Montana Insurance Verified Answers
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 _________...
Montana Insurance Verified Answers
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
In Montana, what is the maximum amount of credit life insurance that may be sold? ✔️Equal to
balance owed on debt
What is the purpose of the Viatical Settlement Act? ✔️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 ✔️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. ✔️Industrial Life
In Montana, who are individuals authorized to negotiate transactions on behalf of insurers.
✔️Producers
In order to negotiate a viatical settlement, which licensure is required? ✔️Life producer
Which of the following circumstances can a producer act as a policy owner guardian? ✔️Policyholder is
an immediate family member
The guaranty fund receives its funding from assessments on ✔️Admitted insurance companies
Which of the following must a Buyer's Guide and Policy Summary be provided with? ✔️Individual
whole and term life policus
In Montana, what is the biennial continuing education requirement? ✔️24 hrs
A dependent child under a family health policy is sentenced to a state correctional institution for
children. Any medical claims for this child will be covered by ✔️The parent's family and health policy
A producer may legally share commissions only with another producer who ✔️Has the same license
John, the insured, is owed money for a past-due claim. He is entitled to interest if the amount is ____ or
more. ✔️$5
Who is the beneficiary under a credit disability insurance policy? ✔️Creditor
Who is the guaranty fund designed to protect? ✔️Residents
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