Free Insurance Regulation Practice Questions
Montana Personal Lines exam — 168 practice questions.
Subtopics: Elected commissioner, Regulatory body, Line of authority, Guaranty association, Rate standards, Adjuster license, Unfair claims practice, Rebating, License renewal, Fraud, Department control, Consumer protection duty, Rulemaking, Insurer examinations, Fines - producers, Fines - general, Temporary cease and desist, Unpaid fine, Hearing demand, Conflict of interest, Alien insurer, Authorized insurer, Transact defined, Unauthorized insurers, Premium defined, Producer defined, Solicit defined, Public adjuster, Lapse defined, License required, Background examination, Minimum age, Exam validity, Change of residence, Business entity license, Assumed name, Character requirement, Temporary license term, Temporary license situations, Temporary license limits, Appointment filing, Appointment duration, Appointment termination, Post-termination commissions, Nonresident license, Nonresident termination, Catastrophe adjusters, Consultant exemption, Premium finance license, Financed policy cancellation, CE hours, CE ethics, CE Montana law, CE exemption, CE noncompliance, Fiduciary trust account, Commingling, Record retention, License display, Commission sharing, Identification, Grounds for discipline, Felony conviction, Discipline in other states, General prohibition, Twisting, Misquoting premium, False advertising, Rebating P&C, Accepting rebates, Military discount, Military discount limit, Telematics, Unfair discrimination, Premium charges, Desist order penalty, Unfair claims standard, Unfair claims - examples, Compelling litigation, Claim payment time, Claim payment extended, Late payment interest, Claims handling suit - third party, Rate filing, Required rate reductions, Form filing, Form disapproval, MIGA membership, MIGA claim limit, MIGA unearned premium, MIGA timing, MIGA nonduplication, Privacy act purpose, Access to information, Fraud reporting - producer, Fraud reporting - insurer, Fraud immunity, Fraud definition, Fraud false claim, Midterm cancellation grounds, Midterm cancellation notice, New policy cancellation, Nonrenewal notice, Nonrenewal copy, Renewal premium notice, Nonrenewal exceptions, Single loss nonrenewal, Inquiries, Claim defined, Renewal on altered terms, Reasons for decision, Noncompliance, Association dues, Diligent effort, Home state rule, Surplus lines disclosure, Surplus lines license, Surplus lines records, Insurance score factors, Credit as sole factor, Credit rescoring, Extraordinary events, Medical collections, Adverse action notice, Credit disclosure, Adverse action defined, Fair Credit Reporting Act, Gramm-Leach-Bliley, Fraud and false statements, Do Not Call, Terrorism Risk Insurance Act, McCarran-Ferguson Act, Anti-money laundering, CAN-SPAM Act, FCRA reporting periods, FCRA adverse action, FCRA permissible purpose, FCRA disputes, Claims history databases, GLBA opt-out, GLBA privacy notice, GLBA enforcement, Prohibited persons (1033), Prohibited persons (1034), Telemarketing calling hours, Do-Not-Call exceptions, Do-Not-Call registry, History of regulation, Risk retention groups, Purchasing groups, Mandatory flood purchase, NFIP origin, Federal Insurance Office, NAIC role, Personal lines authority, Nonresident licensing, Unfair claims practices, Misrepresentation and advertising, Fraud warning, Guaranty associations
Read the Insurance Regulation study guide
Sample questions & answers
1. By law, Montana's commissioner of insurance is the official who also holds the office of:
State Auditor
Mont. Code Ann. 2-15-1903 makes the state auditor ex officio the commissioner of insurance.
2. Personal lines insurers operating in Montana answer to which regulatory body?
the Commissioner of Securities and Insurance
The state auditor serves as both commissioner of insurance and securities commissioner (Mont. Code Ann. 2-15-1903, 2-15-1901), and the insurance department is under the commissioner's control (33-1-301).
3. An agent who wants to sell personal auto and homeowners policies in Montana must hold a license in which line of authority?
property and casualty
Homeowners coverage is property insurance (Mont. Code Ann. 33-1-210) and auto coverage is vehicle and liability insurance, a kind of casualty insurance (33-1-206), so both property and casualty authority are needed.
4. If a Montana property and casualty insurer becomes insolvent, certain unpaid personal lines claims may be covered by the:
Montana Insurance Guaranty Association
The Montana Insurance Guaranty Association pays covered claims of insolvent property and casualty insurers, up to $300,000 per claim (Mont. Code Ann. 33-10-103, 33-10-105).
Practice: Insurance Regulation
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.
