Montana life and health practice exam

1. Which office regulates insurance producers in Montana?

1. The Commissioner of Securities and Insurance, Office of the Montana State Auditor
2. The Montana Department of Labor and Industry
3. The Montana Department of Commerce
4. The Montana Secretary of State

2. How many CE credit hours must a Montana producer complete in each 24-month period?

1. 12 hours, including 1 hour of ethics
2. 24 hours, including 3 hours of ethics, with no other required topic
3. 30 hours, including 5 hours of ethics
4. 24 hours, including at least 3 hours of ethics and 1 hour on Montana law changes

3. For good cause, the Montana commissioner may extend the time to complete CE requirements by no more than:

1. 2 years
2. 1 year
3. 6 months
4. 90 days

4. The Montana CSI advises producers to finish CE at least how far ahead of license expiration to avoid a lapse?

1. 90 days
2. 7 days
3. 30 days
4. 1 year

5. A Montana applicant passed the Life exam. Within what period must the exam have been passed?

1. Within 12 months of application
2. Within 24 months of application
3. There is no time limit
4. Within 6 months of application

6. How soon must a Montana producer tell the commissioner in writing about a change of address or business email address?

1. Within 10 days
2. Within 60 days
3. At the next renewal
4. Within 30 days

7. Except when issued after a producer's death, how long may a Montana temporary producer license last?

1. Up to 1 year
2. Up to 30 days, with no extension
3. Up to 90 days, with one extension of up to 90 more days
4. Up to 180 days, with no extension

1. Before selling annuities in Montana, what one-time training must a producer complete?

1. No annuity training is required
2. A 24-hour annuity course
3. An 8-hour annuity course every year
4. A 4-credit annuity training course

1. What long-term care training does Montana require of producers who sell LTC insurance?

1. A one-time course of at least 8 hours, then at least 4 hours every 24 months
2. 8 hours every year
3. No LTC-specific training
4. A one-time 4-hour course only

1. What grace period must a Montana individual life policy (other than industrial) provide?

1. 31 days
2. 30 days, or 1 month of not less than 30 days at the insurer's option
3. 10 days
4. 60 days

2. In Montana, a life policy becomes incontestable, except for nonpayment of premium, after it has been in force during the insured's lifetime for:

1. 2 years from the date of issue
2. 3 years from the date of issue
3. 5 years from the date of issue
4. 1 year from the date of issue

3. Within what period after default may a Montana ordinary life policy be reinstated?

1. 1 year
2. 2 years
3. 3 years
4. 5 years

4. How soon must a Montana insurer pay a death claim, and when does interest start?

1. Within 90 days of proof of death; no interest is required
2. Within 60 days of proof of death; interest runs from the 30th day if paid after 30 days
3. Within 30 days of death; interest runs from the date of death
4. Within 15 days of proof of death; interest runs from day 1

5. A Montana life policy may exclude death by suicide within how long from the date of issue?

1. 6 months
2. 3 years
3. 1 year
4. 2 years

6. Under Montana law, policy loans must be available after how many full years' premiums have been paid?

1. 5
2. 3
3. 1
4. 2

7. What is Montana's free look period for life and disability policies?

1. 30 days from delivery
2. 20 days from delivery
3. 10 days from delivery, or longer if the policy provides
4. There is no free look requirement

1. The Montana Life and Health Insurance Guaranty Association covers life insurance net cash surrender and withdrawal values up to:

1. $500,000
2. $250,000
3. $300,000
4. $100,000

2. What is the Montana guaranty association limit for health insurance coverage per individual?

1. $500,000
2. $250,000
3. $300,000
4. $100,000

3. Under Montana's guaranty law, the overall cap on benefits for one owner of multiple nongroup life policies is:

1. $1 million
2. $5 million
3. $300,000
4. $10 million