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Montana Laws and Rules Test with Questions Already 100% Answered
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Montana Laws and Rules Test withQuestions Already 100% Answered
Notice to Buyer - ✔✔A "notice to buyer" must be on the first page of each
long-term care policy delivered. It explains that some long-term care cost may
not be covered.
Outline of Coverage - ✔✔An outline of coverage is required and provides
and very brief description of the important features of the policy. It is
considered a summary of the policy.
Renewability Provision - ✔✔Individual long-term care insurance shall contain
a appropriately captioned renewability provision on the first page of the policy
form.
commissioner - ✔✔The Commissioner of Insurance supervises the
operations of the Montana Insurance Department. The Commissioner also
makes rules and regulations to help carry out the provisions of the Montana
insurance code
Examination of Records - ✔✔The Commissioner may conduct a financial
examination as often as deemed appropriate in order to determine the solvency
of the company. At the very least, a company shall be examined every 5 years.
, Hearing - ✔✔The Commissioner may hold a hearing whenever deemed
necessary. All hearing must be held or refused within 30 days after Commissioner
receives the demand. The Commissioner must give notice of the time and place of
a hearing at least 10 days in advance.
Penalties - ✔✔After the hearing, The Commissioner can impose a fine of up
to $25,000 upon anyone who violates the Montana insurance code. (up to
$5,000 for insurance producers.
Cease and Desist - ✔✔The Commissioner can issue and cease and desist
order to anyone violating the Montana insurance code.
Annual Statements - ✔✔All insurance companies authorized to do business
in Montana must file with the commissioner a statement of their financial
position by March 1st of each year.
Approval of Forms - ✔✔All insurance forms must be filed with and approved
by the Commissioner at least 60 days before delivery.
Premium - ✔✔Premium is consideration or payment for insurance coverage.
Premiums are sometimes called assessments, policy fees, or service fees.
Policy - ✔✔A policy is a written contract for insurance, including all
clauses, riders, endorsements, and attached papers.
Insurance Producer - ✔✔An individual who in many manners sells, solicits,
or negotiates insurance on behalf of insurance companies for compensation is a
insurance producer.
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