Montana Life Insurance Exam Questions
with 100% Verified Correct Detailed
Answers latest update 2025
An administrator: --- correct precise answers ---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: --- correct precise answers ---Must be licensed to examine,
review, or evaluate insurance policies or annuity contracts for a fee
Fraternal Benefit Society: --- correct precise answers ---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 --- correct precise answers ---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: --- correct precise answers ----
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: ---
correct precise answers ---60 days
A company has ___ days to submit a rebuttal to a commissioner: --- correct
precise answers ---30 days
An individual producer acting as an agent of an insurer MUST --- correct
precise answers ---be appointed by the insurer.
The appointment of a producer is --- correct precise answers ---perpetual
until canceled by the insurer
Adhesion --- correct precise answers ---written only by one party, and the
other side must adhere or stick to it
Aleatory- --- correct precise answers ---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.
with 100% Verified Correct Detailed
Answers latest update 2025
An administrator: --- correct precise answers ---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: --- correct precise answers ---Must be licensed to examine,
review, or evaluate insurance policies or annuity contracts for a fee
Fraternal Benefit Society: --- correct precise answers ---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 --- correct precise answers ---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: --- correct precise answers ----
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: ---
correct precise answers ---60 days
A company has ___ days to submit a rebuttal to a commissioner: --- correct
precise answers ---30 days
An individual producer acting as an agent of an insurer MUST --- correct
precise answers ---be appointed by the insurer.
The appointment of a producer is --- correct precise answers ---perpetual
until canceled by the insurer
Adhesion --- correct precise answers ---written only by one party, and the
other side must adhere or stick to it
Aleatory- --- correct precise answers ---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.
