Minnesota life line
The Minnesota life insurance exam.
The Minnesota life insurance exam is 75 scored questions, about 10 unscored pretest questions, in 120 minutes, passing at 70 percent, $45 per attempt, administered by PSI Exams. We sell study materials and practice exams for it, written from the official Minnesota outline. The first 20 study questions are free, and the full License Pass is $79, yours until you pass.
At a glance
| Exam | Minnesota Life Producer |
| Scored questions | 75 |
| Pretest questions | about 10 (unscored) |
| Time limit | 120 minutes |
| Passing score | 70 percent |
| Exam fee | $45 |
| Testing vendor | PSI Exams |
| Retake rules | There is no fixed waiting period, but you cannot rebook on the day you fail. If you fail on a Wednesday, you can call Thursday and retest as soon as Friday, if a seat is open. |
| Prelicensing education | required, from a provider your state insurance department lists |
Checked against PSI Exams' official materials. Specs change, so confirm them when you register.
How to get your Minnesota life insurance license
- 1
Meet the basics
Minnesota sets its own age, background check and application rules. The Minnesota insurance department lists them, so read them before you book.
- 2
Complete the required prelicensing education
Minnesota requires prelicensing education from a provider your state insurance department lists before you can test. Complete it with that provider, keep your completion record, then drill practice questions until the material sticks.
- 3
Book the exam with PSI Exams
Register at PSI Exams, pick a test center or online proctoring where offered, and pay the $45 exam fee.
- 4
Pass the exam
Walk in knowing the format, 75 scored questions in 120 minutes, passing at 70 percent. About 57 percent of first-time life exam takers pass nationally (NAIC, 2025 results).
- 5
Apply for the license and get appointed
Submit the license application (fingerprints where required), then get appointed with carriers so you can write business.
What the Minnesota exam covers
From the official exam outline, each section's share of the exam and how many of the 75 scored questions it earns.
| Section | Weight | Questions |
|---|---|---|
| General Knowledge | 67 percent | 50 questions |
| Minnesota Specific | 33 percent | 25 questions |
Free Minnesota practice questions
Original questions written to the Minnesota outline, the same bank our students drill. Tap a question to check the answer.
Question 1How does a fixed annuity differ from a variable annuity?
- A. A fixed annuity guarantees a set interest rate while a variable annuity's value depends on subaccount performance
- B. A fixed annuity is invested in the stock market while a variable annuity is not
- C. A fixed annuity is temporary while a variable annuity is permanent
- D. A fixed annuity pays a death benefit while a variable annuity never does
Show the answer
Answer: A
A fixed annuity credits a guaranteed minimum interest rate, so the insurer bears the investment risk, while a variable annuity's value moves with the performance of investment subaccounts, shifting risk to the owner. It is the variable annuity, not the fixed one, that is tied to the market. Both can offer death benefit provisions. Neither is defined by being temporary or permanent in that way.
Question 2Which settlement option pays the beneficiary a set income for as long as the beneficiary lives and stops at death with nothing left to others?
- A. Life income (straight life) option
- B. Fixed period option
- C. Interest only option
- D. Fixed amount option
Show the answer
Answer: A
The straight life income option pays income for the beneficiary's lifetime and ends at death, with no guarantee of any remaining payout. The fixed period option pays over a chosen number of years. The fixed amount option pays a set dollar amount until funds run out. The interest only option pays just the interest while the insurer holds the principal.
Question 3If a life insurer becomes insolvent, what organization pays covered claims up to statutory limits for Minnesota policyholders?
- A. The National Association of Insurance Commissioners
- B. The Federal Deposit Insurance Corporation
- C. The life and health insurance guaranty association
- D. The Minnesota Department of Commerce
Show the answer
Answer: C
The state life and health insurance guaranty association protects policyholders up to set limits when a member insurer becomes insolvent. The Department of Commerce regulates insurers but does not fund claims. The NAIC is a coordinating body of regulators, and the FDIC insures bank deposits, not insurance policies.
Question 4Who is responsible for administering and enforcing Minnesota's insurance laws?
- A. The Minnesota Guaranty Association
- B. The State Attorney General
- C. The Commissioner of Commerce
- D. The National Association of Insurance Commissioners
Show the answer
Answer: C
In Minnesota the Commissioner of Commerce heads the Department of Commerce and has authority to administer and enforce the insurance laws, including licensing producers. The Attorney General handles legal actions for the state but does not run insurance regulation. The NAIC is a national organization that writes model laws but has no enforcement power. The Guaranty Association pays claims when insurers become insolvent and does not enforce licensing laws.
Minn. Stat. ch. 45 (Department of Commerce; Commissioner powers)
Question 5Under Minnesota group life insurance rules, when the master policyholder ends the group plan, what right does a covered employee generally have?
- A. The right to convert to an individual policy without evidence of insurability
- B. The right to keep the group rate for life
- C. The right to force the employer to buy new coverage
- D. The right to receive a cash refund of all premiums paid
Show the answer
Answer: A
Group life insurance in Minnesota must give a departing or terminated insured the right to convert to an individual policy, usually without proving insurability, within a limited period. The person does not keep the group rate permanently. There is no full premium refund on termination. The employee cannot compel the employer to purchase replacement coverage.
Take the free Minnesota practice test, every question with the answer and the explanation
Minnesota exam FAQs
How many questions are on the Minnesota life insurance exam?
75 scored questions, plus about 10 unscored pretest questions mixed in, with 120 minutes on the clock.
What score passes the Minnesota exam?
You need 70 percent to pass.
How much does the Minnesota life insurance exam cost?
The exam fee is $45 per attempt, paid to PSI Exams. Licensing application and fingerprint fees are separate.
What happens if I fail the Minnesota exam?
There is no fixed waiting period, but you cannot rebook on the day you fail. If you fail on a Wednesday, you can call Thursday and retest as soon as Friday, if a seat is open. About 57 percent of first-time life exam takers pass nationally (NAIC, 2025 results). Failing once is common, and the fix is drilling the sections your score report names.
Does Minnesota require prelicensing education before the exam?
Yes. Minnesota requires prelicensing education from a provider your state insurance department lists before you can sit for the exam. We sell study materials and practice exams, not prelicensing education, so plan for both, the required education first, then practice here until the exam feels familiar.
What RingReady is, and is not
RingReady sells study materials and practice exams for the life insurance licensing exam. We are not a prelicensing education provider on any state's list, and practicing here does not by itself satisfy any state's education requirement.
If your state requires prelicensing education, you must complete it with a provider your state insurance department lists. The department publishes that list. What we do is help the questions feel familiar when you sit down for the real exam.
Practice the Minnesota exam until it feels familiar.
Practice questions written to every section of the outline above, full timed practice exams matched to the real format (75 questions, 120 minutes), and a mastery map that shows what to study next.