Rules, Regulations, and Law - All Lines (Quiz)

What is the maximum fine for rebates in this state?

$200

Which of the following best describes an insurance company that has been formed under the laws of this state?

Domestic

All applicants for life, annuity or endowment contracts must be given notice concerning policyholder's rights in the event that their insurance company becomes

Insolvent

In which of the following situations is it legal to limit coverage based on marital status?

It is never legal to limit coverage based on marital status

If an insurer meets the state's financial requirements and it approved to transact business in the state, it is considered to be

authorized

Continuing education must be completed every

2 years

Producer licenses must be renewed every

2 years

During each licensing period, every licensee subject to Minnesota's continuing education requirement must complete a minimum of

24 hours

For what period of time is an insurance license issued in MN?

24 months

After an insurance company examination, the Commissioner or the examiner appointed by the Commissioner must file a written report of the examination within

60 days

Once an individual is licensed as an insurance producer for life or accidental and health insurance, how many hours of training must he or she initially complete to sell long-term care insurance?

8 hours

This state provided a temporary licence for all of the following EXCEPT

A producer's retirement

All of the following would be considered rebating EXCEPT

An agent misrepresents policy benefits to convince a policyowner to replace policies

What is a foreign insurer?

An insurer with a home office in another state

To legally transact insurance in this state, an insurer must obtain which of the following?

Certificate of authority

Which of the following is NOT considered a misrepresentation as it pertains to unfair trade practices?

Making comparisons between different policies

An insured purchased an insurance policy 5 years ago. Last year, she received a dividend check from the insurance company that was not taxable. this year she did not receive a check from the insurer. From what type of insurer did the insured purchase the policy?

Mutual

What is the major difference between a stock company and a mutual company?

Ownership

Which of the following is not a power of the Commissioner?

Set the insurance rates to be charged for insurance transacted in the state

To what organization must all admitted insurers belong?

The Insurance Guaranty Association