Minnesota Life Producer

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%, $45 per attempt, administered by PSI Exams. We sell study materials and practice exams for it, written from the official Minnesota outline. The first questions are free, and the full License Pass is $149, yours until you pass. Below are the licensing steps, exactly what the exam covers, and free practice questions written to this state's outline.

At a glance

ExamMinnesota Life Producer
Scored questions75
Pretest questionsabout 10 (unscored)
Time limit120 minutes
Passing score70% correct
Exam fee$45
Testing vendorPSI Exams
Retake rulesNo fixed waiting period; same-day rebooking not possible - fail Wednesday, can call Thursday and retest as soon as Friday, subject to availability
Prelicensing educationrequired, from a state-approved provider

Verified against official PSI Exams materials, Outline file 'MN Life Producer.2023.FINAL' dated 5/24/2023; linked as current from the PSI Minnesota Candidate Information Bulletin dated March 2026 (test-takers.psiexams.com/mnins). Specs change; confirm when you register.

How to get your Minnesota life insurance license

  1. 1

    Meet the basics

    Be 18 or older and able to pass the background screening. Minnesota handles licensing through the NIPR system like most states.

  2. 2

    Complete the required prelicensing education

    Minnesota requires prelicensing education from a state-approved provider before you can test. Complete it with that provider, keep your completion record, then drill practice questions until the material sticks.

  3. 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. 4

    Pass the exam

    Walk in knowing the format, 75 scored questions in 120 minutes, passing at 70%. About 62% of first-time life exam takers pass nationally (NAIC, latest published data).

  5. 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.

SectionWeightQuestions
Life - General Knowledge67%50 questions
Life & Health - Minnesota Specific33%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 1

How does a fixed annuity differ from a variable annuity?

  1. A. A fixed annuity guarantees a set interest rate while a variable annuity's value depends on subaccount performance
  2. B. A fixed annuity is invested in the stock market while a variable annuity is not
  3. C. A fixed annuity pays a death benefit while a variable annuity never does
  4. D. A fixed annuity is temporary while a variable annuity is permanent
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.

Life - General Knowledge: Types of Policies (annuities)

Question 2

Which settlement option pays the beneficiary a set income for as long as the beneficiary lives and stops at death with nothing left to others?

  1. A. Fixed period option
  2. B. Fixed amount option
  3. C. Life income (straight life) option
  4. D. Interest only option
Show the answer

Answer: C

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.

Life General Knowledge outline: Policy Riders, Provisions, Options, and Exclusions

Question 3

If a life insurer becomes insolvent, what organization pays covered claims up to statutory limits for Minnesota policyholders?

  1. A. The Minnesota Department of Commerce
  2. B. The life and health insurance guaranty association
  3. C. The National Association of Insurance Commissioners
  4. D. The Federal Deposit Insurance Corporation
Show the answer

Answer: B

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.

Minnesota Life and Health Insurance Guaranty Association Act (Minn. Stat. ch. 61B); verify coverage limits

Question 4

Who is responsible for administering and enforcing Minnesota's insurance laws?

  1. A. The Commissioner of Commerce
  2. B. The State Attorney General
  3. C. The National Association of Insurance Commissioners
  4. D. The Minnesota Guaranty Association
Show the answer

Answer: A

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 5

Under Minnesota group life insurance rules, when the master policyholder ends the group plan, what right does a covered employee generally have?

  1. A. The right to convert to an individual policy without evidence of insurability
  2. B. The right to keep the group rate for life
  3. C. The right to receive a cash refund of all premiums paid
  4. D. The right to force the employer to buy new coverage
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.

Minnesota group life insurance conversion provisions.

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% 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?

No fixed waiting period; same-day rebooking not possible - fail Wednesday, can call Thursday and retest as soon as Friday, subject to availability. About 62% of first-time life exam takers pass nationally (NAIC, latest published data). 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 state-approved prelicensing education provider, and practicing here does not by itself satisfy any state's education requirement.

If your state requires prelicensing education, you must complete it with an approved provider; your state insurance department publishes the approved list. What we do is make sure that when you sit down for the real exam, the questions feel familiar.

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.

Start free

A free placement plus free practice questions. No card to start.

Take the free Minnesota practice test · How to pass the exam