Montana Life Insurance
Comprehensive Resource To Help You Ace 2026-2027 Exams
Includes Frequently Tested Questions With ELABORATED
100% Correct COMPLETE SOLUTIONS
Guaranteed Pass First Attempt!! Current Update!!
Instant Download Pdf
1. Who would be most likely to apply to the commissioner for a nonresident
license? - Correct Answer: Individual licensed in another state and who
resides in that state
2. What does a viatical settlement involve? - Correct Answer: The sale of a
life insurance policy
3. In Montana, the _________ reviews and approves the insurance continuing
education courses. - Correct Answer: Comissioner
4. A _________ insurer is one domiciled in another state. - Correct
Answer: Foreign
5. In Montana, health insurance companies must provide maternity coverage -
Correct Answer: The same as would be provided for any illness
,6. In Montana, which of the following is NOT required to be covered by
insurers? - Correct Answer: Anorexia
7. How does the Montana insurance commissioner attain this position? -
Correct Answer: An wlection
8. Any "reciprocal insurer" formed under federal tax laws must be operated by
a- Correct Answer: Attorney in fact
9. In Montana, the minimum age for purchasing insurance is - Correct
Answer: 15
10.A resident domestic insurer is one that is incorporated under the laws of
Montana with at least _______of its owners being Montana residents. -
Correct Answer: 50%
11.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. - Correct Answer: 12
12.Under the freedom of choice act, an insured is able to choose their own
doctor in which health plan? - Correct Answer: Stock or mutual identity
plan
13.In Montana, which system is used to regulate new policy forms? -
Correct Answer: File and wait
,14.How long is an appointment letter valid? - Correct Answer: Until the
appointment is terminated
15.An insurer must pay ___ interest on past-due claims. - Correct Answer:
10%
16.In Montana, exclusions for pre-existing conditions in an individual health
policy are allowable for - Correct Answer: 3 years back, 12 months
forward
17.At what point must a replacement notice be provided? - Correct
Answer: At the time of application
18.In Montana, insureds may file claims against the Guaranty Fund up to
_______. - Correct Answer: $300,000
19.An individual must be at least ____ years old to obtain a producer's license
in Montana. - Correct Answer: 18
20.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? - Correct Answer: A copy of all sales materials used by the
replacing producer plus a replacement notice containing the name of the
policy to be replaced
, 21.In Montana, what is the maximum amount of credit life insurance that may
be sold? - Correct Answer: Equal to balance owed on debt
22.What is the purpose of the Viatical Settlement Act? - Correct Answer:
Assist policy owners who would like to sell their life insurance policies prior
to death.
23.Cash value loans may charge a maximum rate of interest of - Correct
Answer: 8%
24.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. - Correct Answer: Industrial Life
25.In Montana, who are individuals authorized to negotiate transactions on
behalf of insurers. - Correct Answer: Producers
26.In order to negotiate a viatical settlement, which licensure is required? -
Correct Answer: Life producer
27.Which of the following circumstances can a producer act as a policy owner
guardian? - Correct Answer: Policyholder is an immediate family
member
28.The guaranty fund receives its funding from assessments on - Correct
Answer: Admitted insurance companies
Comprehensive Resource To Help You Ace 2026-2027 Exams
Includes Frequently Tested Questions With ELABORATED
100% Correct COMPLETE SOLUTIONS
Guaranteed Pass First Attempt!! Current Update!!
Instant Download Pdf
1. Who would be most likely to apply to the commissioner for a nonresident
license? - Correct Answer: Individual licensed in another state and who
resides in that state
2. What does a viatical settlement involve? - Correct Answer: The sale of a
life insurance policy
3. In Montana, the _________ reviews and approves the insurance continuing
education courses. - Correct Answer: Comissioner
4. A _________ insurer is one domiciled in another state. - Correct
Answer: Foreign
5. In Montana, health insurance companies must provide maternity coverage -
Correct Answer: The same as would be provided for any illness
,6. In Montana, which of the following is NOT required to be covered by
insurers? - Correct Answer: Anorexia
7. How does the Montana insurance commissioner attain this position? -
Correct Answer: An wlection
8. Any "reciprocal insurer" formed under federal tax laws must be operated by
a- Correct Answer: Attorney in fact
9. In Montana, the minimum age for purchasing insurance is - Correct
Answer: 15
10.A resident domestic insurer is one that is incorporated under the laws of
Montana with at least _______of its owners being Montana residents. -
Correct Answer: 50%
11.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. - Correct Answer: 12
12.Under the freedom of choice act, an insured is able to choose their own
doctor in which health plan? - Correct Answer: Stock or mutual identity
plan
13.In Montana, which system is used to regulate new policy forms? -
Correct Answer: File and wait
,14.How long is an appointment letter valid? - Correct Answer: Until the
appointment is terminated
15.An insurer must pay ___ interest on past-due claims. - Correct Answer:
10%
16.In Montana, exclusions for pre-existing conditions in an individual health
policy are allowable for - Correct Answer: 3 years back, 12 months
forward
17.At what point must a replacement notice be provided? - Correct
Answer: At the time of application
18.In Montana, insureds may file claims against the Guaranty Fund up to
_______. - Correct Answer: $300,000
19.An individual must be at least ____ years old to obtain a producer's license
in Montana. - Correct Answer: 18
20.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? - Correct Answer: A copy of all sales materials used by the
replacing producer plus a replacement notice containing the name of the
policy to be replaced
, 21.In Montana, what is the maximum amount of credit life insurance that may
be sold? - Correct Answer: Equal to balance owed on debt
22.What is the purpose of the Viatical Settlement Act? - Correct Answer:
Assist policy owners who would like to sell their life insurance policies prior
to death.
23.Cash value loans may charge a maximum rate of interest of - Correct
Answer: 8%
24.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. - Correct Answer: Industrial Life
25.In Montana, who are individuals authorized to negotiate transactions on
behalf of insurers. - Correct Answer: Producers
26.In order to negotiate a viatical settlement, which licensure is required? -
Correct Answer: Life producer
27.Which of the following circumstances can a producer act as a policy owner
guardian? - Correct Answer: Policyholder is an immediate family
member
28.The guaranty fund receives its funding from assessments on - Correct
Answer: Admitted insurance companies
