Montana Property and Casualty Laws Training Exam Questions Well Answered.
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Course
Montana Laws and Rules
Institution
Montana Laws And Rules
What are premium finance companies? - Answer Loans money to the insured to pay a premium, and must be licensed as a premium finance company. (Does not apply to savings & loans, finance companies, banks, credit unions, or resident insurance producers)
How long must premium finance companies ke...
Montana Property and Casualty Laws
Training Exam Questions Well
Answered.
What are premium finance companies? - Answer Loans money to the insured to pay a premium, and
must be licensed as a premium finance company. (Does not apply to savings & loans, finance companies,
banks, credit unions, or resident insurance producers)
How long must premium finance companies keep records for? - Answer 3 years.
What are the stipulations for premium finance agreements? - Answer -Must be written, signed, and
delivered to the insured
-Discloses all details of the transaction
-Discloses the producer's name, balance, total amount of all premiums & payments, down payment,
finance charges, and number or installments
Can interest rates exceed %21? - Answer No!
Can delinquency charges exceed $5 per late payment? - Answer No!
When must the premium finance company send a surplus to the insured? - Answer When they are
getting a refund, unless the surplus is less than $1.
How long before the expiration of a policy must the insurer notify both the producer and insured before
nonrenewing? - Answer 45 days.
How long before the expiration of a policy must the insurer notify both the producer and insured before
nonrenewing due to nonpayment? - Answer 20 days if it is a residential policy.
Can a insurer refuse to renew a policy on the basis of a single loss occurring during the policy period? -
Answer No! Unless the insured was notified of this when the policy was insured.
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