Montana Life Insurance Exam 2024 Questions and Answers 100% Correct

Montana Life Insurance Exam 2024 Questions and Answers 100% Correct Rates must be filed with the commissioner of insurance ______ days before a form is used - Answer- 60 days The commissioner must examine an insurer at least every ____ years? - Answer- 5 years Guaranty Association - Answer- A state mandated association of all insurance companies designed to protect consumers from impaired or insolvent companies. All insurers that provide direct life and disability insurance policies or annuity contracts are required to be members. Minimum age to obtain a producer's license: - Answer- 18 years old The insurer must file a notice of appointment with the Commissioner within ____ days of agency contract - Answer- 15 days The commissioner may issue a temporary producer license for a maximum of _____ days to a surviving spouse, business partner, or employee if a producer dies, becomes disabled, or is called to active military service - Answer- 90 days Producers must retain records of all transactions for how many years? - Answer- 3 years The fine for acting as a producer/adjuster without a license is - Answer- $5,000 Any person ____ years or older may contract for insurance and annuities - Answer- 15 years old Required documents must be kept for at least _____ years for replacing policies: - Answer- 5 years Free Look Provision: - Answer- Generally 10 days after policy delivery to cancel policy w/ full refund, except 30 days for replacement policies. Maximum Loan interest rate: - Answer- 8% Someone wanting to do a conversion from a group policy to an individual policy has to follow what requirements? - Answer- Has 31 days to converts with no evidence of insurability required An insurance producer: - Answer- is required to be licensed under the laws of MT to solicit, sell, or negotiate insurance. An administrator: - Answer- Collects premiums or adjusts or settles claims in connection with life, disability, property, or casualty insurance, or annuities, and must have a certificate of registration. A consultant: - Answer- Must be licensed to examine, review, or evaluate insurance policies or annuity contracts for a fee Fraternal Benefit Society: - Answer- A life or health insurance company formed to provide insurance for members of an affiliated lodge, religious, or fraternal organization with a representative form of government. Transacting Insurance - Answer- The solicitation, inducement and preliminary negotiations affecting a contract of insurance, and the subsequent business pertaining to carrying out the terms of the contract. The Commissioner of Insurance may: - Answer- -Subpoena witnesses -administer oaths -require production of books and doc.s relating tot he examination -cease and desist Written reports must be filed within ____ days of an examination: - Answer- 60 days A company has ___ days to submit a rebuttal to a commissioner: - Answer- 30 days An individual producer acting as an agent of an insurer MUST - Answer- be appointed by the insurer. The appointment of a producer is - Answer- perpetual until canceled by the insurer Adhesion - Answer- written only by one party, and the other side must adhere or stick to it Aleatory- - Answer- meaning that the value received from the contract by each party may be unequal. Ordinarily, each party to a contract is expected to receive benefit that's are roughly equivalent. But with Insurance, the receipt of unequal value arises because the contract depends on an uncertain event. Utmost good faith- - Answer- the insured and insurance company