MN life insurance questions and answers rated A+ 128Q&A
Question : In what type of policy does the owner pay the
same premium throughout the term of the contract?
CORRECT ANSWER : Level premium policy
Question : Which type of beneficiary CANNOT be changed
without consent?
CORRECT ANSWER : The beneficiary is irrevocable
Question : How many totals hours of continuing education
covering the subjects for which the license is licensed must complete?
CORRECT ANSWER : 24 hours
Question : Accidental and dismemberment will pay the
principal sum of death occurs:
CORRECT ANSWER : As a result of an accident regardless
of when the accident occurs
Question : The following refers to which type of clause? 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 employee is laid off from
employment and is no longer eligible for group coverage, what can the employer's life insurance coverage?
CORRECT ANSWER : The employer must inform the
company of the amount payable to continue coverage for up to 18
Question : Which rider lows additional insurance a a spectred
date or event withou evidence ofinsumbility?
CORRECT ANSWER : Guaranteed Insurability
Question : Which of the exceptions of a variable annuity
contract if a person cancelled an insurance contract within the free look period is without liability and the person is entitled a refund of?
CORRECT ANSWER : The premium paid but not including
any contract 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 : 10 days
Question : The proposed insured's statement on the
application and the first premium payment are part of the policy?
CORRECT ANSWER : Consideration Clause
Question : A temporary producer license can be issued in any
of the following EXCEPT
CORRECT ANSWER : A prospective producer who is
enrolled in an insurance pre-licensed class
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 : Preferred risk
Question : Once a policy has been reinstated the insured must
wait what amount of time before coverage for sickne: is
available?
CORRECT ANSWER : 10 days
Question : Blood tests to detect the presence of Human
Immunodeficiency Virus (HIV) are becoming commonplace
laws that have been allowing companies to:
CORRECT ANSWER : Shares the positive HIV information
with other companies
Question : What is the purpose of the conversion privilege in
a group life insurance policy?