MT Life and Health Laws and Regulations Flashcards
By _____ __ of each year, all insurance companies authorized in Montana must file with the commissioner a statement of their financial conditions, transactions, and affairs for the previous calendar year
March 1
Authorized insurers must be examined at least once every __ years
5
The department of insurance will commence an action of violation of the insurance code within:
- two years of the date of violation
-two years after department discovers or should have discovered the violation
-may not commence an action unless it is within 5 years of date of violation
All insurers applying for authority to transact insurance in Montana must appoint the commissioner as:
Their attorney for any legal actions issued against them in Montana (called service of process)
An applicant for an agent’s or solicitor’s license must take the licensing examination within __ months of applying for a license
6
The insurer must file with the insurance department a written notice of appointment within ___ days from the date the agency contract is executed with a licensed producer
15
Any person licensed as an insurance producer, consultant, or adjuster in Montana must complete at least ___ hours of approved continuing education every ___ years, concluding at least ___ hours of ethics credits
24; 2; 3
Any person licensed as an insurance producer, adjuster, or consultants must complete at least ___ credit hour(s) of approve continuing education on changes in Montana insurance laws and administrative rules once every ___ years
1; 2
A person licensed to act as a producer for surety bail bonds, prepaid legal insurance, or limited lines credit insurance must complete at least __ hours of approved continuing education in their area every ___ years
5; 2
Licensees must ________ file a certification with the commissioner showing the approved courses, lectures, seminars, and instructional programs the person has completed
Biennially
A consultant is a person who:
For a fee, examines, appraises, reviews or evaluated an insurance policy annuity or pension program or who makes recommendations or gives advice on these
An administrator certificate of registration must be renewed each year by the administrator paying a continuation fee of $___ on or before ____ __
100; July 1
A licensee whose license is revoked must wait ___ ___ before reapplying for a license
One year
An insurance producer who unlawfully appropriates insurance premiums for his own use commits a ______
Theft
An agency is _____ when the agent is really employed by the principal
Actual
An agency is ______ when the principal intentionally or unintentionally causes a third person to believe another person is the principal’s agent when that person is not really employed by the principal
Ostensible
It is illegal to knowingly make any misleading statement or comparison regarding the terms, conditions, benefits, or advantages of any policy in order to induce a person to retain, lapse, forfeit, surrender, exchange, or convert an insurance policy. This practice is called __________
Twisting
It is illegal to issue or delivery any of the following to induce people to purchase insurance:
-agency company stock
-other capital stock, benefit certificates or securities
-advisory board contracts promising returns and profits
It is illegal to induce applicants to purchase insurance by making agreements that are not specifically included in the insurance contract, such as offering:
-rebates of premiums
-advantages in dividends or benefits
-special favors
-any stocks, bonds, other securities, or promise of profits as inducement to purchase
-any other valuable consideration not specifically included in the contract
An insurer must pay or deny a claim within ___ days after receiving proof of loss unless the insurer makes a reasonable request for additional information
30
If an insurer fails to timely pay a claim, the insurer must pay an amount equal to the amount of the claim due plus __% annual interest calculated from the date the claim was due
10
A health service corporation must inform members covered under individual plans of any rate increase at least ___ days prior to such increase
45
The premium rate for an individual policy converted from a group plan may not be increased during the first __ months of coverage
6
Any minor age ___ years or older may contract for annuities and for insurance upon his own life, body, health, property, liabilities, or other interests or on the person of another in whom the minor has an insurable interest
15
A nonprofit association that protects policyowners, insureds, and beneficiaries against insurers that become impaired and unable to perform their contractual obligations
Montana Life and Health Insurance Guaranty Association
An ______ insurer is a member insurer that is not insolvent and is placed under an order of rehabilitation or supervision by a court of competent jurisdiction
Impaired
An ________ insurer is a member insurer that is placed under an order of liquidation by a court of competent jurisdiction upon a finding of insolvency
Insolvent
