Montana State Life Insurance Exam 2025
COMPLETE EXAM QUESTIONS AND ACCURATE
ANSWERS |ALREADY PASSED!!
Save
Terms in this set (182)
How often does the Once every 5 years
Commissioner perform
examination of an insurer?
After the examination is Within 60 days
completed, when does
the examiner's report must
be filed with the
Commissioner?
What is the window for a 30 days
rebuttal?
If an investigatory hearing No less than 20 days.
is needed, when does it
need to be held?
How long must the 3 years
producers keep records
of each insurance
transaction?
, 1. The effective date, intent or purposes.
2. The ground on which the order is based.
What needs to be on the
3. The Montana Insruance Code provisions relating to
Commissioner orders and
the action taken or proposed to be taken; failure to
notices to be effective?
designate a particular provision does not prohibit the
Commissioner's right to rely on a particular provision.
What is the fine for failure $25,000. Cannot be more than $5,000 per violation
to cooperate with the
Commissioner, give full
and truthful information,
answer in writing to any
material inquiry, or appear
for testimony relationve to
an examination,
investigation, or hearing?
Whenever the Cease and Desist Orders
Commissioner believes a
person has engaged in or
is about to engage in an
act/practice constituting a
violation of the Insruance
Code, what do they issue?
How much time does the 15 days (written)
respondent have to
request for a hearing after
a cease and desist order is
received?
What is the penalty for $1,000. Each day of violation constitutes a separate
violating a cease and violation
desist order?
All hearings must be the Montana Administrative Procedure Act.
conducted pursuant to
which act?
, When does a rehearing Within 30 days
must be held?
1. Solicitation
2. Negotiations
Transacting an insurance
3. Sale or effectuation of an insurance contract
includes 4 what steps?
4. Transaction of matters subsequent to the issue of an
insurance policy
What must an authorized Certificate of Authority
insurer have?
Definition of a business an individual
entity does not include
what?
An adjuster is a person who, on behalf of the insurer,
investigates and negotiates the settlement of claims
What is an adjuster?
arising under insurance contracts as an employee of
the insurer or as an independent contractor.
1. A licensed attorney
2. A salaried employee of an insurer or of a managing
law in this state
3. A licensed insurance producer who adjusts or
Adjuster does not include assists in adjustment of losses arising under policies
who? issued by the insurer.
4. A third-party adinistrator who adjusts or assists in
adjustment of losses arising under policies issued by
the insurer
5. A claim examiner
COMPLETE EXAM QUESTIONS AND ACCURATE
ANSWERS |ALREADY PASSED!!
Save
Terms in this set (182)
How often does the Once every 5 years
Commissioner perform
examination of an insurer?
After the examination is Within 60 days
completed, when does
the examiner's report must
be filed with the
Commissioner?
What is the window for a 30 days
rebuttal?
If an investigatory hearing No less than 20 days.
is needed, when does it
need to be held?
How long must the 3 years
producers keep records
of each insurance
transaction?
, 1. The effective date, intent or purposes.
2. The ground on which the order is based.
What needs to be on the
3. The Montana Insruance Code provisions relating to
Commissioner orders and
the action taken or proposed to be taken; failure to
notices to be effective?
designate a particular provision does not prohibit the
Commissioner's right to rely on a particular provision.
What is the fine for failure $25,000. Cannot be more than $5,000 per violation
to cooperate with the
Commissioner, give full
and truthful information,
answer in writing to any
material inquiry, or appear
for testimony relationve to
an examination,
investigation, or hearing?
Whenever the Cease and Desist Orders
Commissioner believes a
person has engaged in or
is about to engage in an
act/practice constituting a
violation of the Insruance
Code, what do they issue?
How much time does the 15 days (written)
respondent have to
request for a hearing after
a cease and desist order is
received?
What is the penalty for $1,000. Each day of violation constitutes a separate
violating a cease and violation
desist order?
All hearings must be the Montana Administrative Procedure Act.
conducted pursuant to
which act?
, When does a rehearing Within 30 days
must be held?
1. Solicitation
2. Negotiations
Transacting an insurance
3. Sale or effectuation of an insurance contract
includes 4 what steps?
4. Transaction of matters subsequent to the issue of an
insurance policy
What must an authorized Certificate of Authority
insurer have?
Definition of a business an individual
entity does not include
what?
An adjuster is a person who, on behalf of the insurer,
investigates and negotiates the settlement of claims
What is an adjuster?
arising under insurance contracts as an employee of
the insurer or as an independent contractor.
1. A licensed attorney
2. A salaried employee of an insurer or of a managing
law in this state
3. A licensed insurance producer who adjusts or
Adjuster does not include assists in adjustment of losses arising under policies
who? issued by the insurer.
4. A third-party adinistrator who adjusts or assists in
adjustment of losses arising under policies issued by
the insurer
5. A claim examiner
