Laws and rules
The standard grace period for premium payments on all individual life insurance policies issued on minnesota is ___ month
1
A hearing must be held not later than _____ days after the request for a hearing is received by the commissioner of commerce.
10
A producer must report a felony to the commissioner of commerce within ___ days of the conviction
10
An individual life insurance is allowed ___ days from a policy delivery to a full refund?
10
What is the minimum grace period for an individual health policy that is paid monthly?
10 days
A policyowner has a right to return a life insurance policy within _____ days for a full refund when replacement is involved?
30 days
chemical dependency coverage is required in which type of policy?
Comprehensive Major Medical
When does a free look period begin for any health policy?
Date of the policy delivery
brochure that includes an untrue statement regarding a competitors ability to pay claims is an example of which of the following unfair trade practices?
Defamation
How often must the commissioner of commerce examine each domestic insurance company?
Every 5 years
How is the Minnesota life and health insurance guaranty associated funded?
From member companies
Credit life insurance is?
Issued in an amount not to exceed the amount of the indebtedness
At what point may a producer sell products for an insurance company?
after being appointed by the insurer
A producer who illegally discounts insurance premium is said to be eganged in?
Rebating
As a condition for a loan, a bank requires the borrower to purchase credit insurance from a specific company. What is the bank guilty of?
coercion
Upon reaching the limiting age, a handicapped child can extend their health insurance coverage as a dependent
only if the child is incapable of employment and chiefly dependent on the policyowner
The Minnesota life and health insurance guaranty association is funded by authorized insurers in this state. One of the roles of this organization is to?
Assist in the prevention of insurer insolvencies
When is a Group Health policy required to provide coverage for a newborn child?
At the moment of birth
A requirement to attain a nonresident producer license?
Be licensed as a producer in the producers state of domicile
The following permits an insurance company to transact business in Minnesota?
Certificate of authority
Who is a mutual insurance company owned by?
Its policyholders
Defamation occurs when an agent makes a false statement intended to?
Malign another insurer.
Which Unfair Trade Practice involves making a false statement on an insurance application in order to receive money from an insurer?
Misrepresentation
In Minnesota, long term care insurance..
Must offer inflation protection to applicants
A life insurance pollsy when a recently died. The proceeds from this policy are not exempt from a creditors claims when they are payable to?
The insureds estates
Why would the commissioner of commerce issue a temporary license?
To allow the personal representative of a deceased producer to provide service to existing policyowners
Group life policies in Minnesota are required to contain a conversion privilege that allows for conversion?
To an individual policy for a stated period of time
