MN life insurance questions and answers rated 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
(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 an accident regardless
of the 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, 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
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
laws have been allowing companies to:
CORRECT ANSWER : Shared the positive HIV information
with other companies