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MN INSURANCE EXAM PROPERTY & CASUALTY EXAM NEWEST ACTUAL EXAM COMPLETE 350 QUESTIONS AND CORRECT DETAILED ANSWERS (VERIFIED ANSWERS) |ALREADY GRADED A+
1 | P a g e
MN INSURANCE EXAM PROPERTY &
CASUALTY EXAM NEWEST 2026-2027 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
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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 yearsÂ
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