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Life and Health Insurance Producer Exam

Annuities (MN): practice questions

Our Life & Health Insurance bank has 4 questions on this topic. Here are 3 of them with answers; the full mock exam draws from every topic, like the real one.

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Question 1 · Minnesota

For a Minnesota consumer age 65 or older, a producer may not recommend replacing an annuity that carries a surrender charge unless the replacement does what?

  1. Is approved in writing by the consumer's adult children
  2. Pays the producer no more than the original commission
  3. Is completed within 60 days of the prior annuity purchase date
  4. Confers a substantial financial benefit over the annuity's life
Show the answer

D. Confers a substantial financial benefit over the annuity's life — Minn. Stat. 72A.2032, subd. 1b(k).

Question 2 · Minnesota

What training must a Minnesota producer complete before beginning to sell annuities?

  1. A onetime four-credit commissioner-approved annuity course
  2. An annual eight-hour course on a specific insurer's annuities
  3. A securities license exam administered by FINRA
  4. No extra training beyond the life prelicense course
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A. A onetime four-credit commissioner-approved annuity course — Minn. Stat. 72A.2033, subd. 2(a)-(b).

Question 3 · Minnesota

How long must Minnesota insurers and producers keep records of the information used to make annuity recommendations?

  1. 3 years after the policy is delivered
  2. Until the annuity is surrendered
  3. 10 years after the transaction is completed
  4. 5 years from the date of application
Show the answer

C. 10 years after the transaction is completed — Minn. Stat. 72A.2035, subd. 1.

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