Free Types of Life Insurance Policies Practice Questions
Montana Life, Accident & Health exam — 58 practice questions.
Subtopics: Group life, Credit insurance, Viaticals, Term life, Whole life, Universal life, Indexed life, Variable life, Variable universal life, Specialized policies, Annual renewable term, Return of premium term, Increasing term, Modified whole life, Limited-pay life, Joint life, Universal life Option A, Universal life target premium, Universal life interest crediting, Variable life prospectus, Variable products licensing, Interest-sensitive whole life, Endowment policy, Family income policy, Adjustable life, Industrial life, Credit life, Multiple protection, Fraternal and other
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Sample questions & answers
1. In Montana, how many days of grace must a group life policy allow for premiums after the first?
31
The group policyholder is entitled to a grace period of 31 days for any premium due except the first.
2. The amount of an individual policy obtained by converting Montana group life coverage is reduced by:
Other group life gained within 31 days
The converted amount may not exceed the coverage that ceased, less any group life for which the person becomes insured within the 31-day period.
3. When credit insurance ends before the debt's scheduled maturity, Montana requires a refund of unearned premium, except amounts below:
A minimum set by the commissioner
Any refund must be paid promptly on early termination, but the commissioner prescribes a minimum refund below which none need be made.
4. In a Montana viatical settlement, the "viator" is the:
Policyowner who sells the policy
A viator is the owner of a life policy or certificate holder who enters or seeks to enter a viatical settlement contract.
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Practice: Types of Life Insurance Policies
Answer choices are shuffled every time, and every question comes with an explanation.
Practice questions are study aids generated for exam preparation and are not actual exam questions. Content is provided for educational purposes and is not legal advice. Verify current statutes, rules, and exam specifications with the Insurance Department and the exam administrator before relying on it.
