Montana Life Insurance Exam 2025
Questions and Answers.,
Rates must be filed with the commissioner of insurance ______ days
before a form is used - CORRECT ANSWER>>60 days
The commissioner must examine an insurer at least every ____ years? -
CORRECT ANSWER>>5 years
Guaranty Association - CORRECT ANSWER>>A state mandated
association of all insurance companies designed to protect consumers from
impaired or insolvent companies. All insurers that provide direct life and
disability insurance policies or annuity contracts are required to be
members.
Minimum age to obtain a producer's license: - CORRECT ANSWER>>18
years old
The insurer must file a notice of appointment with the Commissioner within
____ days of agency contract - CORRECT ANSWER>>15 days
The commissioner may issue a temporary producer license for a maximum
of _____ days to a surviving spouse, business partner, or employee if a
producer dies, becomes disabled, or is called to active military service -
CORRECT ANSWER>>90 days
Producers must retain records of all transactions for how many years? -
CORRECT ANSWER>>3 years
The fine for acting as a producer/adjuster without a license is - CORRECT
ANSWER>>$5,000
Any person ____ years or older may contract for insurance and annuities -
CORRECT ANSWER>>15 years old
, Required documents must be kept for at least _____ years for replacing
policies: - CORRECT ANSWER>>5 years
Free Look Provision: - CORRECT ANSWER>>Generally 10 days after
policy delivery to cancel policy w/ full refund, except 30 days for
replacement policies.
Maximum Loan interest rate: - CORRECT ANSWER>>8%
Someone wanting to do a conversion from a group policy to an individual
policy has to follow what requirements? - CORRECT ANSWER>>Has 31
days to converts with no evidence of insurability required
An insurance producer: - CORRECT ANSWER>>is required to be licensed
under the laws of MT to solicit, sell, or negotiate insurance.
An administrator: - CORRECT ANSWER>>Collects premiums or adjusts or
settles claims in connection with life, disability, property, or casualty
insurance, or annuities, and must have a certificate of registration.
A consultant: - CORRECT ANSWER>>Must be licensed to examine,
review, or evaluate insurance policies or annuity contracts for a fee
Fraternal Benefit Society: - CORRECT ANSWER>>A life or health
insurance company formed to provide insurance for members of an
affiliated lodge, religious, or fraternal organization with a representative
form of government.
Transacting Insurance - CORRECT ANSWER>>The solicitation,
inducement and preliminary negotiations affecting a contract of insurance,
and the subsequent business pertaining to carrying out the terms of the
contract.
Questions and Answers.,
Rates must be filed with the commissioner of insurance ______ days
before a form is used - CORRECT ANSWER>>60 days
The commissioner must examine an insurer at least every ____ years? -
CORRECT ANSWER>>5 years
Guaranty Association - CORRECT ANSWER>>A state mandated
association of all insurance companies designed to protect consumers from
impaired or insolvent companies. All insurers that provide direct life and
disability insurance policies or annuity contracts are required to be
members.
Minimum age to obtain a producer's license: - CORRECT ANSWER>>18
years old
The insurer must file a notice of appointment with the Commissioner within
____ days of agency contract - CORRECT ANSWER>>15 days
The commissioner may issue a temporary producer license for a maximum
of _____ days to a surviving spouse, business partner, or employee if a
producer dies, becomes disabled, or is called to active military service -
CORRECT ANSWER>>90 days
Producers must retain records of all transactions for how many years? -
CORRECT ANSWER>>3 years
The fine for acting as a producer/adjuster without a license is - CORRECT
ANSWER>>$5,000
Any person ____ years or older may contract for insurance and annuities -
CORRECT ANSWER>>15 years old
, Required documents must be kept for at least _____ years for replacing
policies: - CORRECT ANSWER>>5 years
Free Look Provision: - CORRECT ANSWER>>Generally 10 days after
policy delivery to cancel policy w/ full refund, except 30 days for
replacement policies.
Maximum Loan interest rate: - CORRECT ANSWER>>8%
Someone wanting to do a conversion from a group policy to an individual
policy has to follow what requirements? - CORRECT ANSWER>>Has 31
days to converts with no evidence of insurability required
An insurance producer: - CORRECT ANSWER>>is required to be licensed
under the laws of MT to solicit, sell, or negotiate insurance.
An administrator: - CORRECT ANSWER>>Collects premiums or adjusts or
settles claims in connection with life, disability, property, or casualty
insurance, or annuities, and must have a certificate of registration.
A consultant: - CORRECT ANSWER>>Must be licensed to examine,
review, or evaluate insurance policies or annuity contracts for a fee
Fraternal Benefit Society: - CORRECT ANSWER>>A life or health
insurance company formed to provide insurance for members of an
affiliated lodge, religious, or fraternal organization with a representative
form of government.
Transacting Insurance - CORRECT ANSWER>>The solicitation,
inducement and preliminary negotiations affecting a contract of insurance,
and the subsequent business pertaining to carrying out the terms of the
contract.
