Free Insurance Regulation Practice Questions
Montana Property exam — 203 practice questions.
Subtopics: Commissioner designation, Department control, Consumer protection duty, Rulemaking, Insurer examinations, Initial examination, Fines - producers, Fines - general, Temporary cease and desist, Cease and desist hearing, Hearing demand, Hearing procedure, Conflict of interest, Delegation, Domestic insurer, Foreign insurer, Alien insurer, Authorized insurer, Resident domestic insurer, Transact defined, Insurance defined, Unauthorized insurers, Fraternal benefit society, Capacity to contract, Producer defined, Negotiate defined, Public adjuster, Independent adjuster, Lapse defined, Suspend defined, License required, Background examination, Background report confidentiality, Minimum age, Exam validity, Change of residence, Business entity license, Character requirement, Temporary license term, Temporary license extension, Temporary license situations, Temporary license powers, Appointment filing, Late appointment, Appointment termination, Termination statement, Post-termination commissions, Nonresident license, Nonresident termination, Reciprocity, Adjuster license, Adjuster records, Catastrophe adjusters, Consultant license, Consultant exemption, Administrator registration, Premium finance license, Unlicensed premium finance, Financed policy cancellation, CE hours, CE ethics, CE Montana law, CE extension, CE noncompliance, Lapsed license, Fiduciary trust account, Commingling, Record retention, Place of business, Commission sharing, Renewal commissions, Surplus lines commission sharing, Identification, Agency law, Grounds for discipline, Felony conviction, Grounds - EXCEPT, Surrendered license, General prohibition, Twisting, Misquoting premium, False advertising, False financial statement, Fictitious groups, Rebating P&C, Military discount, 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, Reasonable basis defense, Rate standards, Inadequate rate, Excessive rate, Rate filing, Form filing, Deemer, Form disapproval, MIGA membership, MIGA claim limit, MIGA unearned premium, MIGA covered claim, MIGA assessments, MIGA timing, MIGA recoupment, Privacy act purpose, Access to information, Privacy notice, Fraud reporting - producer, Fraud reporting - insurer, Fraud immunity, Fraud definition, Fraud restitution, 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, Adverse action notice, Fair Credit Reporting Act, Fraud and false statements, Gramm-Leach-Bliley, Terrorism Risk Insurance Act, Motor Carrier Act, Do Not Call, McCarran-Ferguson Act, Flood Disaster Protection Act, Biggert-Waters Reform Act, Federal Insurance Office, FAIR Plan origins, Coastal Barrier Resources Act, McCarran-Ferguson antitrust, Gramm-Leach-Bliley opt-out, Gramm-Leach-Bliley notice, FCRA investigative report, FCRA free report, TRIA certification, TRIA federal share, TRIA program trigger, TRIA insurer deductible, TRIA lines covered, TRIA disclosure, 18 USC 1033 penalty, Nonadmitted and Reinsurance Reform Act, Surplus lines diligent search, Exempt commercial purchaser, Guaranty association - surplus lines, Guaranty association purpose, Rebating, Defamation, Boycott, coercion, intimidation, Unfair claims practices, Commingling premiums, Mandatory flood purchase amount, Force-placed flood, Private flood acceptance, HFIAA surcharge, Risk retention groups, Privacy model - adverse underwriting, Do Not Call existing relationship
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Sample questions & answers
1. Under Montana law, which elected official serves ex officio as the commissioner of insurance?
The state auditor
Mont. Code Ann. 2-15-1903 provides that the state auditor is ex officio the commissioner of insurance (the auditor is also the securities commissioner).
2. Montana's insurance department is under the control and supervision of the:
commissioner
Mont. Code Ann. 33-1-301 places the insurance department under the control and supervision of the commissioner.
3. Montana law directs the commissioner to administer the insurance department so that:
the interests of insurance consumers are protected
Mont. Code Ann. 33-1-311(3) requires the commissioner to administer the department to ensure that the interests of insurance consumers are protected.
4. Who may make reasonable rules necessary for the effective administration of the Montana Insurance Code?
The commissioner
Mont. Code Ann. 33-1-313 authorizes the commissioner to make reasonable rules necessary for, or as an aid to, administering the code.
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.
