ____
______ from the date the agency contract is executed or submission of the firsts insurance
application.
15 days - correct answer-Termination of Appointment
Within ____ ______ of notifying the Commissioner, the insurer must send written notice of
the termination to the producer.
18 years old - correct answer-Types of Licenses
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Hkane. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $7.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
71498 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now