MN LIFE LICENSE EXAM

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MN LIFE LICENSE EXAM

Actual Qs and Ans - Expert-Verified Explanation -Guaranteed passing score -65 Questions and Answers

-Format: Multiple-choice / Flashcard

Question 1: An insurance producer must notify the Department of Commerce of a change

in legal name or address:

Answer:

Within 10 days Question 2: Accidental and dismemberment will pay the principal sum if death occurs:

Answer:

As a result of an accident regardless of the the accident occurs Question 3: The proposed insured's statement on a life insurance application are considered to

be:

Answer:

Representation Question 4: Which of the following types of insurance is designed to provide life insurance protection only for a limited of time?

Answer:

Term life insurance

Question 5: which of the following transactions would not be subjected to income tax under a Modified Endowment Contract (MEC)?

Answer:

The death benefit Question 6: An immediate annuity making payment after the:

Answer:

Policy has been in-forced for one year Question 7: Which of the following is TRUE regarding suitability of a long term care insurance policy?

Answer:

The agent must have reasonable ground for believing that the recommendation is suitable for the customer

Question 8: Which type of beneficiary CANNOT be changed without consent?

Answer:

The beneficiary is irrevocable (imposible) Question 9: Which of the following beneficiary designations prohibits the policy owner from making any changes to the policy without the beneficiary written consent?

Answer:

Revocable beneficiary Question 10: the Department of Commerce is not responsible for:

Answer:

Endorsing insurers

Question 11: Which of the following is an example of a non-qualified plan?

Answer:

Individual annuity Question 12: Which of the exceptions of a variable annuity contract if a person cancels a insurance contract within the free-look period is without liability and the person is entitled a refund if?

Answer:

The premium paid but not including any contact fees or other charges related to the contract

Question 13: Which of he following is and example of an unfair claim settlement practice?

Answer:

Failure to provide a reasonable basis for the denial claim upon request

Question 14: Which of the following would be prohibited advertising?

Answer:

Advertising that uses the MN Life and Health Insurance Guaranty Association Question 15: When does coverage begin when a life insurance application and the initial premium are submitted together?

Answer:

The application date or the date of the medical examination, whichever is faster Question 16: How many total hours of continuing education covering the subjects for which the license is licensed must complete?

Answer:

24hours Question 17: When the structure and flexibility of a universal life policy are combined with

investment choice is a:

Answer:

Variable universal life policy Question 18: 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 19: While the policy is in-forced, the insuring clause state the insurer's obligation to:

Answer:

Pay the death benefit to the beneficiary when a death claim is made Question 20: The following refers to which type of class? If the proposed insured dies while the policy is in-forced the company will pay the death benefit to the beneficiary.

Answer:

An insuring clause

Question 21: Back dating an application can be done in:

Answer:

Policy application cannot be dated more than 6 months Question 22: Which type of life insurance is written under a single contract for both the spouse in which it is payable upon the first death?

Answer:

Joint

Question 23: When can a producer share commission with another producer?

Answer:

When the other producer is licensed in the same line of insurance Question 24: The Department of Commerce must be given a minimum of how many days advance notice of disciplinary?

Answer:

30days Question 25: Who performs the functions of resin selection in determining and individual's insurability for policy issue?

Answer:

Underwriter Question 26: Generally, if the application is not prepaid, the effective date of the policy is when:

Answer:

A producer delivered the policy and collect premium

Question 27: What is MN's require grace period for a life insurance contract?

Answer:

• month

Question 28: A temporary producer license can be issued in any of the following EXCEPT?

Answer:

Any circumstance the commissioner deems to be in the public interest