MINNESOTA LAWS, RULES FOR PROPERTY INSURANCE

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MINNESOTA LAWS, RULES FOR PROPERTY INSURANCE

QUIZ EXAM QUESTIONS

Qs and Ans Expert- Explanation

This Exam contains:

-Guarantee passing score -10 Questions and Answers -format set of multiple-choice -Expert- Explanation

Question 1: Cancellation of coverage under the FAIR plan requires how many days

advance written notice?

Answer:

15 days

Question 2: Three type of adjusters

Answer:

• An independent adjuster settles losses on behalf of more than one insurer

• A public adjuster acts solely to represent the interests of the insured

• A staff adjuster is an employee of the insurance company adjusting losses solely for that company

Question 3: An insurer must mail notice of non-renewal to the insured at least how many days before the non-renewal becomes effective?

Answer:

60 days

Question 4: All of the following are true regarding a township mutual fire company EXCEPT

Answer:

The min reserve is $1 mil Question 5: Oral binders must be followed up in writing within how many business days?

Answer:

• days

Question 6: Which of the following is true regarding the Minnesota FAIR plan?

Answer:

Producers are not allowed to bind coverage Question 7: Cancellation of homeowners policy requires how many days advance written notice?

Answer:

30 days Question 8: A homeowners policy may be non-renewed based on which of the following requirements?

Answer:

With written notice that future losses may result in non renewal Question 9: In order for an insurer to cancel FAIR plan coverage, it must provide the insured with...

Answer:

15 days advance written notice

Question 10: Adjusters

Answer:

Investigate, evaluate, settle insurance claims on behalf of the insurer or insured