Docsity
Docsity

Prepare for your exams
Prepare for your exams

Study with the several resources on Docsity


Earn points to download
Earn points to download

Earn points by helping other students or get them with a premium plan


Guidelines and tips
Guidelines and tips

Minnesota Insurance Laws, Rules, and Regulations: A Comprehensive Guide with Exercises, Exams of Insurance law

A detailed overview of minnesota's insurance laws, rules, and regulations. it includes numerous questions and answers testing knowledge of key regulations, making it an excellent resource for students studying insurance or related fields. The content covers various aspects of insurance, from agent conduct and company procedures to licensing requirements and policyholder rights. the exercises reinforce understanding of important concepts and timelines.

Typology: Exams

2024/2025

Available from 05/08/2025

Shantelle
Shantelle ๐Ÿ‡บ๐Ÿ‡ธ

5

(2)

3K documents

1 / 21

Toggle sidebar

This page cannot be seen from the preview

Don't miss anything!

bg1
MINNESOTA LAWS, RULES, AND
REGULATIONS
Policies must be delivered or mailed to the insured within _____
________ ______ of the producer's receipt from the insurer.
10 working days -Correct Answer โœ” โœ” Agent Conduct
A producer who is convicted of a felony, gross misdemeanor, or
misdemeanor involving moral turpitude must report it to the
Commissioner within ____ _________ ______ of the conviction.
six years -Correct Answer โœ” โœ” Agent Conduct
Financial and complaint records must be kept on file for _____
________.
10 days -Correct Answer โœ” โœ” Agent Conduct
pf3
pf4
pf5
pf8
pf9
pfa
pfd
pfe
pff
pf12
pf13
pf14
pf15

Partial preview of the text

Download Minnesota Insurance Laws, Rules, and Regulations: A Comprehensive Guide with Exercises and more Exams Insurance law in PDF only on Docsity!

MINNESOTA LAWS, RULES, AND

REGULATIONS

Policies must be delivered or mailed to the insured within _____ ________ ______ of the producer's receipt from the insurer.

10 working days -Correct Answer โœ” โœ” Agent Conduct

A producer who is convicted of a felony, gross misdemeanor, or misdemeanor involving moral turpitude must report it to the Commissioner within ____ _________ ______ of the conviction.

six years -Correct Answer โœ” โœ” Agent Conduct

Financial and complaint records must be kept on file for _____ ________.

10 days -Correct Answer โœ” โœ” Agent Conduct

A producer who receives a policy cancellation request must make or initiate the refund within ____ _______ of the request.

four years -Correct Answer โœ” โœ” Insurance Company Conduct

Complaint records must be retained for _______ ________ after the complaint is made and must contain adequate information for easy retrieval.

three years -Correct Answer โœ” โœ” Insurance Company Conduct

Policy forms, applications, and advertising must be retained for _______ ________ after the effective date.

three years -Correct Answer โœ” โœ” Insurance Company Conduct

Requires insurance companies to disclose their privacy policy, and how a customer's personal (non-public) information may be used and shared with affiliates and third parties. The Act requires companies to provide their privacy policy when a policy is issued, and at least once a year thereafter.

Guaranty Association -Correct Answer โœ” โœ” Required Disclosures

The purpose of the Minnesota Insurance ____________ ______________ is to protect policyholders from an insurer's inability to pay claims due to insolvency or bankruptcy.

72 hours -Correct Answer โœ” โœ” Guaranty Association

The notice of policyholder rights must be given either at the time of application; if the application is not taken in person, notice must be

sent within _____ _________ of taking the application, or may be given at delivery.

Governor -Correct Answer โœ” โœ” Powers and Duties of

Commissioner

Appoints the Commissioner of Commerce

enforce insurance laws -Correct Answer โœ” โœ” Powers and Duties of

Commissioner

The Commissioner is empowered to_________________. (1 of 8 things)

five years -Correct Answer โœ” โœ” Powers and Duties of Commissioner

$10,000 for each day -Correct Answer โœ” โœ” Powers and Duties of

Commissioner

Any person who violates or aids and abets any violation of a written order may be fined up to _______________ the violation continues.

30 days -Correct Answer โœ” โœ” Powers and Duties of Commissioner

If the insurer (or producer) disagrees with the Commissioner's findings, the insurer (or producer) has the right to request a hearing within _____ ________ of the order. Once the hearing has been requested, the Commissioner has another 30 days to hold the hearing.

60 days -Correct Answer โœ” โœ” Powers and Duties of Commissioner

All accident and health policies must be filed with the Commissioner at least ______ ________ prior to use.

Domestic -Correct Answer โœ” โœ” Definitions

Any company that is incorporated or organized in the state of Minnesota.

Foreign -Correct Answer โœ” โœ” Definitions

Any company that is incorporated or organized in another state that does business in Minnesota.

fraternal benefit society -Correct Answer โœ” โœ” Definitions

A _____________ ____________ ____________ is not for profit and exists solely for the benefit of its members.

Minnesota law now requires both resident and nonresident accident/health insurance producers selling long-term care policies in Minnesota to complete a one-time, eight-hour partnership course and a four-hour refresher course every ________ _______ _________ the initial training.

24 credit hours -Correct Answer โœ” โœ” Continuing Education

Producers must complete a minimum of ____ _________ ________ of commissioner-approved courses during each two-year licensing period. At least THREE of those hours must be in a class or classes in the are of ethics.

half -Correct Answer โœ” โœ” Continuing Education

Only ______ the credit hours may be obtained through company- sponsored courses.

12 months -Correct Answer โœ” โœ” License Expiration

Initial licenses issued to an individual producer on or after August 1, 2010 are valid for at least _____ ________, but not more than 24 months.

last day of the birth month -Correct Answer โœ” โœ” License Expiration

The license expires on the _____________________ within that 12- to 24-month period of initial validity.

last day of the producer's birth month -Correct Answer โœ” โœ” License Expiration

Hires producers, supervises a territory, is responsible for agent activities, and must be licensed as an insurance producer.

30 days -Correct Answer โœ” โœ” When Commissioner non-renews or

denies a license application

The license applicant or licensee has ____ _______ to file a written request for a hearing to determine the reasonableness of the Commissioner's action.

30 days -Correct Answer โœ” โœ” When Commissioner non-renews or

denies a license application

The hearing must be held within _____ _______, and will be in front of an administrative law judge.

suspended -Correct Answer โœ” โœ” Revocation or Suspension of License

A license is ____________ for any period of not less than THREE months.

two years -Correct Answer โœ” โœ” Revocation or Suspension of

License

A person whose license is REVOKED is prohibited from license reapplication for at least ______ ________ from the effective date of the revocation.

$20,000 -Correct Answer โœ” โœ” Revocation or Suspension of License

As a condition of reapplication the producer must obtain a performance bond of at least _________ with the state of Minnesota as obligee.

To appoint a producer as its agent, the insurer must file a notice of appointment within ____ ______ from the date the agency contract is executed or submission of the firsts insurance application.

five days -Correct Answer โœ” โœ” Appointment

Upon receipt of the notice of appointment, the Commissioner will verify within 30 days that the producer is eligible for appointment. If the producer is ineligible for appointment, the Commissioner shall notify the insurer within ______ ______.

30 days -Correct Answer โœ” โœ” Termination of Appointment

An insurer that terminates a company appointment for any reason must notify the Commissioner within ____ _____ following the effective date of the termination.

15 days -Correct Answer โœ” โœ” Termination of Appointment

Within ____ ______ of notifying the Commissioner, the insurer must send written notice of the termination to the producer.

30 days -Correct Answer โœ” โœ” Termination of Appointment

Within ____ _______ after receiving notice of the termination, the producer may file written comments concerning the termination with the Commissioner.

$25 per offense -Correct Answer โœ” โœ” Termination of Appointment

Any insurer that fails to file a company appointment is penalized _____ _____ _________.

$300 -Correct Answer โœ” โœ” Termination of Appointment

The producer must notify the Commissioner within ____ _______ of a change of name, address, or any other information that was provided on the initial license application.

30 days -Correct Answer โœ” โœ” Notification Requirements

The producer must notify the Commissioner of any administrative action taken against the producer in another jurisdiction, or by another Minnesota governmental agency within ____ _____ of the final disposition of the matter.

30 days -Correct Answer โœ” โœ” Notification Requirements

The producer must notify the Commissioner of any criminal prosecution against the producer in any jurisdiction. This notification shall be made within ____ ______ of the initial pre-trial hearing date.

10 days -Correct Answer โœ” โœ” Notification Requirements

The producer must notify the Commissioner within ____ _______ of any conviction, guilty plea, or plea of no contest to any felony, gross misdemeanor, or misdemeanor involving moral turpitude.

12 months -Correct Answer โœ” โœ” Reinstating a Lapsed License

An individual producer whose license lapses may, within _____ _________ from the due date of the renewal fee, reinstate the license without having to pass a written exam.

Rebating -Correct Answer โœ” โœ” Trade Practices

Offering or giving any rebate of premiums, dividends, stock, bonds or securities, or anything else of value as an inducement to buy insurance.