Law

Consumer records and info collected for a producer to make a recommendation must be maintained for how many years after the insurance transition is completed

10 years

If a terminated employee wants to continue group life coverage, the employer can change the former employee a maximum of what percentage of the cost currently being charged to the plan for active employees

110%

An employer must notify a covered employee of insurance continuation rights within how many days after termination

14 days

An employer must notify employee of continuation rights within how many days

14 days

Insurance license fees in mn must be paid once every how many years

2

If the Minnesota commissioner of commerce suspects the license of a producer who has violated insurance law, the suspension will be effective for

2 years

A producer whose license is revoke must wait a minimum of how many months before reapplying for a license

24 months/2 years

If an audit reveals that an insured provided fraudulent facts and figures, the insured is liable for how much

3 times the amount

An insurer terminating a producers appointment must notify the commissioner within how many days after the terminations effective date

30 days

If no hearing is requested within ___days after a cease and desist order is served, the order becomes permanent until vacated by the commissioner

30 days

A life insurance policy may be backdated by a maximum of how many months

6 months

An insurer may defer payments of a cash surrender value for

6 months

An agency must maintain a complaint file on each agent for how long

6 years

Life settlement prohibition

A life policy cannot be sold within 4 years after being issued

What is an example of rebating

A producer reduces a commission and returns the difference to the insured

Fraternal benefit society

A voluntary association that issues capital stock and is operated solely for the benefits of its members

The mn commissioner of commerce attains office in which of the following ways

Appointed by the governor

How often may the mn commissioner of commerce examine the records of an authorized insurance company

As often as the commissioner thinks advisable

If a producer wants to charge a fee for insurance services, the producer is required to provide the client with a written statement disclosing the amount of the fees

Before providing the services

When an insurance company notifies the mn commission of commerce of an increase in his capital, the commissioner may allow the company to continue to transact business by issuing a new

Certificate of authority

If an insurance producer arranged for a clients policy premiums to be paid by credit, the program is known as

Credit life policy

What is not an example of unfair or deceptive trade practice

Defamation

An individual may act as an insurance producer in minnesota only is the producer

Has received notice of having passed the license examination

A producer may receive only a limited amount of credit for continuing education courses sponsored by

Insurance companies

A domestic insurance company is best described as any

Insurance company incorporated or organized in minnesota

A mutual company pays dividends to

It's policyholders

Defamation

Making false or derogatory statements about an insurers financial condition with intent to injure any person engaged in the insurance business

Before revoking a producers license, the mn commissioner of commerce must first give

Notice to the producer of the producers rights to a hearing

A policy owner who wants to change an irrecoverable beneficiary of a life insurance contract must

Obtain the consent of the beneficiary

The maximum amount of credit disability insurance that may be purchased may not exceed the amount

Of the insured indebtedness

An insured producers license must be held in which of the following places

On file with the local municipal government for solicitation purposes

The ten day right to cancel period of life policy begins when the

Policy is delivered to the policy owner

An insurance company is permitted to classify individual insureds for premium purposes on the basis of their mental of physical disabilities only if

Significant statistical difference in risk or exposure are substantiated

If an employee who is laid off wants to continue coverage under a group life policy what must they do

The employee must convert the group policy to an individual policy within 30 days of the lay off

What must an insurance producer do is they collect a premium from an insured and fail to remit it to the insurance company

The insurance company must require the insured to pay the premium directly to the company then attempt collection from the producer

If a producer urges an insured to cancel a policy in favor of another resulting in financial harm to the insured, the producers action is commonly known as

Twisting