Montana Laws and Rules-insurance
UPDATED ACTUAL Exam Questions and
CORRECT Answers
A company should be examined once every __ years - CORRECT ANSWER -5
How many days must a hearing be held or refused? - CORRECT ANSWER - 30 days
How many days notice must be given for time and place of hearing? - CORRECT
ANSWER - 10 days
An order for a hearing must be made how many days after? - CORRECT ANSWER - 30
days
If a public hearing is request how many days must it be completed - CORRECT
ANSWER - 30 days
What is the penalty fine for someone who violates Montana insurance code? - CORRECT
ANSWER - 25k (5k for producers)
When must financial statements be filed - CORRECT ANSWER - March 1st
File and Use System- new rates - CORRECT ANSWER - New premium rates may be
used as soon as the insurer files them
File and wait system - approval forms - CORRECT ANSWER - Policies, contracts,
endorsements and applications must be filed and approved at least 60 days before and after
delivery.
, Insurance consultant - CORRECT ANSWER - insurance professional who, for a fee,
offers advice on the benefits, advantages, and disadvantages of various policies; they sell advice,
not insurance.
An insurance consultant can only see a client once every ___ months - CORRECT
ANSWER - 12
If a denial of license is issued the applicant has how many days to request a hearing? -
CORRECT ANSWER - 30 days
How often do you need to renew your license? - CORRECT ANSWER - 2 years
Montana's must complete how many hours of continuing education? - CORRECT
ANSWER - 24 hours. (3 of those hours are covering ethics, 1 hour covers state law)
How many days do you have to report change of address? - CORRECT ANSWER - 30
days
All producers must maintain and keep records for __ years - CORRECT ANSWER -3
Stock insurance companies are considered _____ because the policy owners do not share in the
profits of the company. - CORRECT ANSWER - Nonparticipating
Mixed plans are - CORRECT ANSWER - Participating and nonparticipating
Twisting - CORRECT ANSWER - A form of misrepresentation in which an agent
persuades an insured/owner to cancel, lapse, or switch policies, even when it's to the insured's
disadvantage.
An insurers must keep any documents used in the solicitation process for __ years - CORRECT
ANSWER -3
UPDATED ACTUAL Exam Questions and
CORRECT Answers
A company should be examined once every __ years - CORRECT ANSWER -5
How many days must a hearing be held or refused? - CORRECT ANSWER - 30 days
How many days notice must be given for time and place of hearing? - CORRECT
ANSWER - 10 days
An order for a hearing must be made how many days after? - CORRECT ANSWER - 30
days
If a public hearing is request how many days must it be completed - CORRECT
ANSWER - 30 days
What is the penalty fine for someone who violates Montana insurance code? - CORRECT
ANSWER - 25k (5k for producers)
When must financial statements be filed - CORRECT ANSWER - March 1st
File and Use System- new rates - CORRECT ANSWER - New premium rates may be
used as soon as the insurer files them
File and wait system - approval forms - CORRECT ANSWER - Policies, contracts,
endorsements and applications must be filed and approved at least 60 days before and after
delivery.
, Insurance consultant - CORRECT ANSWER - insurance professional who, for a fee,
offers advice on the benefits, advantages, and disadvantages of various policies; they sell advice,
not insurance.
An insurance consultant can only see a client once every ___ months - CORRECT
ANSWER - 12
If a denial of license is issued the applicant has how many days to request a hearing? -
CORRECT ANSWER - 30 days
How often do you need to renew your license? - CORRECT ANSWER - 2 years
Montana's must complete how many hours of continuing education? - CORRECT
ANSWER - 24 hours. (3 of those hours are covering ethics, 1 hour covers state law)
How many days do you have to report change of address? - CORRECT ANSWER - 30
days
All producers must maintain and keep records for __ years - CORRECT ANSWER -3
Stock insurance companies are considered _____ because the policy owners do not share in the
profits of the company. - CORRECT ANSWER - Nonparticipating
Mixed plans are - CORRECT ANSWER - Participating and nonparticipating
Twisting - CORRECT ANSWER - A form of misrepresentation in which an agent
persuades an insured/owner to cancel, lapse, or switch policies, even when it's to the insured's
disadvantage.
An insurers must keep any documents used in the solicitation process for __ years - CORRECT
ANSWER -3
