Montana Insurance Study Guide Questions and Answers 2024

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