MN Life & Health study guide
MN Life & Health · Work through your exam, one topic at a time.
The Minnesota Life & Health insurance producer license qualifies you to solicit, negotiate, and sell life insurance and health insurance products in Minnesota, and it is the credential most people pursue when they want to work as an agent, broker, or producer in the state. Candidates typically include career changers entering insurance sales, agency staff who need to be licensed to discuss products with clients, and employees of carriers or brokerages who advise on life, annuity, accident and health, disability income, and long-term care coverage. The MN Life & Health study guide has 7 sections and about 2,217 words.
01Life Insurance Basics and Policy Types
Insurable interest must exist when the application is signed - the owner must stand to lose financially if the insured dies. It does not have to be proven again at death.
339 words, about 2 min02Life Insurance Policy Provisions, Riders, and Options
Entire contract (policy plus attached application), incontestability (two years), grace period (commonly 30 or 31 days), reinstatement (evidence of insurability plus back premiums with interest), misstatement of age or sex (benefit adjusted, contract not voided), and suicide clause (typically two years, premium refunded). Free look is commonly 10 days.
307 words, about 2 min03Annuities and Retirement Products
An annuity liquidates a sum of money over time. Two phases: accumulation and annuitization (payout) .
310 words, about 2 min04Health Insurance Basics and Medical Expense Coverage
Premium (paid regardless of claims) → deductible → coinsurance (a percentage, commonly 80/20) → copay (a flat dollar amount) → out-of-pocket maximum , which excludes premiums. Questions routinely swap coinsurance with copay; coinsurance is always a percentage.
289 words, about 1 min05Disability Income and Long-Term Care Insurance
Two key definitions: own occupation (most favorable to the insured, pays if you cannot do your specific job) and any occupation (pays only if you cannot do any job for which you are reasonably suited). A common compromise is own occupation for two years, then any occupation.
323 words, about 2 min06Health Insurance Policy Provisions and Managed Care
Entire contract ; time limit on certain defenses (two years); grace period (7 days for weekly premium, 10 days for monthly, 31 days otherwise); reinstatement ; notice of claim (about 20 days); claim forms (insurer must furnish within 15 days); proof of loss (90 days); time of payment of claims (immediately or within 30 days); physical examination at insurer expense; legal actions (three years); change of occupation; misstatement of age; illegal occupation; unpaid premium; conformity with state law. Change of occupation, misstatement of age, other insurance in this insurer, unpaid premium, and cancellation.
310 words, about 2 min07Minnesota Insurance Law, Producer Licensing, Marketing, and Ethics
Minnesota insurance is regulated by the Minnesota Department of Commerce under the Commissioner of Commerce - not a Department of Insurance. That is a frequent distractor.
339 words, about 2 min