MONTANA PROPERTY EXAMINATION TEST
2026 QUESTIONS WITH SOLUTIONS GRADED
A+
◉ 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.
2026 QUESTIONS WITH SOLUTIONS GRADED
A+
◉ 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.
