MN Life License Study Guide Already Graded A+
Policy Types
Which type of policy does the owner pay the same premium throughout the term of the contract?
Options: a. Level premium policy; b. Increasing premium policy; c. Decreasing premium policy; d. Term
life insurance
Answer: a. Level pr...
MN Life License Study Guide Already Graded A+
Policy Types
Which type of policy does the owner pay the same premium throughout the term of the contract?
Options: a. Level premium policy; b. Increasing premium policy; c. Decreasing premium policy; d. Term
life insurance
Answer: a. Level premium policy;
Beneficiaries
What type of beneficiary cannot be changed without consent? Options: a. Irrevocable beneficiary; b.
Revocable beneficiary; c. Primary beneficiary; d. Contingent beneficiary
Answer: a. Irrevocable beneficiary;
Continuing Education
How many hours of continuing education must a licensed professional complete? Options: a. 12 hours;
b. 24 hours; c. 36 hours; d. 48 hours
Answer: b. 24 hours;
Accidental Death Benefit
What happens to the accidental death benefit if the insured dies as a result of an accident? Options: a.
The benefit is paid regardless of when the accident occurred; b. The benefit is paid only if the accident
occurred during the policy term; c. The benefit is paid only if the accident occurred after the policy was
issued; d. The benefit is not paid
Answer: a. The benefit is paid regardless of when the accident occurred;
Insurance Clauses
, What type of clause refers to a provision in an insurance contract that outlines the circumstances under
which a claim will be paid? Options: a. Insuring clause; b. Exclusion clause; c. Limitation clause; d.
Condition precedent
Answer: a. Insuring clause;
Group Life Insurance
Under Minnesota law, what must an employer inform the insurance company about if an employee is
laid off from employment and is no longer eligible for group coverage? Options: a. The amount payable
to continue coverage for up to 12 months; b. The amount payable to continue coverage for up to 18
months; c. The amount payable to continue coverage for up to 6 months; d. None of the above
Answer: b. The amount payable to continue coverage for up to 18 months;
Riders
Which rider allows additional insurance to be purchased at a specified date or event without evidence of
insurability? Options: a. Guaranteed insurability rider; b. Convertibility rider; c. Waiver of premium rider;
d. Accidental death benefit rider
Answer: a. Guaranteed insurability rider;
Variable Annuity Contracts
What happens if someone cancels an insurance contract within the free look period? Options: a. The
person is liable for any contract fees or other charges related to the contract; b. The person is entitled to
a refund of the premium paid, excluding any contract fees or other charges related to the contract; c.
The person must pay any outstanding premiums before receiving a refund; d. The person receives no
refund
Answer: b. The person is entitled to a refund of the premium paid, excluding any contract fees or other
charges related to the contract;
Disciplinary Action
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