MN LIFE INSURANCE EXAM EXAM QUESTIONS

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MN LIFE INSURANCE EXAM EXAM QUESTIONS

Actual Qs and Ans - Expert-Verified Explanation -Guaranteed passing score -99 Questions and Answers

-Format: Multiple-choice / Flashcard

Question 1: Who performs the functions of risk selection in determining an individual's insurability for policy issue?

Answer:

Underwriter

Question 2: Filing applications, providing quotes, and accepting premium...

Answer:

Implied authority Question 3: Which of the following is an example of an unfair claim settlement practice?

Answer:

Failure to provide a reasonable basis for the denial claim upon request Question 4: The producer submits the 1st application to the insurer, how long does it take?

Answer:

15 days Question 5: Which of the following statements regarding the concept of insurable interest as related to the life insurance contract is TRUE?

Answer:

Individual related closely by blood have an insurable interest based on love and affection

Question 6: Which type of life insurance policy is the last die?

Answer:

Survivorship Question 7: Which of the following transaction would not be subjected to income tax under a Modified Endowment Contract (MEC)?

Answer:

The Death Benefit Question 8: The proposed insured's statement on the application and the first premium payment are part of the policy?

Answer:

Consideration Clause Question 9: Refunding part of the commission, premium, service, or anything of value to the purchaser as an inducement to buy insurance coverage?

Answer:

Rebating Question 10: Generally, what are the tax options of life insurance as it pertains to the beneficiary?

Answer:

Tax free at the time of the insured's death Question 11: What is the purpose of the conversion privilege in a group life insurance policy?

Answer:

Gives the employee the right to convert their group coverage to an individual policy without proof of insurability upon their termination

Question 12: What is NOT an example of Exclusion?

Answer:

Firetfighter

Question 13: Which form of insurance has shareholders?

Answer:

Stock company

Question 14: When will suicide be pay out?

Answer:

After 2nd years Question 15: John has a life insurance policy with XYZ Company; his premium payment is due on the first of each month. Due to illness, John failed to pay on June 1st a premium of $210. On June 20th, John died.Which of the following would be a provision in John's policy that would come into play so that the beneficiary would be paid?

Answer:

Grace period provision Question 16: Back dating an application can be done in:

Answer:

Policy application cannot be back dated more than 6 months Question 17: If the initial premium is paid at the time of the application on May 1st, the company issues the policy as a standard issue on May 30th, and the producer delivers the policy to the owner in June 5, when is coverage effective, assuming the conditional receipt was given and there was no medical exam required?

Answer:

May 30 Question 18: When an individual replaces a life insurance policy, who initials the replacement of the life insurance policy form?

Answer:

Both the applicant and the insurance producer Question 19: A life insurance policy will become incontestable no later than how long after its effective date.

Answer:

• years

Question 20: The Department of Commerce is empowered to:

Answer:

Enforce the state laws Question 21: When the structure and flexibility of a universal life policy are combined with

investment, choice is:

Answer:

Variable Universal Life Policy

Question 22: Which of the following would be prohibited advertising?

Answer:

Advertising that uses the MN Life and Health Insurance Guaranty Association Question 23: A false written or oral statement made by a producer for the purpose of replacing

an existing policy to the document of insurance is:

Answer:

Defamation Question 24: Which plan does the employer pay all of the premium to the employee?

Answer:

Non-contributory plan Question 25: The act of inducing a person to terminate an existing policy and purchase a new

policy is:

Answer:

Twisting Question 26: How many totals hours of continuing education covering the subjects for which the license is licensed must complete?

Answer:

24 hours

Question 27: license revocation EXCEPT....

Answer:

child support..