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Life and Health Insurance Producer Exam

Policy provisions (MN): practice questions

Our Life & Health Insurance bank has 5 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

Outside of a replacement, how long does a Minnesota buyer of an individual life or health policy have to cancel it for a full refund?

  1. Until midnight of the 10th day after receiving it
  2. Seven business days from the policy date
  3. Until midnight of the 30th day after the application
  4. Until the first premium due date
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A. Until midnight of the 10th day after receiving it — Minn. Stat. 72A.51, subds. 1-2; 72A.52, subd. 1(1).

Question 2 · Minnesota

What grace period must a Minnesota life insurance policy provide for premiums after the first?

  1. Two months
  2. One month
  3. Ten calendar days
  4. Seven days
Show the answer

B. One month — Minn. Stat. 61A.03, subd. 1(b).

Question 3 · Minnesota

Under Minnesota's required accident and sickness provisions, what is the minimum grace period for a policy with monthly premiums?

  1. 10 days
  2. Seven days
  3. 31 days
  4. One full calendar month
Show the answer

A. 10 days — Minn. Stat. 62A.04, subd. 2(3)(a).

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