MONTANA LIFE INSURANCE
BUNDLED SET EXAMPREP 2026
SOLVED QUESTIONS FULL
SOLUTION SET
◉ Montana Insurance Information and Privacy Act. Answer: Protect the
insured.
◉ 10-day free look period. Answer: Starts when the policy is received
by the owner.
◉ Producer exceeding authority. Answer: The insurer is responsible.
◉ Viatical settlement. Answer: It is a policy option.
◉ Credit life insurance. Answer: Issued on a debtor in a credit
transaction.
◉ Insurance Commissioner. Answer: Can issue a cease and desist order.
◉ Replacement notification. Answer: The replacing company must
notify the existing insurer.
, ◉ Commission sharing. Answer: Can be shared if both are licensed for
the same line of business.
◉ Insurance Information and Privacy Protection Act. Answer: Lets
applicants access information gathered by insurers.
◉ Contestable period in life insurance. Answer: Two years.
◉ Policy loan provision. Answer: The insurance company provides the
loan.
◉ Certificate of authority. Answer: An insurance company must have
this to operate in Montana.
◉ Licensed insurance employee. Answer: One who solicits prospects.
◉ Commingling of premiums. Answer: Never allowed; it is illegal.
◉ Producer's license for a corporation. Answer: Must list officers who
negotiate contracts.
◉ Insurance fraud. Answer: Placing coverage with a foreign insurer is
NOT fraud.
◉ Notice before terminating a producer's appointment. Answer: 30 days.
BUNDLED SET EXAMPREP 2026
SOLVED QUESTIONS FULL
SOLUTION SET
◉ Montana Insurance Information and Privacy Act. Answer: Protect the
insured.
◉ 10-day free look period. Answer: Starts when the policy is received
by the owner.
◉ Producer exceeding authority. Answer: The insurer is responsible.
◉ Viatical settlement. Answer: It is a policy option.
◉ Credit life insurance. Answer: Issued on a debtor in a credit
transaction.
◉ Insurance Commissioner. Answer: Can issue a cease and desist order.
◉ Replacement notification. Answer: The replacing company must
notify the existing insurer.
, ◉ Commission sharing. Answer: Can be shared if both are licensed for
the same line of business.
◉ Insurance Information and Privacy Protection Act. Answer: Lets
applicants access information gathered by insurers.
◉ Contestable period in life insurance. Answer: Two years.
◉ Policy loan provision. Answer: The insurance company provides the
loan.
◉ Certificate of authority. Answer: An insurance company must have
this to operate in Montana.
◉ Licensed insurance employee. Answer: One who solicits prospects.
◉ Commingling of premiums. Answer: Never allowed; it is illegal.
◉ Producer's license for a corporation. Answer: Must list officers who
negotiate contracts.
◉ Insurance fraud. Answer: Placing coverage with a foreign insurer is
NOT fraud.
◉ Notice before terminating a producer's appointment. Answer: 30 days.
