MINNESOTA STATE INSURANCE LICENSING EXAM
2025 EDITION|ACTUAL 400 QUESTIONS AND
CORRECT VERIFIED ANSWERS|NEW UPDATE
|ALREADY GRADED A+
What is an agent?
Someone who acts on behalf of another (producer)
What is a principal?
Party for whom action is taken (insurance company)
What is an agency agreement?
Legal agreement that establishes the relationship between the principal and
agent; outlines powers and responsibilities of agents.
What is Express authority?
Powers given to agent as part of agency agreement(written)
What is implied authority?
