Minnesota Life & Annuities Insurance Exam Practice
Pass your Minnesota life & annuities licensing exam on your first attempt. Practice with real exam-style questions, study explanations, and track your pass probability.
Interactive Life & Annuities Sample Questions
Try these 5 free sample questions below. Select an answer to see instant feedback and complete, structured explanations.
What is the primary purpose of life insurance?
Frequently Asked Questions (Life & Annuities)
Q:How do I pass the Minnesota Life & Annuities insurance exam on my first try?
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.
Q:How many questions are on the Minnesota insurance exam and what score is required?
The combined Minnesota Life & Annuities 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.
Q:What topics are covered on the Minnesota insurance licensing exam?
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, AMinnesota), 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).
Q:How much does the Minnesota insurance exam cost and where is it taken?
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.
Q:What are the pre-licensing education requirements for a Minnesota insurance license?
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.
Q:What happens if I fail the Minnesota insurance exam?
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.