MT State Property and Casualty Exam Questions with 100% Correct Answers

MT State Property and Casualty Exam Questions with 100% Correct Answers A Surplus Lines Producer may collect a fee from the Insured to fund the Surplus Lines Advisory Board. This fee is known as the? - Answer- stamping fee An inducement to purchase an insurance policy is: Select one: ation ing - Answer- rebating A nonresident producer licensed in Montana may sell: Select one: insurance that is otherwise lawfully sold in the state of Montana. those types of insurance that the producer could have sold in the producer's state of residence. - Answer- only those types of insurance that the producer could have sold in the producer's state of residence A producer must normally keep records for 3 years. A surplus lines producer must keep records for a minimum of: Select one: a.1 year b.2 years c.4 years d.5 years - Answer- 5 years Exaggerating policy terms is: Select one: presentation ing - Answer- misrepresentation The length of a producer's license period is determined by: Select one: Insurance Commissioner. Montana legislature. - Answer- the Insurance Commissioner Casualty Insurance includes each of the following EXCEPT: Select one: insurance rs compensation insurance insurance - Answer- title insurance While licensed as a Montana Consultant, Cora is prohibited from: Select one: mending insurance ising policies ing a fee for consultations cting a commission - Answer- collecting a commission Q's horrible driving record may solely be the basis of higher rates if the record is how old? Select one: to 3 years to 5 years to 10 years limit - Answer- up to 3 years To be eligible for a rate reduction under the Montana Mature Defensive Driver program, one must retake the education course how often? Select one: 2 years 3 years 4 years 5 years - Answer- every 3 years Generally speaking, the Guaranty Fund will not pay claims in excess of: Select one: a.$300,000 b.$500,000 c.$750,000 d.$1 million - Answer- $300,000 L has filed a claim with an Insurer. The Insurer must respond to the claim within: Select one: a.48 hours b.7 days c.10 days d.30 days - Answer- 30 days A Montana certificate of self-insurance for auto liability must be issued by: Select one: Department of Justice Montana Attorney General c.a licensed bank in Montana d.a licensed CPA - Answer- the Department of Justice After consulting, a consultant cannot sell insurance to the person consulted for a period of at least: Select one: a.1 month b.6 months c.12 months d.24 months - Answer- 12 months An Insurer may reveal confidential information about an insured to a third party if the Insurer has: Select one: consent of the third party. en consent of the Insurance Commissioner. en consent of the Insured. en consent of the producer. - Answer- written consent of the Insured The Guaranty Fund guarantees: