Montana Rules & Regulations Verified Solutions
What is considered the purpose of the Guaranty Association?
“Protect insureds from insolvent insurers”
An insurance company that has qualified and received a Certificate of Authority from the Insurance
Department to sell insurance in this s...
Montana Rules & Regulations Verified Solutions
What is considered the purpose of the Guaranty Association?
“Protect insureds from insolvent insurers”
An insurance company that has qualified and received a Certificate of Authority from the Insurance
Department to sell insurance in this state is called a(n):
“Authorized insurer”
Replacing an insurance policy from one insurer to another based on misrepresentation is called:
“Twisting”
An insurance company that is owned and controlled by stockholders is what kind of company?
“Stock insurance company”
Making an oral or written statement that is intended to injure a person engaged in the insurance
business is called:
“Defamation”
Any inducement offered to the insured in the sale of insurance products that is not specified in the
policy is called:
"Rebating"
Before a licensed is issued, a person must be how old?
"18 years old"
A person who is not a legal resident of this state may be licensed to act in this state without taking a
written examination. What kind of license would this be?
"Nonresident"
The Commissioner of Insurance along with the Insurance Department are responsible for:
"Administering Montana's insurance laws"
A person required to be licensed pursuant to the laws of this state to sell, solicit or negotiate insurance
is called a(n):
"Producer"
Every producer licensed in Montana must notify the Commissioner of Insurance within __ days of any
change of address:
"30"
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