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Montana Laws and Rules Test with Questions Already 100% Answered
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Montana Laws and Rules Test with Questions Already 100% Answered
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Montana Laws and Rules Test with QuestionsAlready 100% Answered
Viatical Settlement Broker - ✔✔Viatical Settlement Contract is an agreement
under which the owner of a life insurance policy sells the policy to another person
in exchange for a bargained-for-payment, which is generally less than the
expected death benefit under the policy.
Denial of License - ✔✔If the Commissioner refuses to issue a license, the
applicant will be notified and given the reason for denial. An applicant may
request a hearing on the matter, which must be held within 30 days of the
request.
Business Entities - ✔✔Any business wishing to be licensed must designate a
person to be licensed as a producer of insurance.
Commission - ✔✔No person shall pay or accept commission to/from a
unlicensed individual for the purpose of selling or negotiating insurance business.
Commingling - ✔✔A producer who has combined premiums collected with
personal funds has engaged in commingling, which is a prohibited act. An
insurance producer who unlawfully appropriates insurance premiums for their
own use commits theft.
Policy Summary - ✔✔The policy summary contains specific information on the
provisions, benefits and the coverage a policy provides.
, Buyers Guide - ✔✔The Buyers Guide enables the applicants to compare
different life insurance policies and help them choose which policy is best for their
needs.
Domestic Insurance Company - ✔✔A company that resides and is incorporated
under the laws of the state in which its home office is located.
Foreign Insurance Company - ✔✔A company whose home office is located in
another state. It is considered the be a foreign office in all States except the State
for which its home offices resides.
Alien Insurance Company - ✔✔A company that is charted and organized in any
Country other than the United States. It is considered an Alien Insurance
Company in all states.
Authorized Insurer - ✔✔An Insurance Company that has qualified and received
a Certificate of Authority from the Insurance Department to sell insurance in this
State.
Unauthorized Insurer - ✔✔An insurance company that has been denied or not
yet applied for a Certificate of Authority and may not sell insurance in this state.
Any insurance provider that sells a policy for an unauthorized insurer runs the risk
of being responsible for unpaid claims in the unauthorized insurer does not pay.
Stock Insurance Company - ✔✔An insurance company that is owned and
controlled by stockholders. The stockholders provide the capital and share in
profits or losses.
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