MN INSURANCE EXAM PROPERTY & CASUALTY EXAM NEWEST ACTUAL EXAM COMPLETE 350 QUESTIONS AND CORRECT DETAILED ANSWERS (VERIFIED ANSWERS) |ALREADY GRADED A+

1 | P a g e MN INSURANCE EXAM PROPERTY & CASUALTY EXAM NEWEST 2024-2025 ACTUAL EXAM COMPLETE 350 QUESTIONS AND CORRECT DETAILED ANSWERS (VERIFIED ANSWERS) |ALREADY GRADED A+ After getting the notice of termination, how many days can the producer file written comments concerning the termination with the commissioner? - ANSWER- 30 days How much is the penalty for failing to appoint a producer? and up to? - ANSWER- $25 up to $300 the producer must notify the commissioner of any administrative action take or criminal prosecution against the producer within ___ days - ANSWER- 30 days when is the property value determined? - Inland Marine - ANSWER- at the time of loss 2 | P a g e the producer must notify the commissioner within ___ days of any felony or gross misdemeanor conviction, guilty plea, or plea of no contest - ANSWER- 10 days a lapsed licensee can reinstate license within ___ months - ANSWER- 12 months the penalty for rebating is $___ to $___ per violation - ANSWER- $60 - $200 a promotional advertising item or gift of $___ or less per year is not a rebate - ANSWER- $25 How many days does an insurer have to reply to customer claims and inquries? - ANSWER- 10 days Policies must be delivered to the insured within __ working days of the producer's receipt from the insurer - ANSWER- 30 days financial and complain records must be kept on file for ___ years - ANSWER- 6 premium refunds must be sent to the insured within ___ days of the producers receipt from the insurer - ANSWER- 5 days 3 | P a g e Policy forms, applications, and advertising must be retained for __ years after the effective date - ANSWER- 3 years claim records must be retained for ___ years after the claim is paid or denied - ANSWER- 3 years complaint records must be retained for ___ years after the date received - ANSWER- 4 years unearned premium refund to be issued within ___ days - ANSWER- 30 days Domestic shipments can only be covered by - ANSWER- truck, train, air or mail Annual Transit Policy - ANSWER- covers all shipments during the year Trip transit - ANSWER- Covers a single shipment-one time, one way 4 | P a g e Motor truck cargo - ANSWER- truckers form covers the insureds bailee responsibility (carrying someone elsed stuff) oral binders must be put in writing to the insured within ___ business days - ANSWER- 5 what covers the insured own goods in the insureds own trucks - ANSWER- owners form the applicant has the right to challenge any erroneous information contains in the consumer report within __ days - ANSWER- 30 Bailee Liability - ANSWER- - Covers damage to customer's property - Pays customer Adverse information remains in a credit report for ___ years. - ANSWER- 7 years how many years must bankruptcy information remain in the credit report for - ANSWER- 10 years