Montana Life Insurance Exam
Questions and Answers
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.
Questions and Answers
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.
