Minnesota Statutes Chapter 61A, Secs. 61A.01 through 61A.60: Life Insurance

What this document is

Minnesota Statutes Chapter 61A - Life Insurance (Secs. 61A.01 through 61A.60) is a state statute published by Minnesota Office of the Revisor of Statutes (revisor.mn.gov). It is one of the Minnesota documents that insurance license exam questions are written from, including minnesota life & health practice questions. This page summarizes it and points to the official version, which is the text to rely on.

Sections cited in practice questions

Each practice answer shows the exact passage it comes from. These are sections of this document that questions cite, with a short excerpt from the source text.

• Minn. Stat. Chapter 61A § 61A.12, subd. 4 (Change of Beneficiary)

  “The person applying for and procuring a policy may change the beneficiary or beneficiaries, if the consent of the beneficiary or beneficiaries named in the policy is obtained, or if a power so to do is reserved in the contract of insurance or in case of the death of the beneficiary, or in the case...”

• Minn. Stat. Chapter 61A § 61A.24, subd. 3 (Exception; deferred payment)

  “Any provision or portion of subdivision 2 not applicable by reason of the plan of insurance may be omitted from the policy. The company shall reserve the right to defer the payment of any cash surrender value for a period of six months after demand therefor with surrender of the policy.”

• Minn. Stat. Chapter 61A § 61A.18 (Disapproval of Contracts)

  “The commissioner shall have the power at any time to disapprove any contract form, application, or certificate (1) if it does not comply with the provisions of sections 61A.13 to 61A.21 ; or (2) if it contains provisions which are unjust, unfair, inequitable, ambiguous, or misleading. After the...”

• Minn. Stat. Chapter 61A § 61A.011, subd. 3 (Interest on Unpaid Benefits: Notice)

  “In any case in which interest on the proceeds of, or payments under, any policy of life insurance becomes payable pursuant to this section, the insurer shall enclose with the payment a notice stating that interest is being paid and specifying the rate of interest and the amount paid.”

• Minn. Stat. Chapter 61A § 61A.021, subd. 1 (Sale as Single Policy Prohibited)

  “The sale of a life insurance product and an annuity as a single policy, whether in the form of a life insurance policy with an annuity rider or otherwise, is prohibited in this state. This subdivision does not prohibit the simultaneous sale of these products, but the sale must involve two separate...”

• Minn. Stat. Chapter 61A § 61A.01 (Life Insurance Company Defined)

  “Every corporation or association, domestic or foreign, operating upon any plan involving payment of money or other thing of value to policy or certificate holders, or members, or families, or representatives of either, conditioned upon the continuance or cessation of human life, or for the payment...”

• Minn. Stat. Chapter 61A § 61A.24, subd. 14 (Standard Nonforfeiture Law; application)

  “Subdivisions 1 to 13 do not apply to any of the following: (a) reinsurance; (b) group insurance; (c) a pure endowment; (d) an annuity or reversionary annuity contract;”

• Minn. Stat. Chapter 61A § 61A.24, subd. 5 (Paid-up nonforfeiture benefit)

  “Any paid-up nonforfeiture benefit available under the policy in the event of default in a premium payment due on any policy anniversary shall be such that its present value as of such anniversary shall be at least equal to the cash surrender value then provided for by the policy or, if none is...”

• Minn. Stat. Chapter 61A § 61A.02, subd. 2 (Forms of Policy: Approval Required)

  “Except as otherwise authorized pursuant to subdivision 2a, no policy or certificate of life insurance or annuity contract, issued to an individual, group, or multiple employer trust, nor any rider of any kind or description which is made a part thereof shall be issued or delivered in this state, or...”

• Minn. Stat. Chapter 61A § 61A.03, subd. 1(h) (Reinstatement)

  “(h) Reinstatement. A provision that if, in event of default in premium payments, the nonforfeiture value of the policy is applied to the purchase of other insurance, and if that insurance is in force and the original policy has not been surrendered to the company and canceled, the policy may be...”

• Minn. Stat. Chapter 61A § 61A.54 (Exemptions)

  “Unless otherwise specifically included, sections 61A.53 to 61A.60 do not apply to transactions involving: (1) credit life insurance; (2) group life insurance or group annuities; (3) an application to the existing insurer that issued the existing life insurance or annuity, where a contractual change...”

• Minn. Stat. Chapter 61A § 61A.55, subd. 2 (Duties of Agents and Brokers; Replacement Information)

  “Where a replacement is involved, the agent or broker shall: (1) present to the applicant, not later than at the time of taking the application, a "notice regarding replacement" in the form as described in section 61A.60, subdivision 1 , or other substantially similar form approved by the...”

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