Minnesota Life Insurance Exam Prep | 200 Questions with 100% Correct Answers | Verified | Latest Update
Question : The commissioner examines each insurer every
___ Years.
Correct answer: 5 years
Question : $____ fine per day if a person violates, aids, or
abets a written cease and desist order
Correct answer: $10,000
Question : License fee may request a hearing within ____
days of commissioners order. After hearing request, Commissioner has ____ days to hold the hearing.
Correct answer: 30 Days, 30 days
Question : All accident and health insurance policies must be
filed with the commissioner at least ____ days prior to use
Correct answer: 60 days
Question : During Pre-licensing: ____ hours per major line of authority
Correct answer: 20
Question : During Pre-licensing: ____% passing score on state exam
Correct answer: 70%
Question : During Pre-licensing: ____ number of years the exam results are valid
Correct answer: 3 YEARS
Question : License application fee
Correct answer: $50 per line of authority
Question : ____ Credit hours per licensed producer
Correct answer: 25 credit hours
Question : ____ hours must be in ethics
Correct answer: 3
Question : ___ hour partnership prior to selling LTC
Correct answer: 8 hour
Question : ___ hour refresher course every two years after
initial training for LTC
Correct answer: 4 hours
Question : License periods after the first licensing period
are___ years
Correct answer: 2 years
Question : A temporary insurance producer license may be
issued for up to ___ days
Correct answer: 180 days
Question : A licensee's time to notify the commissioner of
address change is ___ days
Correct answer: 10 days
Question : A license is suspended for any period of time no
less than ___ months
Correct answer: 3 months
Question : A person who's license is revoked can reapply after
___ years. The producer must obtain a performance bond of at least _____
Correct answer: 2 years, $20,000
Question : Commissioner may fine a producer up to ___ per
violation
Correct answer: $10,000
Question : The insurer must fine notice of appointment within
___ days of first sale by the producer.