Montana Life Final

Which of the following is the minimum grace period for life insurance policies issued in Montana?

30 days

Policy loan requests, except for loan requests for payment of due premiums, may be deferred for up to a period of

6 months

If an insurer suspects fraud involving a claim, within what period of time do they have to report it?

60 days

According to the life insurance replacement regulations, which of the following would be an example of policy replacement?

a policy reissued with a reduction in cash value

Which of the following terms is used to define a period of time during which an annuitant makes payments into an annuity?

accumulation period

Insurer's are required to file rates for the Commissioner's approval except

any time during reinsurance

How soon should claims under credit life insurance be paid?

as soon as possible

All of the information needs to be included on the application for life insurance EXCEPT

health insurance policies in force

An insurer must send a statement asking whether an insured intends to change, replace, or discontinue a policy

if the application is received as a result of a direct response solicitation

The provision that sets forth the basic agreement between the insurer and the insured and states the insurer's promise to pay the death benefit upon insured's death is called

insuring clause

For a contract to be enforceable by law, the purpose of the contract must be

legal, and not against public policy

Which statement best describes agreement as it relates to insurance contracts?

one party accepts the exact terms of the other party's offer

Policies written on a third-party ownership basis are usually written to cover:

policy owner's minor children or business associates

Life insurance can provide which of the following?

survivor protection

According to the Common Disaster Clause, if the insured and primary beneficiary are killed in the same accident, and it cannot be determined who died first, which of the following will be assumed?

the primary beneficiary died before insured

If an applicant submits the initial premium with the application, which action constitutes acceptance?

the underwriters approve application

In participating life insurance policies, there must be a provision stating that the policy will begin the payment of dividends no later than the end of what policy year?

third year

Which of the following types of insurance is investment based, has a fixed level premium, and a non guaranteed cash value?

variable whole life

When is the company responsible for the actions of its agents?

whenever the agents are acting within the conditions of the contract