MN INSURANCE EXAM PROPERTY & CASUALTY EXAM NEWEST
ACTUAL EXAM COMPLETE 180 QUESTIONS AND CORRECT
DETAILED ANSWERS VERIFIED ANSWERS ALREADY GRADED A
1. The commissioner examines each insurer every ___ Years.: 5 years
2. $____ fine per day if a person violates, aids, or abets a written cease and desist order:
$10,000
3. License fee may request a hearing within ____ days of commissioners order. After hearing
request, Commissioner has ____ days to hold the hearing.: 30 Days, 30 days
4. All accident and health insurance policies must be filed with the commissioner at least
____ days prior to use: 60 days
5. During Pre-licensing...
____ hours per major line of authority
_____% passing score on state exam
____ number of years the exam results are valid: 20, 70%, 3 YEARS
6. License application fee: $50 per line of authority
7. ____ Credit hours per licensed producer
___ hours must be in ethics: 25 credit hours, 3
8. ___ hour partnership prior to selling LTC: 8 hour
9. ___ hour refresher course every two years after initial training for LTC: 4 hours
10. License periods after the first licensing period are___ years: 2 years
11. A temporary insurance producer license may be issued for up to ___ days: 180 days
12. A licensee's time to notify the commissioner of address change is ___ days: 10 days
13. A license is suspended for any period of time no less than ___ months: 3
months`
14. A person who's license is revoked can reapply after ___ years. The producer must obtain
a performance bond of at least _____: 2 years, $20,000
15. Commissioner may fine a producer up to ___ per violation: $10,000
16. The insurer must fine notice of appointment within ___ days of first sale by the
producer.: 15 days
17. An insurer that terminates an appointment must notify the commissioner within
_____ days: 30 days
18. Within ____ days, the insurer must send written notice of the termination to the
producer.: 15 days
19. Within ___ days after receiving notice of termination, the producer may file written
comments concerning the termination with the commissioner: 30 days
20. The penalty for failing to appoint a producer is $____ per offense, and up to $____
maximum per unappointed producer: $25, $300
21. The producer must notify the commissioner of any administrative action taken or
criminal prosecution against the producer within ____ days: 30 days 22. The producer must
, .
notify the commissioner within ______ days of any felony or gross misdemeanor conviction,
guilty plea, or plea of no contest.: 10 days
23. A lapsed licensee can reinstate license within ____ months.: 12 Months
24. The penally for rebating is $____ to $____ per violation. A promotional gift or advertising
item of $____ is not a rebate.: $60 to $200, $25
25. The insurer must reply to customer claims and inquires within ____ days.: 10 days
26. Policies must be delivered to the insured within ____ working days of the producers
recipes from the insurer.: 30 days
27. Producer financial and compliant records must be kept on file for ____ years.: 6 years.
28. Premium refunds must be sent to insured within _____ days of the producer receipt
from the insurer.: 5 days
29. Insurers: Policy forms, applications, and advertising must be retained for
____ years after the effective date.: 3 years
30. Insurers: Claim records must be retained for ____ years after the claim is paid or denied:
3 years
31. Insurers: must refund unearned premium to the insured within _____ days.: 30 days
32. Oral binders must be put into writing to the insured within _____ business days.: 5 days
33. The applicant has the right to challenge any erroneous information contained in the
consumer report within ____ days: 30 days
34. Adverse information remains in a credit report for ____ years. Bankruptcy information
remains in the credit report for ____ years.: 7 years, 10 years.
35. Free-look for life insurance: 10 days
36. Free look for life insurance replacements: 30 days
37. Individual life insurance policy grace period: 1 month
38. A life policy may be backdated up to ___ months before the application date.: 6 months
39. Former employees may continue coverage for up to ___ months after termination.: 18
months
40. The premium charged may not exceed ____% of the plan cost: 102%
41. The employee has ___ days to elect to continue coverage.: 60 days
42. In 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 violations: 4 years
43. period of time within receiving an application that the replacing insurer must notify any
existing insurer: 5 days
44. Length of time replacing insurer must keep copies of the above replacement notice
records: 6 years
45. Newborn children are covered from: birth
46. To continue coverage for a child with disabilities, proof of the incapacity and
dependency must be furnished to the insurer within ____ days of the child reaching the
policies limiting age.: 31 days.
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 bestacademic3. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $5.49. You're not tied to anything after your purchase.
