Minnesota Life & Health
Insurance Exam

To pass the Minnesota insurance licensing exam on your first attempt, follow this strategy: First, complete the required 20 hours of Commerce-approved pre-licensing education per line (40 hours total for Life and Health). Second, study the core topics systematically — life, health, annuities, and Minnesota-specific laws. Third, complete at least 400+ practice questions until you score 80% or higher. Finally, focus on Minnesota Commerce regulations, including replacement rules, trust account deadlines (3 business days), and Minnesota Guaranty Association limits.

The combined Minnesota Life, Accident & Health exam consists of 145 multiple-choice questions (130 scored and 15 unscored pretest questions) with a 3-hour time limit. A passing score of 70% is required. The exams are administered by PSI Services. We recommend aiming for 80%+ on practice tests to give yourself a comfortable margin.

The Minnesota insurance exam covers major areas: Life insurance (policy types, beneficiary designations, settlement options, group life), Health insurance (medical expense coverage, disability income, long-term care, Medicare, ACA), Annuities (fixed, variable, indexed, immediate, and deferred, suitability, and taxation), General Insurance Principles (risk management, insurable interest, contract elements), and Minnesota Commerce regulations (producer licensing, trust account rules, replacement rules, free-look and grace periods, and unfair trade practices).

The Minnesota insurance exam fee is $45 per attempt, paid directly to PSI Services. The exam is administered by PSI, either at PSI testing centers across Minnesota or via remote online proctoring. You can schedule online at test-takers.psiexams.com/mnins.

Minnesota requires 20 hours of Commerce-approved pre-licensing education per line of authority. If you are seeking both Life and Accident & Health licenses, you must complete 40 hours total. Your education provider will report your completion. In addition, you must submit fingerprints at the PSI test center after passing the exam for a background check prior to submitting your license application through NIPR.

If you fail the Minnesota insurance exam, you can retake it by scheduling another attempt with PSI and paying the $45 exam fee again. There is no mandatory waiting period to retake the exam, but you must pass within one year of completing your pre-licensing education.

The Minnesota Life and Health Insurance Guaranty Association protects Minnesota policyholders if an authorized insurer becomes insolvent. The Association limits its liability on a single life to a maximum of $500,000 for life insurance death benefits, $130,000 for life cash values, $500,000 for health benefits, and $250,000 for annuity cash values, with a total aggregate limit of $500,000 per individual life.