License Exam

Front 1

In what type of policy dose the owner pay the same premium throughout the term of the contract?

Back 1

c. Level premium policy

Front 2

Which type of beneficiary CANNOT be changed consent?

Back 2

d. The beneficiary is irrevocable

Front 3

How many total hours of continuing education covering the subjects for which the license is licensed must complete.

Back 3

c. 24 hours

Front 4

Accidental and dismemberment will pay the principal sum of death occurs:

Back 4

a. As a result of an accident regardless of when the accident occurs

Front 5

The following refers to which type of class? If the proposed insured dies while the policy is in-forced the company will pay the death benefit to the beneficiary.

Back 5

a. An insuring clause

Front 6

Under Minnesota Law, if an employee is laid off from employment and is no longer eligible for group coverage, what can the employer do about the employer's life insurance coverage?

Back 6

c. The employer must inform the employee of the amount payable to continue coverage for up to 18 months

Front 7

Which rider would allow additional insurance at a specified date or event without evidence of insurability?

Back 7

b. Guaranteed insurability

Front 8

Which of the exceptions of a variable annuity contract if a person cancels a insurance contract within the free-look period is without liability and the person in entitled a refund of?

Back 8

a. The premium paid but not including any contract fees or other charges related to the contract

Front 9

The Department of Commerce must be given a minimum of how many days advance notice of disciplinary

Back 9

c. 30 days

Front 10

The proposed insured's statement on the application and the first premium payment are part of the policy?

Back 10

c. Consideration clause

Front 11

A temporary producer license can be issued in any of the following EXCEPT

Back 11

d. Any circumstance the commissioner deems to be in the public interest

Front 12

Which of the following would be prohibited advertising?

Back 12

a. Advertising that uses the Minnesota Life and Health Insurance Guaranty Association

Front 13

A proposed insured whose likelihood of loss is significantly less than the average is classified as:

Back 13

d. Substandard risk

Front 14

Once a policy has been reinstated the insured must wait what amount of time before coverage for sickness is available?

Back 14

c. 10 days

Front 15

Blood tests to detect the presence of Human Immunodeficiency Virus (HIV) are becoming commonplace laws have been allowing companies to:

Back 15

c. Shares the positive HIV information with other companies

Front 16

What is the purpose of the conversion privilege in a group life insurance policy?

Back 16

c. Gives the employee the right to covert their group coverage to an individual policy without proof of insurability upon their termination

Front 17

The act of inducing a person to terminate an existing policy and purchase a new policy is referred as:

Back 17

a. Twisting

Front 18

All of the following are examples of third party ownership EXCEPT:

Back 18

C. Primary beneficiary

Front 19

When an individual replaces a life insurance policy, who initials the replacement of the life insurance policy form?

Back 19

b. Both the applicant and insurance producer

Front 20

A false written or oral statement made by a producer for the purpose of replacing an existing policy to the document of insurance is:

Back 20

d. Defamation

Front 21

John has a life insurance with XYZ company, his premium payment is due on the first day of each month. Due to illness, John failed to pay on June1st a premium of $210. On June 20th, John died. Which of the following would be a provision in John's policy that would com into play so that the beneficiary would be paid?

Back 21

b. A grace period

Front 22

Which of the following statement regarding the concept of insurable interest as relate to the life insurance contract is TRUE?

Back 22

b. Individual related closely by blood have an insurable interest based on love and affection

Front 23

When the structure and flexibility of a universal life policy are combined with investment choice is a:

Back 23

c. Variable universal life policy

Front 24

If the initial premium is paid at the time of the application on May 1, the company issues the policy as a standard issue on May 30, and the producer delivers the policy to the owner in June 5, when is coverage effective, assuming the conditional receipt was given and there was no medical exam required?

Back 24

a. May 1

Front 25

Which of the following policies has cash value dependent on the investment performance of common stack?

Back 25

c. Variable life

Front 26

When an immediate annuity is funded with a single premium, the annuitant may begin receiving payment after:

Back 26

a. 1 month

Front 27

While the policy is in-forced, the insuring clause state the insurer's obligation to:

Back 27

c. Pay the death benefit to the beneficiary when a death claim is made

Front 28

A convertible term policy enables the policy owner to:

Back 28

a. Convert a policy to a permanent policy

Front 29

What is Minnesota's requires grace period for a life insurance contract?

Back 29

c. 1 month

Front 30

The maim purpose of the spendthrift clause curtained in a settlement option is to:

Back 30

b. Protect the death benefit from the creditor of the beneficiary

Front 31

When does coverage begin when a life insurance application and the initial premium are submitted together?

Back 31

b. The application date or the date of the medical examination, whichever is faster

Front 32

Generally, what are the tax options of life insurance as it pertains to the beneficiary?

Back 32

d. Tax free at the time of the insured's death

Front 33

Which of the following types of insurance is designed to provide life insurance protection only for a limited of time?

Back 33

c. Term life insurance

Front 34

A if insurance policy will become incontestable no later than how long after its effective date

Back 34

a. 2 years

Front 35

Which of the following beneficiary designations prohibits the policy owner from making any changes to the policy without the beneficiary written consent?

Back 35

b. Revocable beneficiary

Front 36

A reason for using individual reporting agencies to gather information about an insurance applicant is:

Back 36

c. An evaluation of the applicant by a disinterested source not related to the insurer

Front 37

Who performs the functions of risk selection in determining an individual's insurability for policy issue?

Back 37

a. Underwriter

Front 38

A rider on a whole life policy that adds temporary coverage for a spouse and children is:

Back 38

a. A family term rider

Front 39

Which plan the employer pay all of the premium to the employee?

Back 39

Noncontributory play 100%

Front 40

An insured wants to purchase a policy with three key elements, flexible premium, death benefit, and the choice of how the cash value accumulates. Which policy would fit the needs?

Back 40

c. Variable universal life

Front 41

Back dating an application can be done in:

Back 41

b. Policy application cannot be back dated more than 6 months

Front 42

Annuity products liked to a market related index are called

Back 42

b. Equity indexed annuity

Front 43

In which of the following policy is the insured covered to age 100 and the premium payment are the same?

Back 43

b. Straight whole life policy

Front 44

To qualify for reinstatement for an individual life policy the insured must all of the following EXCEPT:

Back 44

d. Reinstate the policy within 5 years from the date of premium default

Front 45

If an insured was in debt at the time of his/her death, the proceeds of his/her life insurance policy will be paid to:

Back 45

c. The beneficiary on record with the insurer

Front 46

Which form of insurance has shareholders?

Back 46

c. Stock company

Front 47

When can a producer share commission with another producer?

Back 47

b. When the other producer is licensed in the same line of insurance

Front 48

Which of the following is an example of an unfair claim settlement practice?

Back 48

b. Failure to provide a reasonable basis for the denial upon request

Front 49

An accidental death benefit

Back 49

d. Pays only in the event of an accident resulting in death

Front 50

Generally, if the application is not prepaid, the effective date of the policy is when:

Back 50

d. Producer delivered the policy and collect premium

Front 51

To sell long term care?

Back 51

Unit eight hour training course follow by four hour of on ling training every two years thereafter

Front 52

The proposed insured's statement on a life insurance application are considered to be:

Back 52

c. Representation

Front 53

Which of the following transactions would not be subjected to income tax under a Modified Endowment Contract (MEC)?

Back 53

d. The death benefit

Front 54

An immediate annuity making payment ofter the:

Back 54

c. Policy has been in-force for one year

Front 55

The Department of commerce is empowered to

Back 55

a. Enforce state laws

Front 56

An insurance producer must notify the Department of commerce of a change in legal name or address:

Back 56

a. Within 10 days

Front 57

Which of the following is an example of a non-qualified plan?

Back 57

b. Individual annuity

Front 58

Free-look replacement policy?

Back 58

30 days

Front 59

Drecreasing term?

Back 59

Home mortgage protection

Front 60

Suicid?

Back 60

Suicid is not covered in the policy for the first 2 years

Front 61

Accelerated benefit rider, accelerated death benefits?

Back 61

Terminal illness or injury

Front 62

The Department of Commerce is not responsible for:

Back 62

d. Endorsing insurers

Front 63

Variable?

Back 63

Passed a security

Front 64

Continuing?

Back 64

2 years

Front 65

License expire day?

Back 65

You birthday or October 31

Front 66

Which of the following provisions allows a person to temporarily give up a portion of their right to secure?

Back 66

c. Collateral assignment

Front 67

In addition to the actual policy, an entire contract includes which of the following?

Back 67

d. The application

Front 68

Which of the following is TRUE regarding suitability of a long term care insurance policy?

Back 68

c. The agent must have reasonable grounds for believing that the recommendation is suitable for the customer

Front 69

What is the minimum amount of protection for the claim under the Minnesota life and health company?

Back 69

a. 1,000,000

Front 70

If the insured and the primary beneficiary are killed in the same accident, the policy proceed will pay the death benefit to:

Back 70

a. Contingent beneficiary

Front 71

Which type of life insurance is written under a single contract for both the spouse in which it is payable upon the first death.

Back 71

c. Joint

Front 72

Prior to annuity ration, what is the non-forfeiture value of an annuity?

Back 72

d. All premiums paid ad any withdrawal and surrender charge

Front 73

At the time of initial contact and before a personal solicitation, a producer must stat:

Back 73

c. The name of the person making contact, the name of the producer in the business to sell life insurance

Front 74

Which of the following is not included as part of a contract in the entire contract revision?

Back 74

b. endorsement if any

Front 75

In group life insurance, what is it called when the employer pays for the employee?

Back 75

Non-Contributory 100%, contributory 75%

Front 76

How many days that the insured cancel the policy and refund all of the premium?

Back 76

a. 10 days

Front 77

To sell long term care in Minnesota?

Back 77

a. Training 8 hours before going sell the long term care

Front 78

Free Look?

Back 78

a. 10 days

Front 79

Decreasing Term?

Back 79

b. Home mortgage

Front 80

Home mortgage protection?

Back 80

c. Degreasing term

Front 81

Suicide?

Back 81

Suicide is not covered in the policy for the first 2 years

Front 82

Accelerated benefit rider?

Back 82

Terminal illness or Injury

Front 83

To sell the variable the agent must pass?

Back 83

Life license and security license

Front 84

when the producer license is expiring day?

Back 84

Your birthday or October 31

Front 85

The insured is take out the life insurance policy and the insured is suicide himself 13 mounts later, what is the insurance company will do for this?

Back 85

b. No liable

Front 86

How long is the temporary license?

Back 86

b. 18 months

Front 87

Refunding part of the commission, premium, services, or anything of value to the purchaser as an inducement to buy insurance covered?

Back 87

c. Rebating

Front 88

The Purposes of the insured cncering about silicate the insurer become insolvency and the Guaranty Association?

Back 88

d. To be bankruptcy

Front 89

What is the insured becomes totally disability

Back 89

c. Waiver of premiums

Front 90

The producer Summit the first application to the insurer, how long it takes place?

Back 90

a. 15 days

Front 91

Which type of life insurances policy is the first die and last survivor?

Back 91

b. Survivor ship

Front 92

Which of the following that the consumer reports include written, oral, and other forms of communication that consumer reporting agency regarding consumer's credit, character, reputation, or habits?

Back 92

a. Consumer report