Montana State Life Insurance Exam 2026
COMPLETE EXAM QUESTIONS AND ACCURATE
ANSWERS |ALREADY PASSED!!
Save
Terms in this set (182)
How often does the Commissioner Once every 5 years
perform examination of an insurer?
After the examination is completed, Within 60 days
when does the examiner's report
must be filed with the
Commissioner?
What is the window for a rebuttal? 30 days
If an investigatory hearing is No less than 20 days.
needed, when does it need to be
held?
How long must the producers keep 3 years
records of each insurance
transaction?
,What needs to be on the 1. The effective date, intent or purposes.
Commissioner orders and notices 2. The ground on which the order is based.
to be effective? 3. The Montana Insruance Code provisions
relating to the action taken or proposed to be
taken; failure to designate a particular provision
does not prohibit the Commissioner's right to rely
on a particular provision.
What is the fine for failure to $25,000. Cannot be more than $5,000 per
cooperate with the Commissioner, violation
give full and truthful information,
answer in writing to any material
inquiry, or appear for testimony
relationve to an examination,
investigation, or hearing?
Whenever the Commissioner Cease and Desist Orders
believes a person has engaged in
or is about to engage in an
act/practice constituting a violation
of the Insruance Code, what do
they issue?
How much time does the 15 days (written)
respondent have to request for a
hearing after a cease and desist
order is received?
What is the penalty for violating a $1,000. Each day of violation constitutes a
cease and desist order? separate violation
All hearings must be conducted the Montana Administrative Procedure Act.
pursuant to which act?
When does a rehearing must be Within 30 days
held?
, Transacting an insurance includes 4 1. Solicitation
what steps? 2. Negotiations
3. Sale or effectuation of an insurance contract
4. Transaction of matters subsequent to the issue
of an insurance policy
What must an authorized insurer Certificate of Authority
have?
Definition of a business entity does an individual
not include what?
What is an adjuster? An adjuster is a person who, on behalf of the
insurer, investigates and negotiates the
settlement of claims arising under insurance
contracts as an employee of the insurer or as an
independent contractor.
Adjuster does not include who? 1. A licensed attorney
2. A salaried employee of an insurer or of a
managing law in this state
3. A licensed insurance producer who adjusts or
assists in adjustment of losses arising under
policies issued by the insurer.
4. A third-party adinistrator who adjusts or assists
in adjustment of losses arising under policies
issued by the insurer
5. A claim examiner
COMPLETE EXAM QUESTIONS AND ACCURATE
ANSWERS |ALREADY PASSED!!
Save
Terms in this set (182)
How often does the Commissioner Once every 5 years
perform examination of an insurer?
After the examination is completed, Within 60 days
when does the examiner's report
must be filed with the
Commissioner?
What is the window for a rebuttal? 30 days
If an investigatory hearing is No less than 20 days.
needed, when does it need to be
held?
How long must the producers keep 3 years
records of each insurance
transaction?
,What needs to be on the 1. The effective date, intent or purposes.
Commissioner orders and notices 2. The ground on which the order is based.
to be effective? 3. The Montana Insruance Code provisions
relating to the action taken or proposed to be
taken; failure to designate a particular provision
does not prohibit the Commissioner's right to rely
on a particular provision.
What is the fine for failure to $25,000. Cannot be more than $5,000 per
cooperate with the Commissioner, violation
give full and truthful information,
answer in writing to any material
inquiry, or appear for testimony
relationve to an examination,
investigation, or hearing?
Whenever the Commissioner Cease and Desist Orders
believes a person has engaged in
or is about to engage in an
act/practice constituting a violation
of the Insruance Code, what do
they issue?
How much time does the 15 days (written)
respondent have to request for a
hearing after a cease and desist
order is received?
What is the penalty for violating a $1,000. Each day of violation constitutes a
cease and desist order? separate violation
All hearings must be conducted the Montana Administrative Procedure Act.
pursuant to which act?
When does a rehearing must be Within 30 days
held?
, Transacting an insurance includes 4 1. Solicitation
what steps? 2. Negotiations
3. Sale or effectuation of an insurance contract
4. Transaction of matters subsequent to the issue
of an insurance policy
What must an authorized insurer Certificate of Authority
have?
Definition of a business entity does an individual
not include what?
What is an adjuster? An adjuster is a person who, on behalf of the
insurer, investigates and negotiates the
settlement of claims arising under insurance
contracts as an employee of the insurer or as an
independent contractor.
Adjuster does not include who? 1. A licensed attorney
2. A salaried employee of an insurer or of a
managing law in this state
3. A licensed insurance producer who adjusts or
assists in adjustment of losses arising under
policies issued by the insurer.
4. A third-party adinistrator who adjusts or assists
in adjustment of losses arising under policies
issued by the insurer
5. A claim examiner
