Montana Insurance Laws + Rules UPDATED
ACTUAL Exam Questions and CORRECT
Answers
Who would be most likely to apply to the commissioner for a nonresident license? - CORRECT
ANSWER - Individual licensed in another state and who resides in that state
What does a viatical settlement involve? - CORRECT ANSWER - The sale of a life
insurance policy
In Montana, the _________ reviews and approves the insurance continuing education courses. -
CORRECT ANSWER - Comissioner
A _________ insurer is one domiciled in another state. - CORRECT ANSWER - Foreign
In Montana, health insurance companies must provide maternity coverage - CORRECT
ANSWER - The same as would be provided for any illness
In Montana, which of the following is NOT required to be covered by insurers? - CORRECT
ANSWER - Anorexia
How does the Montana insurance commissioner attain this position? - CORRECT
ANSWER - An wlection
Any "reciprocal insurer" formed under federal tax laws must be operated by a - CORRECT
ANSWER - Attorney in fact
In Montana, the minimum age for purchasing insurance is - CORRECT ANSWER - 15
, A resident domestic insurer is one that is incorporated under the laws of Montana with at least
_______of its owners being Montana residents. - CORRECT ANSWER - 50%
Pam the insurance consultant has a client to which she gave advice for a fee. After consulting,
she cannot sell insurance to this person for at least _____ months. - CORRECT
ANSWER - 12
Under the freedom of choice act, an insured is able to choose their own doctor in which health
plan? - CORRECT ANSWER - Stock or mutual identity plan
In Montana, which system is used to regulate new policy forms? - CORRECT ANSWER -
File and wait
How long is an appointment letter valid? - CORRECT ANSWER - Until the appointment
is terminated
An insurer must pay ___ interest on past-due claims. - CORRECT ANSWER - 10%
In Montana, exclusions for pre-existing conditions in an individual health policy are allowable
for - CORRECT ANSWER - 3 years back, 12 months forward
At what point must a replacement notice be provided? - CORRECT ANSWER - At the
time of application
In Montana, insureds may file claims against the Guaranty Fund up to _______. - CORRECT
ANSWER - $300,000
An individual must be at least ____ years old to obtain a producer's license in Montana. -
CORRECT ANSWER - 18
ACTUAL Exam Questions and CORRECT
Answers
Who would be most likely to apply to the commissioner for a nonresident license? - CORRECT
ANSWER - Individual licensed in another state and who resides in that state
What does a viatical settlement involve? - CORRECT ANSWER - The sale of a life
insurance policy
In Montana, the _________ reviews and approves the insurance continuing education courses. -
CORRECT ANSWER - Comissioner
A _________ insurer is one domiciled in another state. - CORRECT ANSWER - Foreign
In Montana, health insurance companies must provide maternity coverage - CORRECT
ANSWER - The same as would be provided for any illness
In Montana, which of the following is NOT required to be covered by insurers? - CORRECT
ANSWER - Anorexia
How does the Montana insurance commissioner attain this position? - CORRECT
ANSWER - An wlection
Any "reciprocal insurer" formed under federal tax laws must be operated by a - CORRECT
ANSWER - Attorney in fact
In Montana, the minimum age for purchasing insurance is - CORRECT ANSWER - 15
, A resident domestic insurer is one that is incorporated under the laws of Montana with at least
_______of its owners being Montana residents. - CORRECT ANSWER - 50%
Pam the insurance consultant has a client to which she gave advice for a fee. After consulting,
she cannot sell insurance to this person for at least _____ months. - CORRECT
ANSWER - 12
Under the freedom of choice act, an insured is able to choose their own doctor in which health
plan? - CORRECT ANSWER - Stock or mutual identity plan
In Montana, which system is used to regulate new policy forms? - CORRECT ANSWER -
File and wait
How long is an appointment letter valid? - CORRECT ANSWER - Until the appointment
is terminated
An insurer must pay ___ interest on past-due claims. - CORRECT ANSWER - 10%
In Montana, exclusions for pre-existing conditions in an individual health policy are allowable
for - CORRECT ANSWER - 3 years back, 12 months forward
At what point must a replacement notice be provided? - CORRECT ANSWER - At the
time of application
In Montana, insureds may file claims against the Guaranty Fund up to _______. - CORRECT
ANSWER - $300,000
An individual must be at least ____ years old to obtain a producer's license in Montana. -
CORRECT ANSWER - 18
