Free Types of Life Insurance Policies Practice Questions
Minnesota Life, Accident & Health exam — 69 practice questions.
Subtopics: Credit insurance choice, Group life continuation, Group life continuation cost, Continuation notice, Continuation election, Death during election period, Continuation eligibility, Conversion after continuation, Group term conversion, Conversion policy forms, Group life settlement options, Group life certificates, Credit life insurance, Credit life amount, Credit insurance refunds, Credit insurance delivery, Term life, Whole life, Universal life, Indexed life, Variable life, Variable universal life, Group life, Specialized policies, Annual renewable term, Return of premium term, Increasing term, Modified whole life, Limited-pay life, Joint life, Universal life Option A, Universal life target premium, Universal life interest crediting, Variable life prospectus, Variable products licensing, Interest-sensitive whole life, Endowment policy, Family income policy, Adjustable life, Industrial life, Credit life, Multiple protection, Fraternal and other
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Sample questions & answers
1. When a Minnesota lender requires credit life insurance as security for a loan, what option must the debtor be given?
To provide it through existing or other authorized coverage
Minn. Stat. 61A.12, subd. 5 gives the debtor the option to furnish the required coverage through existing policies or any authorized insurer, and the creditor must inform the debtor.
2. Under Minnesota law, an employee who leaves employment may continue group life coverage until covered under another group policy or for up to how long?
18 months
Minn. Stat. 61A.092, subd. 2 allows continuation until other group coverage is obtained or 18 months after termination or layoff, whichever is shorter.
3. What is the most a former employee can be charged to continue Minnesota group life coverage?
102% of the plan's cost
Minn. Stat. 61A.092, subd. 2 caps the premium at 102 percent of the cost to the plan for similarly situated employees.
4. After an employee's termination or layoff, within how many days must the employer explain the right to continue Minnesota group life coverage?
14 days
Minn. Stat. 61A.092, subd. 3 requires the employer to inform the employee within 14 days after termination or layoff.
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Practice: Types of Life Insurance Policies
Answer choices are shuffled every time, and every question comes with an explanation.
Practice questions are study aids generated for exam preparation and are not actual exam questions. Content is provided for educational purposes and is not legal advice. Verify current statutes, rules, and exam specifications with the Insurance Department and the exam administrator before relying on it.
