Health & Accident Minnesota state laws
What is the maximum fine for rebates in this state ?
$200
A licensed Minnesota insurance producer must notify the commissioner of a change of address within
10 days
Which of the following would be considered an unfair claims settlement practice ?
A claims adjuster advises the insured that if the claim goes to arbitration, the insured would probably receive less than what is currently being offered
The state provided for a temporary license for all the following EXCEPT?
A producers retirement
All of the following would be considered rebating EXCEPT?
An agent misrepresents policy benefits to convince a policyowner to replace policies.
An insurer that holds of a certificate of authority in the state in which it transacts business is considered a?
Authorized insurer
Which of the following is NOT true regarding a certificate of authority?
It is issued to group insurance participants.
What is the major difference between a stock company and a mutual company ?
ownership
It would be considered unfair discrimination to ask an insurance applicant about which of the following and then use that information as a rating factor to determine insurability?
sexual orientation
If a producer license lapses how much time does the producer have to apply for reinstatement without having to take an exam ?
12 months
After appointing an agent, how long does an insurer have to file with the commissioner a notice of appointment ?
15 days
For what period of time is an insurance license issued in Minnesota?
24 months
Once a individual is licensed as an insurance producer for life or accident and health insurance how many hours of training must he or she initially complete to sell long term care insurance ?
8 hours
Any regular salaried employee of a licensed insurer, without license or other qualification, may act on behalf of that insurer in the negotiation of insurance for that insurer, provided?
A licensed producer participates in the sale of insurance
All of the following events will terminate a producers certificate of appointment EXCEPT
A new commissioner is out into office
If any producer or broker, after violating a provision in Minnesota insurance laws, surrenders, withdraws, or otherwise causes his/her license to become infective the commissioner may
Bring an action against that person if the action is brought within 2 years after the license was last effective and enter a revocation or suspension orders as of the last date the license was in effect ?
On it's advertisement a company claims that is has funds in its possession that are In fact not available for the payment of looses or claims. He company is guilty of ?
Misrepresentation
In Minnesota what are the continuing education (CE) requirements for non resident producers?
Non resident producers only need to fulfill the CE requirements in their home state
Agents who persuade insureds to cancel a policy in favor of another one when it might not be in the insured's best interest are guilty of
twisting
If a producer's license lapses, how much time does the producer have to apply for reinstatement without having to take an exam?
12 months
What is the minimum age requirement for a person applying for a resident product license in Minnesota?
18
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 The report relating to the examination must be filed no later than 60 days after the examination is complete
Once an individual is licensed as an insurance producer for life or accident and health insurance, how many hours to training must be or she initially complete to sell-long term care insurance ?
8
Which of the following must an insurer obtain in order to transact insurance within a given state
Certificate Authority
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
Which of the following is NOT considered a miss representation as it pertains to unfair trade practices?
Making comparisons between policies
On March 1st a temporary license was granted to an applicant for a permanent producer license. On March 31st the applicant received the permanent live license. When will the temporary license terminate ?
March 31st
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 Funds not paid out after paying claims and other operating costs are returned to the policyowners in the form of a dividend. If all funds are paid out, no dividends are paid.
Who might receive dividends from a mutual insurer?
Policyholders
The purpose of the Minnesota life and health insurance guaranty association is to?
Protect consumers against insolvent insurers
The purpose of the Minnesota life and health insurance guaranty association to ?
Protect consumers against insolvent insurers
Which of the following is an example of a producer being involved in an unfair trade practice of rebating ?
Telling a client that his first premium will be waived if he purchased the insurance policy today
Any regularly salaried employee of a licensed insurer, without license or other qualification, may act on behalf of that insurer in the negotiation of insurance for that insurer, provided
a licensed producer participates in the sale of insurance
Which of the following is another term for an authorized insurer?
admitted
Which type of misrepresentation persuades an insured, to his or her detriment, to cancel, lapse, or switch policies from one to another?
twisting
After a notice of a hearing to the insurers the hearing may be conducted no sooner than what minimum number of days ?
20 days
After notice of a hearing to the insurer, the hearing may be conducted no sooner than what minimum number of days?
20 days
What is the minimum required number of hours of pre-licensing education per line of authority in this state ?
20 hours
If licensees have administrative action taken against them, they must file this with they must file with the commissioner within ?
30 days
It an insurer meets all the states requirements their certificate of authority should arrive within how many days or applying ?
60 days
An insurance company is domiciled in Montana and transacts in Wyoming. Which term best describes the insurers classification in Wyoming?
Foreign
An insurance producer must disclose his or her name and the name of the agency or insurer they represent?
Before a personal solicitation.
In life insurance producers are permitted to share or split commissions provided that ?
Both are properly licensed for the line of insurance.
A health plan policy cannot be issued or delivered in Minnesota until which of the has been filed with commissioner?
Both risks classification and premium rates
Which of the following will not be considered unfair discrimination by insurers?
Discriminating in benefits and coverages based on the insured's habits and lifestyle
Which I'd the following entities is not an insurer but an organization formed to provide insurance benefits for members of an affiliated lodge or religious organization?
Fraternal benefit society
An insurer publishes intimidating brochures that portray the insurer's competition as financially and professionally unstable. Which of the following best describes this act?
Illegal under any circumstances
All applicants for life annuity or endowment contracts must be given notice concerning policy rights in the event that their insurance company becomes
Insolvent
Which of the following best describes a misrepresentation?
Issuing sales material with exaggerated statements about policy benefits
Which of the following insurers as owned by stockholders ?
Stock
When determining the suitability of a life insurance policy or annuity contract, the agent must consider all of the following EXCEPT
The commissions payable on such policy or contract.
Which of the following best describes an insurance company that has been formed under the laws of this state ?
domestic
The Commissioner must examine the affairs and conditions of every insurer licensed in the state not less frequently than ?
every 5 years
