Mn life insurance exam - Study guides, Class notes & Summaries

MN Life License Exam Questions and Answers Already Passed In what type of policy does the owner pay the same premium throughout the term of the contract? Level Premium policy Which type of beneficiary CANNOT be changed without consent? The beneficiary is irrevocable (imposible) How many total hours of continuing education covering the subjects for which the license is licensed must complete? 24hours Accidental and dismemberment will pay the principal sum if death occurs: As a r...

MN State Insurance Exam Questions with Verified Solutions How are employee FICA taxes collected? The employer withholds the employee's tax and pays it along with the employer's portion Mateo applies for an insurance policy that will have an annual premium payment of $1,000 ($510 semi-annually, $260 quarterly, and $100 monthly) if issued. Which of the following premium checks would be adequate consideration if he chose to pay monthly? $100 The nonforfeiture option that provides t...

Rules and Regulation MN Life Insurance Questions and Answers Already Passed 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? 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? 30hours If an insur...

The commissioner examines each insurer every ___ Years. - Answer - 5 years $____ fine per day if a person violates, aids, or abets a written cease and desist order - Answer - $10,000 License fee may request a hearing within ____ days of commissioners order. After hearing request, Commissioner has ____ days to hold the hearing. - Answer - 30 Days, 30 days All accident and health insurance policies must be filed with the commissioner at least ____ days prior to use - Answer - 60 days ...

MN Life Producer Exam Latest Version Already Passed Accelerated Benefits Rider -pays 50-80% of death benefit -insured retains policy ownership & can designate beneficiary -beneficiary gets remainder at insured's death Viatical Settlement -viatical settlement provider buys policy from insured for 50-80% of death benefit -viatical settlement provider becomes owner & beneficiary -beneficiary gets nothing at insured's death What does viatical settlement allow? it allows a chronica...

Insurance is a... - ️️transfer of risk What type of risk is gambling? - ️️Speculative Risk What type of risk is a car accident? - ️️Pure Risk What type of risk is insurable? - ️️Pure Risk uncertainty about whether a loss will occur - ️️Risk Risk Management Method Acronym - ️️STARR (sharing, transfer, avoidance, retention, reduction) Insurance company purchases insurance to cover their own exposure to loss - ️️reinsurance Loss Equation - ️️valu...

Primerica Life Insurance Vocabulary Exam Questions with All Correct Answers pretext interviews - ANSWER An interview when a person attempts to obtain information from another person...and they pretend to be someone else. NAIC - ANSWER National Association of Insurance Commissioners - an association of state commissioners that influences the industry's self-regulation controlled business - ANSWER Business written on the producer's own life or interests. market ...

The commissioner examines each insurer every ___ Years. 5 years $____ fine per day if a person violates, aids, or abets a written cease and desist order $10,000 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 All accident and health insurance policies must be filed with the commissioner at least ____ days prior to use 60 days During Pre-licensing... ...

MN Life and Health Insurance Exam with correct answers

MN INSURANCE EXAM PROPERTY & CASUALTY ACTUAL FINAL EXAM WITH COMPLETE QUESTIONS AND CORRECT DETAILED ANSWERS (VERIFIED ANSWERS) | GRADED A+ | GUARANTEED PASS | LATEST VERSION 2024 1935 Agent Disclosure Law - ANSWER-Requires that producers tell potential clients -Name -Insurance Company -and Intent to sell insurance Fair Credit Reporting Act - ANSWER-When a credit report is ordered, applicant must be notified both verbally and in writing. Applicant has a rig...