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MN INSURANCE EXAM PROPERTY &
CASUALTY EXAM NEWEST 2024-2025 ACTUAL
EXAM COMPLETE 350 QUESTIONS AND
CORRECT DETAILED ANSWERS (VERIFIED
ANSWERS) |ALREADY GRADED A+
After getting the notice of termination, how many days can the producer file written comments concerning the termination with the commissioner? - ANSWER- 30 days
How much is the penalty for failing to appoint a producer? and up to? - ANSWER- $25 up to $300
the producer must notify the commissioner of any administrative action take or criminal prosecution against the producer within ___ days - ANSWER- 30 days
when is the property value determined? - Inland Marine - ANSWER- at the time of loss
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the producer must notify the commissioner within ___ days of any felony or gross misdemeanor conviction, guilty plea, or plea of no contest - ANSWER- 10 days
a lapsed licensee can reinstate license within ___ months - ANSWER- 12 months
the penalty for rebating is $___ to $___ per violation -
ANSWER- $60 - $200
a promotional advertising item or gift of $___ or less per year is not a rebate - ANSWER- $25
How many days does an insurer have to reply to customer claims and inquries? - ANSWER- 10 days
Policies must be delivered to the insured within __ working days of the producer's receipt from the insurer - ANSWER- 30 days
financial and complain records must be kept on file for ___ years - ANSWER- 6
premium refunds must be sent to the insured within ___ days of the producers receipt from the insurer - ANSWER- 5 days 2 / 4
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Policy forms, applications, and advertising must be retained for __ years after the effective date - ANSWER- 3 years
claim records must be retained for ___ years after the claim is paid or denied - ANSWER- 3 years
complaint records must be retained for ___ years after the date received - ANSWER- 4 years
unearned premium refund to be issued within ___ days - ANSWER- 30 days
Domestic shipments can only be covered by - ANSWER- truck, train, air or mail
Annual Transit Policy - ANSWER- covers all shipments during the year
Trip transit - ANSWER- Covers a single shipment-one time, one way
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Motor truck cargo - ANSWER- truckers form covers the insureds bailee responsibility (carrying someone elsed stuff)
oral binders must be put in writing to the insured within ___ business days - ANSWER- 5
what covers the insured own goods in the insureds own trucks - ANSWER- owners form
the applicant has the right to challenge any erroneous information contains in the consumer report within __ days -
ANSWER- 30
Bailee Liability - ANSWER- - Covers damage to customer's property
- Pays customer
Adverse information remains in a credit report for ___ years. - ANSWER- 7 years
how many years must bankruptcy information remain in the credit report for - ANSWER- 10 years
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