MONTANA LIFE INSURANCE EXAM
QUESTIONS AND ANSWERS
Rates must be filed with the commissioner of insurance ______ days before a form is
used - Correct Answers -60 days
The commissioner must examine an insurer at least every ____ years? - Correct
Answers -5 years
Transacting Insurance - Correct Answers -The solicitation, inducement and preliminary
negotiations affecting a contract of insurance, and the subsequent business pertaining
to carrying out the terms of the contract.
The Commissioner of Insurance may: - Correct Answers --Subpoena witnesses -
administer oaths -require production of books and doc.s relating tot he examination -
cease and desist
Written reports must be filed within ____ days of an examination: - Correct Answers -60
days
A company has ___ days to submit a rebuttal to a commissioner: - Correct Answers -30
days
An individual producer acting as an agent of an insurer MUST - Correct Answers -be
appointed by the insurer.
The appointment of a producer is - Correct Answers -perpetual until canceled by the
insurer
Adhesion - Correct Answers -written only by one party, and the other side must adhere
or stick to it
Guaranty Association - Correct Answers -A state mandated association of all insurance
companies designed to protect consumers from impaired or insolvent companies. All
insurers that provide direct life and disability insurance policies or annuity contracts are
required to be members.
Minimum age to obtain a producer's license: - Correct Answers -18 years old
, The insurer must file a notice of appointment with the Commissioner within ____ days of
agency contract - Correct Answers -15 days
The commissioner may issue a temporary producer license for a maximum of _____
days to a surviving spouse, business partner, or employee if a producer dies, becomes
disabled, or is called to active military service - Correct Answers -90 days
Producers must retain records of all transactions for how many years? - Correct
Answers -3 years
The fine for acting as a producer/adjuster without a license is - Correct Answers -$5,000
Any person ____ years or older may contract for insurance and annuities - Correct
Answers -15 years old
Required documents must be kept for at least _____ years for replacing policies: -
Correct Answers -5 years
Free Look Provision: - Correct Answers -Generally 10 days after policy delivery to
cancel policy w/ full refund, except 30 days for replacement policies.
Maximum Loan interest rate: - Correct Answers -8%
Someone wanting to do a conversion from a group policy to an individual policy has to
follow what requirements? - Correct Answers -Has 31 days to converts with no evidence
of insurability required
An insurance producer: - Correct Answers -is required to be licensed under the laws of
MT to solicit, sell, or negotiate insurance.
An administrator: - Correct Answers -Collects premiums or adjusts or settles claims in
connection with life, disability, property, or casualty insurance, or annuities, and must
have a certificate of registration.
A consultant: - Correct Answers -Must be licensed to examine, review, or evaluate
insurance policies or annuity contracts for a fee
Fraternal Benefit Society: - Correct Answers -A life or health insurance company formed
to provide insurance for members of an affiliated lodge, religious, or fraternal
organization with a representative form of government.
Aleatory- - Correct Answers -meaning that the value received from the contract by each
party may be unequal. Ordinarily, each party to a contract is expected to receive benefit
that's are roughly equivalent. But with Insurance, the receipt of unequal value arises
because the contract depends on an uncertain event.
QUESTIONS AND ANSWERS
Rates must be filed with the commissioner of insurance ______ days before a form is
used - Correct Answers -60 days
The commissioner must examine an insurer at least every ____ years? - Correct
Answers -5 years
Transacting Insurance - Correct Answers -The solicitation, inducement and preliminary
negotiations affecting a contract of insurance, and the subsequent business pertaining
to carrying out the terms of the contract.
The Commissioner of Insurance may: - Correct Answers --Subpoena witnesses -
administer oaths -require production of books and doc.s relating tot he examination -
cease and desist
Written reports must be filed within ____ days of an examination: - Correct Answers -60
days
A company has ___ days to submit a rebuttal to a commissioner: - Correct Answers -30
days
An individual producer acting as an agent of an insurer MUST - Correct Answers -be
appointed by the insurer.
The appointment of a producer is - Correct Answers -perpetual until canceled by the
insurer
Adhesion - Correct Answers -written only by one party, and the other side must adhere
or stick to it
Guaranty Association - Correct Answers -A state mandated association of all insurance
companies designed to protect consumers from impaired or insolvent companies. All
insurers that provide direct life and disability insurance policies or annuity contracts are
required to be members.
Minimum age to obtain a producer's license: - Correct Answers -18 years old
, The insurer must file a notice of appointment with the Commissioner within ____ days of
agency contract - Correct Answers -15 days
The commissioner may issue a temporary producer license for a maximum of _____
days to a surviving spouse, business partner, or employee if a producer dies, becomes
disabled, or is called to active military service - Correct Answers -90 days
Producers must retain records of all transactions for how many years? - Correct
Answers -3 years
The fine for acting as a producer/adjuster without a license is - Correct Answers -$5,000
Any person ____ years or older may contract for insurance and annuities - Correct
Answers -15 years old
Required documents must be kept for at least _____ years for replacing policies: -
Correct Answers -5 years
Free Look Provision: - Correct Answers -Generally 10 days after policy delivery to
cancel policy w/ full refund, except 30 days for replacement policies.
Maximum Loan interest rate: - Correct Answers -8%
Someone wanting to do a conversion from a group policy to an individual policy has to
follow what requirements? - Correct Answers -Has 31 days to converts with no evidence
of insurability required
An insurance producer: - Correct Answers -is required to be licensed under the laws of
MT to solicit, sell, or negotiate insurance.
An administrator: - Correct Answers -Collects premiums or adjusts or settles claims in
connection with life, disability, property, or casualty insurance, or annuities, and must
have a certificate of registration.
A consultant: - Correct Answers -Must be licensed to examine, review, or evaluate
insurance policies or annuity contracts for a fee
Fraternal Benefit Society: - Correct Answers -A life or health insurance company formed
to provide insurance for members of an affiliated lodge, religious, or fraternal
organization with a representative form of government.
Aleatory- - Correct Answers -meaning that the value received from the contract by each
party may be unequal. Ordinarily, each party to a contract is expected to receive benefit
that's are roughly equivalent. But with Insurance, the receipt of unequal value arises
because the contract depends on an uncertain event.