Montana Insurance Questions & Answers Already Passed!!

Who would be most likely to apply to the commissioner for a nonresident license? - Answer-Individual licensed in another state and who resides in that state What does a viatical settlement involve? - Answer-The sale of a life insurance policy In Montana, the _________ reviews and approves the insurance continuing education courses. - AnswerComissioner A _________ insurer is one domiciled in another state. - Answer-Foreign In Montana, health insurance companies must provide maternity coverage - Answer-The same as would be provided for any illness In Montana, which of the following is NOT required to be covered by insurers? - Answer-Anorexia How does the Montana insurance commissioner attain this position? - Answer-An wlection Any "reciprocal insurer" formed under federal tax laws must be operated by a - Answer-Attorney in fact In Montana, the minimum age for purchasing insurance is - 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. - 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. - Answer-12 Under the freedom of choice act, an insured is able to choose their own doctor in which health plan? - Answer-Stock or mutual identity planIn Montana, which system is used to regulate new policy forms? - Answer-File and wait How long is an appointment letter valid? - Answer-Until the appointment is terminated An insurer must pay ___ interest on past-due claims. - Answer-10% In Montana, exclusions for pre-existing conditions in an individual health policy are allowable for - Answer-3 years back, 12 months forward At what point must a replacement notice be provided? - Answer-At the time of application In Montana, insureds may file claims against the Guaranty Fund up to _______. - Answer-$300,000 An individual must be at least ____ years old to obtain a producer's license in Montana. - Answer-18 Time the insured is considering replacing her existing life policy with a new one. The replacing insurer is responsible for providing to her which of the following? - Answer-A copy of all sales materials used by the replacing producer plus a replacement notice containing the name of the policy to be replaced In Montana, what is the maximum amount of credit life insurance that may be sold? - Answer-Equal to balance owed on debt What is the purpose of the Viatical Settlement Act? - Answer-Assist policy owners who would like to sell their life insurance policies prior to death. Cash value loans may charge a maximum rate of interest of - Answer-8% In Montana, which of the following is considered a life policy which provides a death benefit of $2,000 or less and premiums are payable at least on a monthly basis. - Answer-Industrial Life