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MN LIFE AND HEALTH INSURANCE
EXAM | QUESTIONS & ANSWERS
(VERIFIED) | LATEST UPDATE |
GRADED A+
Question : All of the following are examples of third party
ownership EXCEPT:
(a) Key person (b) Contact assignment (c) Primary beneficiary (d) Invariable policies
Correct Answer: C. Primary beneficiary
Question : In addition to the actual policy, an entire contract
includes which of the following?(a) Conditional receipt (b) Credit report (c) Provisions (d) The application
Correct Answer: D. The applications
Question : In what type of policy does the owner pay the
same premium throughout the term of the contract?
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Correct Answer: Level Premium policy
Question : Which type of beneficiary CANNOT be changed
without consent?
Correct Answer: The beneficiary is irrevocable (imposible)
Question : How many total hours of continuing education
covering the subjects for which the license is licensed must complete?
Correct Answer: 24hours
Question : Accidental and dismemberment will pay the
principal sum if death occurs:
Correct Answer: As a result of the accident regardless of
when the accident occurs
Question : The following refers to which type of class? If the
proposed insured dies while the policy is in-forced the company will pay the death benefit to the beneficiary.
Correct Answer: An insuring clause
Question : Under MN law, if an employer is laid off from
employment and is no longer eligible for group coverage,
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what can the employer do about the employer's life insurance?
Correct Answer: The employer must inform the employee of
the amount payable to continue coverage for up to 18 months
Question : Which rider would allow additional insurance at a
specified date or event without evidence of insurability?
Correct Answer: Guaranteed insurability
Question : Which of the exceptions of a variable annuity
contract if a person cancels a insurance contract within the free-look period is without liability and the person is entitled a refund if?
Correct Answer: The premium paid but not including any
contact fees or other charges related to the contract
Question : The Department of Commerce must be given a
minimum of how many days advance notice of disciplinary?
Correct Answer: 30days
Question : The proposed insured's statement on the
application and the first premium payment are part of the policy?
Correct Answer: Consideration clause
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Question : A temporary producer license can be issued in any
of the following EXCEPT?
Correct Answer: Any circumstance the commissioner deems
to be in the public interest
Question : Which of the following would be prohibited
advertising?
Correct Answer: Advertising that uses the MN Life and
Health Insurance Guaranty Association
Question : A proposed insured whose likelihood of loss is
significantly less than the average is classified as:
Correct Answer: Substandard risk
Question : Once a policy has been reinstated the insured must
wait what amount of time before coverage for sickness is available?
Correct Answer: 10days
Question : Blood tests to detect the presence of Human
Immunodeficiency Virus (HIV) are becoming commonplace