Life License
Adverse Selection - answer A high-risk person benefits more from insurance, so is more
likely to purchase it.
Producer - answer A legal representative of an insurance company
Applicant - answer a person applying for insurance
Which of the following provides a general understanding of the issues involved in
purchasing life insurance - answer A buyers guide
A reciprocal must be operated by an - answer Attorney in fact
Which of the following may apply to the Commissioner for a nonresident producer
license - answer One licensed in another state and who resides in that state
A vertical statement involves - answer the sale of a life insurance policy
Which license is required to negotiate a vertical settlement - answer Life Producer
Funds in the trust account may be disbursed for each of the following except -
answerNecessary and appropriate office expenditures
After consulting, a consultant cannot sell insurance to the person consulted for a period
of at least - answer12 months
Acme Insurance has filed its proposed new premium rates with the Insurance
Commissioner. How long must Acme wait to use new rates - answer30 days
An Insurance Company doing business within the boundaries of the State of Montana
must - answerObtain a certificate of authority
The maximum rate of interest that an insurer may charge on cash value loan is -
answer8%
Which type of insurer is operated on a non-profit basis and offers insurance only to its
members - answerFraternal Insurer
Which of the following is required under Montana Law to have a written fee agreement -
answerConsultants
, A whole life policy must provide a cash loan amount if the policy is how many years old
- answer3
If an insurer terminates a producers appointment, notice must be given to the Insurance
commissioner within - answer30 days
Each is fraud except - answerUsing an authorized insurer to provide coverage
Which Insurance company must be operated by an attorney in fact - answerFraternal
A producer's license may be revoked by the - answerInsurer
An inducement to purchase an insurance policy is - answerRebating
An insurer may reveal confidential information about an insured third party if the insured
gives - answerwritten consent of the producer
The Insurance Commissioner is - answerThe elected state executive who regulates the
insurance industry.
An insurers rates are so low that the insurer may not be able to meet the expenses and
pay the claims - answerMay not be rejected by the insurance commissioner but may be
rejected by the Guaranty Fund
If a member of the public requests that the commissioner hold a hearing on a particular
matter, the commissioner must reply within - answer30 days
While licensed as a Montana Consultant, Cora is prohibited from - answerCollecting a
Commission
Which person employed in an insurance office must be licensed as a producer -
answerOnly those persons selling insurance
The required 24hours of continuing education every two years must include - answer1
hour of state law update and 3 hours of ethics
The maximum fine that may be levied by the Insurance Commissioner against a
producer is - answer$5000
The maximum rate of interest that an insurer may charge on a cash value loan is -
answer10%
Two producers may share commissions only if both - answerHave the same license
Using different policy terms for persons of the same rate of hazard classification is
known as - answerTwisting
Adverse Selection - answer A high-risk person benefits more from insurance, so is more
likely to purchase it.
Producer - answer A legal representative of an insurance company
Applicant - answer a person applying for insurance
Which of the following provides a general understanding of the issues involved in
purchasing life insurance - answer A buyers guide
A reciprocal must be operated by an - answer Attorney in fact
Which of the following may apply to the Commissioner for a nonresident producer
license - answer One licensed in another state and who resides in that state
A vertical statement involves - answer the sale of a life insurance policy
Which license is required to negotiate a vertical settlement - answer Life Producer
Funds in the trust account may be disbursed for each of the following except -
answerNecessary and appropriate office expenditures
After consulting, a consultant cannot sell insurance to the person consulted for a period
of at least - answer12 months
Acme Insurance has filed its proposed new premium rates with the Insurance
Commissioner. How long must Acme wait to use new rates - answer30 days
An Insurance Company doing business within the boundaries of the State of Montana
must - answerObtain a certificate of authority
The maximum rate of interest that an insurer may charge on cash value loan is -
answer8%
Which type of insurer is operated on a non-profit basis and offers insurance only to its
members - answerFraternal Insurer
Which of the following is required under Montana Law to have a written fee agreement -
answerConsultants
, A whole life policy must provide a cash loan amount if the policy is how many years old
- answer3
If an insurer terminates a producers appointment, notice must be given to the Insurance
commissioner within - answer30 days
Each is fraud except - answerUsing an authorized insurer to provide coverage
Which Insurance company must be operated by an attorney in fact - answerFraternal
A producer's license may be revoked by the - answerInsurer
An inducement to purchase an insurance policy is - answerRebating
An insurer may reveal confidential information about an insured third party if the insured
gives - answerwritten consent of the producer
The Insurance Commissioner is - answerThe elected state executive who regulates the
insurance industry.
An insurers rates are so low that the insurer may not be able to meet the expenses and
pay the claims - answerMay not be rejected by the insurance commissioner but may be
rejected by the Guaranty Fund
If a member of the public requests that the commissioner hold a hearing on a particular
matter, the commissioner must reply within - answer30 days
While licensed as a Montana Consultant, Cora is prohibited from - answerCollecting a
Commission
Which person employed in an insurance office must be licensed as a producer -
answerOnly those persons selling insurance
The required 24hours of continuing education every two years must include - answer1
hour of state law update and 3 hours of ethics
The maximum fine that may be levied by the Insurance Commissioner against a
producer is - answer$5000
The maximum rate of interest that an insurer may charge on a cash value loan is -
answer10%
Two producers may share commissions only if both - answerHave the same license
Using different policy terms for persons of the same rate of hazard classification is
known as - answerTwisting
