Minnesota Life and Health Insurance Agent Exam
Need of a License: An individual who is acting as an agent or producer needs a license to sell life and health insurance in Minnesota.Who Grants a License: Licenses are granted by the Minnesota Department of Commerce.
Qualifications to receive a License: Individuals who wish to obtain an insurance license in the State of Minnesota:
1. Be at least eighteen (18) years of age.
2. Be a resident of Minnesota.
3. Complete required prelicense education requirements.
4. Complete the fingerprinting requirement.
5. Pass the examination.
6. Apply for a license.
Prelicense Education Requirements: Applicants must satisfactorily complete an approved course of education in the fields of insurance for which they apply before they may be licensed. A list of approved schools can be found at www.sircon.com/minnesota. Candidates may also call (651) 539-1599 for more information.
Fingerprinting Requirement: All candidates must be fingerprinted and submit to background checks. It is strongly recommended to be electronically fingerprinted at one of the PSI Minnesota site, during regular testing hours, on the day of your exam.
Applying for the Producer Exam: It is recommended that you read the Candidate Information Bulletin thoroughly prior to applying for the exam. All questions and requests for information about examinations should be directed to PSI:
PSI Services LLC
3210 E Tropicana
Las Vegas, NV 89121
(800) 733-9267 Fax (702) 932-2666
www.psiexams.com
The Examination Registration Form is found at the end of the Candidate Information Bulletin. For the fastest and most convenient examination scheduling process, PSI recommends that you register for your examination using the Internet. You register online by accessing PSI’s registration website at www.psiexams.com.
Test Information: The Minnesota Department of Commerce has contracted with PSI Services LLC (PSI) to conduct the examination testing. PSI provides examinations through a network of computer examination centers in Minnesota. PSI works closely with the State to be certain that examinations meet local as well as national requirements in basic principles and examination development standards. Your score will be given to you immediately following completion of the examination. You will have three hours to take the Life, Accident and Health Producer Exam.
The PSI Minnesota Life and Health Combination Content Outline contains specific content information beyond the following general outline:
LIFE, ACCIDENT & HEALTH PRODUCER COMBINED EXAMINATION
(135 items, 70% minimum passing score, 180 minutes)
GENERAL PORTION: COMMON TO LIFE AND HEALTH INSURANCE
Policy Provisions & Options – 24 items
Policy Riders
Rights of Renewability
Policy Provisions and Options
Policy Exclusions
Other Insurance Concepts – 4 items
Twisting
Group Insurance
Completing the Application, Underwriting, and Delivering the Policy – 12 items
LIFE – GENERAL KNOWLEDGE
Types of Policies – 14 items
Traditional Whole Life Products
Interest-Sensitive Life Products
Term Life
Annuities
Combination Plans and Variations
Policy Riders, Provisions, Options and Exclusions – 10 items
Policy Riders
Policy Provisions and Options
Taxes, Retirement, and other Insurance Concepts – 6 items
Third-Party Ownership
Retirement Plans
Tax Treatment of Insurance Premiums, Proceeds, Dividends
Modified Endowment Contracts (MECs)
ACCIDENT and HEALTH GENERAL KNOWLEDGE
Types of Policies – 14 items
Disability Income
Medical Expense Insurance
Medicare Supplement Policies
Group Insurance
Long Term Care (LTC)
Policy Provisions, Clauses, and Riders – 8 items
Mandatory Provisions
Optional Provisions
Other Provisions and Clauses
Riders
Social Insurance – 4 items
Medicare
Medical Assistance/Medicaid
Social Security Benefits
Other Insurance Concepts – 4 items
Total, Partial, and Residual Disability
Dependent Children Benefits
Nonduplication and Coordination of Benefits (e.g., primary vs. excess)
Tax Treatment of Premiums and Proceeds of Insurance Contracts
Managed Care
Workers' Compensation Exclusion
Subrogation
Life & Health - Minnesota Specific State Laws, Rules, and Regulations
Minnesota Laws, Rules, and Regulations Common to Life, Health, Property, and Casualty Insurance – 20 items
Powers and Duties of the Commissioner
Definitions
Licensing and Appointments
Trade Practices
Guaranty Association
Minnesota Laws, Rules, and Regulations Pertinent to Life Insurance Only – 5 items
Beneficiaries
Right to Cancel
Policy Provisions
Back Dating
Credit Insurance (Life and A&H)
Group Life
Insurance Interest Act
Replacement Insurance
Minnesota Laws, Rules, and Regulations Pertinent to Health Insurance Only - 10 items
Policy Clauses and Provisions/Mandates
Comprehensive Health Insurance Act (CHIA)
How to Apply for the License: You can apply for your license online at http://www.sircon.com/minnesota. The pre-license education course provider must submit an electronic certification that the applicant has completed the required prelicensing education. The license exam administrator must submit an electronic certification that the applicant has passed the required examination for each desired line of authority and been fingerprinted for a criminal history record check. If you have questions about how to complete your online application using Sircon Licensing, please contact Sircon at 517-381-3860. Any additional questions and requests for information about licensure should be directed to the Department of Commerce:
Minnesota Department of Commerce
Division of Insurance
85 7th Place E, Suite 500
St. Paul, MN 55101-2198
Phone: 651-539-1599
FAX for Producers: 651-539-0108
Email: Licensing.Commerce@state.mn.us
www.mn.gov/commerce
License Renewal Requirements: Individual Producer licenses must be renewed every two years and there is a continuing education requirement.
Applicable Regulations: Life and health insurance agents in Minnesota are regulated by the Minnesota Department of Commerce.
For more information on life and health insurance agent licensing and exam preparation, go to Tests.com’s Life and Health Insurance Exam Guide.
And take Tests.com’s free Life and Health Insurance Agent Practice Test.
For life and health insurance agent exam preparation products, such as study guides, flashcards and courses, go to Tests.com’s Life and Health Insurance Sales Exam listings.
