Free Insurance Regulation Practice Questions

Montana Property & Casualty exam — 222 practice questions.

Practice Insurance Regulation

Subtopics: Regulatory structure, Commissioner functions, Administrative rules, Producer license, Nonresident license, Surplus lines, Twisting, Fiduciary funds, Cancellation notice, Rate filing, Guaranty association, License lapse, Fraud, Defamation, Coercion, Market conduct exam, Certificate of authority, Department control, Consumer protection duty, Insurer examinations, Initial examination, Fines - producers, Fines - general, Temporary cease and desist, Cease and desist hearing, Unpaid fine, Hearing demand, Hearing procedure, Conflict of interest, Delegation, Domestic insurer, Foreign insurer, Resident domestic insurer, Transact defined, Insurance defined, Fraternal benefit society, Premium defined, Capacity to contract, Producer defined, Negotiate defined, Solicit defined, Public adjuster, Independent adjuster, Lapse defined, Suspend defined, Background examination, Fingerprints, Background report confidentiality, Minimum age, Exam validity, Change of residence, Business entity license, Assumed name, Character requirement, Temporary license term, Temporary license extension, Temporary license situations, Temporary license limits, Temporary license powers, Appointment filing, Late appointment, Appointment duration, Appointment termination, Termination statement, Post-termination commissions, Claiming representation, Nonresident termination, Reciprocity, Adjuster license, Adjuster records, Catastrophe adjusters, Consultant license, Consultant exemption, Consultant age, Administrator registration, Premium finance license, Unlicensed premium finance, Financed policy cancellation, CE hours, CE ethics, CE Montana law, CE extension, CE exemption, Lapsed license, Reporting actions, Commingling, Record retention, Place of business, License display, Commission sharing, Renewal commissions, Surplus lines commission sharing, Identification, Agency law, Grounds for discipline, Felony conviction, Grounds - EXCEPT, Discipline in other states, Surrendered license, General prohibition, Misquoting premium, False advertising, False financial statement, Fictitious groups, Rebating P&C, Accepting rebates, Military discount, Military discount limit, Telematics, Unfair discrimination, Impairment, Premium charges, Surplus lines taxes, Desist order penalty, Desist order, Unfair claims standard, Unfair claims - examples, Compelling litigation, Claim payment time, Claim payment extended, Late payment interest, Claims handling suit - insured, Claims handling suit - third party, Reasonable basis defense, Rate standards, Inadequate rate, Excessive rate, Required rate reductions, Form filing, Deemer, Defense within limits, Form disapproval, MIGA claim limit, MIGA unearned premium, MIGA workers comp, MIGA covered claim, MIGA assessments, MIGA timing, MIGA nonduplication, MIGA recoupment, Privacy act purpose, Access to information, Privacy notice, Fraud reporting - producer, Fraud reporting - insurer, Fraud immunity, Fraud definition, Fraud restitution, Fraud false claim, Midterm cancellation grounds, Midterm cancellation notice, New policy cancellation, Cancellation grounds EXCEPT, Nonrenewal notice, Nonrenewal copy, Renewal premium notice, Nonrenewal exceptions, Single loss nonrenewal, Inquiries, Claim defined, Renewal on altered terms, Classification change, Reasons for decision, Multi-year policies, Noncompliance, Renewal defined, Association dues, Diligent effort, Surplus lines price exception, Home state rule, Surplus lines disclosure, Surplus lines license, Surplus lines validity, Eligible surplus lines insurer, Alien surplus lines insurer, Surplus lines premium, Surplus lines records, Surplus lines tax, Surplus lines exemptions, Surplus lines revocation, Suits against surplus lines insurer, Inspection fee, Insurance score factors, Credit as sole factor, Credit rescoring, Extraordinary events, Medical collections, Adverse action notice, Credit disclosure, Adverse action defined, Federal fraud statute, Fair Credit Reporting Act, Gramm-Leach-Bliley, Terrorism Risk Insurance Act, Do Not Call, McCarran-Ferguson Act, NAIC role, Unfair claims settlement, Anti-money laundering, Fraud warning statements, Federal Insurance Office, Surplus lines regulation, Risk retention groups, Unfair trade practices, Fiduciary duties, Insurer solvency, Producer licensing, Federal regulation

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Sample questions & answers

1. Which best describes how Montana fills the office that regulates its insurance industry?

The state auditor serves ex officio as commissioner

Under Mont. Code Ann. 2-15-1903 the state auditor is ex officio the commissioner of insurance (and, under 2-15-1901, the securities commissioner).

2. Which of the following is NOT a typical function of Montana's Commissioner of Securities and Insurance?

setting federal Medicare premiums

The commissioner enforces Montana insurance law, licenses producers, examines insurers, and investigates complaints (Mont. Code Ann. 33-1-311); setting federal Medicare premiums is a federal function.

3. Administrative rules implementing Montana's insurance statutes are generally adopted by the:

the Commissioner of Securities and Insurance

Mont. Code Ann. 33-1-313 authorizes the commissioner to make reasonable rules necessary for the effective administration of the insurance code.

4. An individual who negotiates commercial property insurance contracts in Montana for compensation must generally be a licensed:

insurance producer

Mont. Code Ann. 33-17-201(1): a person may not sell, solicit, or negotiate insurance unless licensed as an insurance producer.

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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.