MT Laws and Regulations for Life Insurance and Annuities Only

Question 1

Any attempt by the existing insurer or producer to continue existing life insurance afte receiving notice from the replacing insurer that the existing policy will be replaced

Answer 1

Conservation

Question 2

Before accepting an application and first premium, an insurer must give prospective life insurance purchasers a:

Answer 2

Buyer’s guide and policy summary

Question 3

All individual life insurance policies delivered in Montana must include a __-day grace period for payment of any premium (except the first)

Answer 3

30

Question 4

All individual life insurance policies in Montana must include a provision stating that settlement must be made within ___ days of receipt of proof of death

Answer 4

60

Question 5

Required MT Life Insurance Provisions:

Answer 5

-30-day grace period
-incontestability
-entire contract
-misstatement of age
-payment of premiums
-payment of claims
-settlements

Question 6

If required, the policy must include a table showing the policy’s loan value, cash surrender values, and nonforfeiture benefits either during the first ___ policy years or during the term of the policy

Answer 6

20

Question 7

Each individual life and disability insurance policy must contain a notice state if that if the polyholder is dissatisfied for any reason, he may return the policy within __ days and receive a full refund of premium

Answer 7

10

Question 8

Participating individual life insurance policies must include a dividends provision stating that, beginning no later than the end of the third policy year, the insurer must:

Answer 8

Annually apportion the divisible surplus

Question 9

Individual life insurance policies must include a policy loan provision stating that the insured can advance (at a specified interest rate not to exceed 8%) an amount up to the loan value of the policy if:

Answer 9

-the policy has a cash surrender value
-no premium is in default beyond the grace period
-premiums have been paid for three years

Question 10

Insurers must notify individual policyowners at least ___ days before cancelling a life insurance policy or annuity contract nonpayment of premiums

Answer 10

30

Question 11

Life insurance coverage can be excluded or restricted for death resulting:

Answer 11

-from war, aviation, or specified hazardous occupations
-while the insured is a resident outside the US
-within 2 years from the date of policy issue as a result of suicide

Question 12

The request for a paid-up nonforfeiture benefit must be made to the insurer within ___ days after the due date of the premium in default

Answer 12

60

Question 13

Policies must also provide that on surrender of a policy within 60 days after the due date of a premium in default, the insurer will pay a cash surrender value instead of a paid-up nonforfeiture benefit after premiums have been paid for at least:

Answer 13

-three years for ordinary life insurance
-five years for industrial life insurance

Question 14

Any minor domiciled in Montana who has reached the age of ___ years is considered competent to receive and to give full acquittance for life insurance payments up to $______ per year

Answer 14

16; 3,000

Question 15

All annuities delivered in Montana must include:

Answer 15

-a 30 day grace period
-incontestability
-entire contract
-misstatement of age
-reinstatement

Question 16

Employee life insurance is a plan of life insurance in which individual policies are issued to the employees of an employer and are issued on the lives of at least __ employees at date of issue

Answer 16

5

Question 17

Labor union group life insurance policy must cover at least ___ members at the date of issue

Answer 17

25

Question 18

All group life insurance policies must include the following provisions:

Answer 18

-31 day grace period
-entire contract
-incontestability
-insurability
-misstatement of age
-beneficiary
-certificate

Question 19

The group providing credit insurance must gain at least ____ new debtors a year

Answer 19

100