Minnesota requires vehicle owners to maintain uninsured motorist (UM) and underinsured motorist (UIM) coverage. What are the general statutory minimum limits for each of these coverages?
A. $50,000 per person / $100,000 per accident
B. UM/UIM coverage is entirely optional and never required in Minnesota
C. $10,000 per person / $20,000 per accident
D. $25,000 per person / $50,000 per accident
Source: Minn. Stat. § 65B.49
A Minnesota property and casualty producer wants to begin selling policies for a new commercial lines carrier. In addition to holding an appropriate individual license, what does the producer generally need from the carrier?
A. Ownership shares in the carrier
B. A formal appointment from the carrier authorizing the producer to represent it
C. Nothing further is ever needed once any license is held
D. A personal loan from the carrier
Source: Minn. Stat. ch. 60K
A homeowner's guest is injured after slipping on an icy walkway and later sues the homeowner. Which part of a standard homeowners policy would generally respond to defend and potentially pay a covered liability claim?
A. Coverage A, dwelling coverage
B. Coverage E, personal liability coverage
C. Coverage C, personal property coverage
D. Coverage D, loss of use coverage
Source: General casualty insurance principles applied in MN practice
Under Minn. Stat. § 60K.38, what does the property line of authority permit a Minnesota producer to sell?
A. Coverage for direct or consequential loss or damage to property of every kind
B. Only coverage on human lives
C. Only workers' compensation benefits
D. Only title insurance for real estate closings
Source: Minn. Stat. § 60K.38
What is the general purpose of the Minnesota No-Fault Automobile Insurance Act?
A. To eliminate all auto insurance requirements in Minnesota
B. To require auto insurers to pay certain first-party benefits (such as medical expense and income loss) to their own insured regardless of fault, while limiting the right to sue for pain and suffering unless a statutory tort threshold is met
C. To require every driver to carry only liability coverage with no other benefits
D. To apply exclusively to commercial trucking companies
Source: Minn. Stat. ch. 65B (Minnesota No-Fault Automobile Insurance Act)
