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Montana Life Insurance — Requirements & Free Practice

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Licenses, application pathways and examination requirements

Each license and applicant pathway has its own requirements and exemptions. Choosing practice questions does not determine your eligibility.

Viatical Settlement Broker

Includes the statutory authorization of an experienced licensed life producer to operate as a viatical settlement broker and the separate broker application pathway.

Licensing authority: Montana Commissioner of Securities and Insurance · Application information

Experienced licensed life producer authorization
No examination is required for this applicant pathway.
Fiduciary Duty
Represent only the viator and act under the viator’s instructions and in the viator’s best interests.
Implementation Conflict
NIPR states both that Life is prerequisite to the Viatical line and that Life and Viatical cannot be held or applied for simultaneously. The controlling MCA 33-20-1303(2)(b) permits the experienced life producer to operate; the Board-hosted application confirms notification rather than a separate exam. NIPR text: “Applicant may not actively hold or apply for: Insurance Producer Life and Insurance Producer Viatical lines of authority (LOAs) at the same time.”
License
Resident or nonresident life producer licensed at least one year.
Notice
Notify CSI within 30 days of beginning broker operations using the notification form; pay the statutory one-time fee and acknowledge compliance with the viatical settlement law.
Renewal Intent
If requested by CSI, state intent to continue broker activity on life-producer renewal; no additional fee for that statement.

Official no-examination sources

Effective from 2026-09-22.

  • 33-20-1303(2)(b)

    33-20-1303(2)(b), experienced life producer

  • p. 1

    p. 1, Licensed life insurance producers

  • Business Rules

    Business Rules, Life and Viatical application restriction

Continuation of life producer broker authorization
No examination is required for this applicant pathway.
Fee
No additional fee for the continuation statement.
Intent
If requested by CSI, report intent to continue acting as broker on resident or nonresident life-producer renewal.
Producer Renewal
Maintain the underlying life-producer license and applicable CE.

Official no-examination sources

Effective from 2026-09-22.

Funeral

Restricted funeral insurance class; a funeral professional must also have Montana life-producer authority for the limited policy or certificate described in MCA 33-20-1501.

Licensing authority: Montana Commissioner of Securities and Insurance · Application information

Reinstatement within one year of lapse
No examination is required for this applicant pathway.
Discretion
The commissioner may reissue; restoration is discretionary.
Education
File certification of CE for the preceding biennium.
Elapsed Time
Within one year of lapse.
Fee
Pay the lapsed-license reinstatement fee.

Official no-examination sources

Effective from 2026-09-22.

Resident reapplication after lapse exceeding one year
MT Life
Application
Approved application declaring true, correct and complete information, applicable fees, and background examination.
Elapsed Time
More than one year after lapse; NIPR directs use of the Resident License application; the within-12-month statutory exemption no longer applies.
Exam Reading
MCA 33-20-1501 requires Montana life-producer licensure, MCA 33-17-212 identifies the life examination, and Pearson registers MT Life. NIPR’s Funeral examination entry is retained as its licensing instruction; no separate Funeral examination identity was established.
Exam Score Age
Pass the examination within 12 months before application.
Fitness
No disqualifying act under MCA 33-17-1001; competent, trustworthy and of good reputation.
Funeral Professional
For a person licensed under Title 37, chapter 19, parts 3 and 4; this other profession’s qualification is a condition.
Minimum Age
18 years or older.
Product Limit
Limited funeral policy or certificate with guaranteed death benefit; initial limit up to $25,000 unless otherwise provided by chapter 20.
Qualification
Experience, training or other qualification in the requested kind of insurance, and reasonable familiarity with the insurance code.
Residence
Montana resident.
Restriction
MCA 33-20-1501(1)(c)(i) prohibits these funeral professionals from selling funeral coverage included in a general life policy. NIPR states that Life and Funeral classes cannot be held or applied for simultaneously.
Work Authorization
NIPR requires non-US citizens to show proof of US work authorization.
Reactivation after armed forces service
No examination is required for this applicant pathway.
Inactive Status
Insurance producer placed inactive upon entering active armed-forces service; cannot transact insurance while inactive.
Reactivation
Notify the commissioner when discharged from active service.
Waiver
Continuing education and specified fee waived while inactive.

Official no-examination sources

Effective from 2026-09-22.

Nonresident entity by reciprocal licensure
No examination is required for this applicant pathway.
Applicant Type
entity
Application
Submit the home-state application or approved Montana application and applicable fees.
Home State License
Current resident license in good standing for the corresponding authority; reciprocal privileges for Montana residents.
Other Examinations
Any home-state licensing examination is a condition carried by that license, not a Montana examination leaf.
Restricted Authority
Montana authority is restricted to the corresponding life, credit or funeral scope of the home-state license.

Official no-examination sources

Effective from 2026-09-22.

Nonresident individual by reciprocal licensure
No examination is required for this applicant pathway.
Applicant Type
individual
Application
Submit the home-state application or approved Montana application and applicable fees.
Home State License
Current resident license in good standing for the corresponding authority; reciprocal privileges for Montana residents.
Other Examinations
Any home-state licensing examination is a condition carried by that license, not a Montana examination leaf.
Restricted Authority
Montana authority is restricted to the corresponding life, credit or funeral scope of the home-state license.

Official no-examination sources

Effective from 2026-09-22.

Nonresident renewal
No examination is required for this applicant pathway.
Continuing Education
Home-state CE satisfies Montana CE when recognized on a reciprocal basis under MCA 33-17-408(2).
License Status
License otherwise remains in force unless suspended, revoked or terminated.
Renewal Fee
Remit the biennial renewal fee.

Official no-examination sources

Effective from 2026-09-22.

Reapplication after Montana licensure within 12 months
No examination is required for this applicant pathway.
Application
Other applicable licensing requirements remain.
Disqualification
The commissioner must not have suspended, revoked or terminated the previous license.
Previous License
Same kinds of insurance licensed in Montana within the preceding 12 months, excluding temporary licensure.

Official no-examination sources

Effective from 2026-09-22.

Resident business entity initial issuance
MT Life
Application
Approved application, appropriate fees and listed authorized individuals.
Business Continuity
CSI states that agency licenses are perpetual and must retain at least one active licensed producer.
Entity
Resident business entity applying for the specified producer line.
Funeral Qualification
For a person licensed under Title 37, chapter 19, parts 3 and 4; this other profession’s qualification is a condition.
Funeral Scope
Limited funeral policy or certificate with guaranteed death benefit; initial limit up to $25,000 unless otherwise provided by chapter 20.
Organization
Insurance transactions must be within the organizational purposes; corporations must meet MCA 33-17-211(3)(e).
Responsible Producer
Designate an individual licensed producer responsible for compliance; individuals acting as producers must be licensed and authorized individuals must meet MCA 33-17-212, including its statutory exemptions.
Resident individual initial issuance
MT Life
Application
Approved application declaring true, correct and complete information, applicable fees, and background examination.
Exam Reading
MCA 33-20-1501 requires Montana life-producer licensure, MCA 33-17-212 identifies the life examination, and Pearson registers MT Life. NIPR’s Funeral examination entry is retained as its licensing instruction; no separate Funeral examination identity was established.
Exam Score Age
Pass the examination within 12 months before application.
Fitness
No disqualifying act under MCA 33-17-1001; competent, trustworthy and of good reputation.
Funeral Professional
For a person licensed under Title 37, chapter 19, parts 3 and 4; this other profession’s qualification is a condition.
Minimum Age
18 years or older.
Product Limit
Limited funeral policy or certificate with guaranteed death benefit; initial limit up to $25,000 unless otherwise provided by chapter 20.
Qualification
Experience, training or other qualification in the requested kind of insurance, and reasonable familiarity with the insurance code.
Residence
Montana resident.
Restriction
MCA 33-20-1501(1)(c)(i) prohibits these funeral professionals from selling funeral coverage included in a general life policy. NIPR states that Life and Funeral classes cannot be held or applied for simultaneously.
Work Authorization
NIPR requires non-US citizens to show proof of US work authorization.
Resident renewal
No examination is required for this applicant pathway.
Continuing Education
Life and funeral: 24 approved hours each 24 months, including 3 ethics and 1 Montana legislative-change hour. Limited lines credit only: 5 approved hours, including 1 legislative-change hour.
No Examination
The defining renewal requirements are MCA 33-17-1203 and NIPR’s Montana renewal instructions.
Renewal
Resident Insurance Producer class renews automatically when CE is reflected on the SBS transcript by expiration; other classes, including Funeral, require a renewal application.

Official no-examination sources

Effective from 2026-09-22.

Resident requalification after revocation
MT Life
Application
Approved application declaring true, correct and complete information, applicable fees, and background examination.
Exam Reading
MCA 33-20-1501 requires Montana life-producer licensure, MCA 33-17-212 identifies the life examination, and Pearson registers MT Life. NIPR’s Funeral examination entry is retained as its licensing instruction; no separate Funeral examination identity was established.
Exam Score Age
Pass the examination within 12 months before application.
Fitness
No disqualifying act under MCA 33-17-1001; competent, trustworthy and of good reputation.
Funeral Professional
For a person licensed under Title 37, chapter 19, parts 3 and 4; this other profession’s qualification is a condition.
Minimum Age
18 years or older.
Product Limit
Limited funeral policy or certificate with guaranteed death benefit; initial limit up to $25,000 unless otherwise provided by chapter 20.
Qualification
Qualify again under the insurance code; MCA 33-17-212(6)(b) does not exempt a revoked previous license.
Residence
Montana resident.
Restriction
MCA 33-20-1501(1)(c)(i) prohibits these funeral professionals from selling funeral coverage included in a general life policy. NIPR states that Life and Funeral classes cannot be held or applied for simultaneously.
Revocation
At least one year after revocation; commissioner may refuse issuance for up to five years. A twice-revoked applicant is ineligible.
Work Authorization
NIPR requires non-US citizens to show proof of US work authorization.

insurance producer life

Life line of authority, including endowments and annuities; resident, nonresident, individual and business-entity applicants.

Licensing authority: Montana Commissioner of Securities and Insurance · Application information

Reinstatement within one year of lapse
No examination is required for this applicant pathway.
Discretion
The commissioner may reissue; restoration is discretionary.
Education
File certification of CE for the preceding biennium.
Elapsed Time
Within one year of lapse.
Fee
Pay the lapsed-license reinstatement fee.

Official no-examination sources

Effective from 2026-09-22.

Resident reapplication after lapse exceeding one year
MT Life
Application
Approved application declaring true, correct and complete information, applicable fees, and background examination.
Elapsed Time
More than one year after lapse; NIPR directs use of the Resident License application; the within-12-month statutory exemption no longer applies.
Exam Score Age
Pass the examination within 12 months before application.
Fitness
No disqualifying act under MCA 33-17-1001; competent, trustworthy and of good reputation.
Funeral Affiliation
MCA 33-17-211(1)(h) prohibits funeral director, undertaker or mortician affiliations or beneficial interests, except the funeral-insurance permission in MCA 33-20-1501(1)(c)(ii).
Minimum Age
18 years or older.
Qualification
Experience, training or other qualification in the requested kind of insurance, and reasonable familiarity with the insurance code.
Residence
Montana resident.
Work Authorization
NIPR requires non-US citizens to show proof of US work authorization.
Reactivation after armed forces service
No examination is required for this applicant pathway.
Inactive Status
Insurance producer placed inactive upon entering active armed-forces service; cannot transact insurance while inactive.
Reactivation
Notify the commissioner when discharged from active service.
Waiver
Continuing education and specified fee waived while inactive.

Official no-examination sources

Effective from 2026-09-22.

Nonresident entity by reciprocal licensure
No examination is required for this applicant pathway.
Applicant Type
entity
Application
Submit the home-state application or approved Montana application and applicable fees.
Home State License
Current resident license in good standing for the corresponding authority; reciprocal privileges for Montana residents.
Other Examinations
Any home-state licensing examination is a condition carried by that license, not a Montana examination leaf.
Restricted Authority
Montana authority is restricted to the corresponding life, credit or funeral scope of the home-state license.

Official no-examination sources

Effective from 2026-09-22.

Nonresident individual by reciprocal licensure
No examination is required for this applicant pathway.
Applicant Type
individual
Application
Submit the home-state application or approved Montana application and applicable fees.
Home State License
Current resident license in good standing for the corresponding authority; reciprocal privileges for Montana residents.
Other Examinations
Any home-state licensing examination is a condition carried by that license, not a Montana examination leaf.
Restricted Authority
Montana authority is restricted to the corresponding life, credit or funeral scope of the home-state license.

Official no-examination sources

Effective from 2026-09-22.

Nonresident renewal
No examination is required for this applicant pathway.
Continuing Education
Home-state CE satisfies Montana CE when recognized on a reciprocal basis under MCA 33-17-408(2).
License Status
License otherwise remains in force unless suspended, revoked or terminated.
Renewal Fee
Remit the biennial renewal fee.

Official no-examination sources

Effective from 2026-09-22.

Reapplication after Montana licensure within 12 months
No examination is required for this applicant pathway.
Application
Other applicable licensing requirements remain.
Disqualification
The commissioner must not have suspended, revoked or terminated the previous license.
Previous License
Same kinds of insurance licensed in Montana within the preceding 12 months, excluding temporary licensure.

Official no-examination sources

Effective from 2026-09-22.

Resident business entity initial issuance
MT Life
Application
Approved application, appropriate fees and listed authorized individuals.
Business Continuity
CSI states that agency licenses are perpetual and must retain at least one active licensed producer.
Entity
Resident business entity applying for the specified producer line.
Organization
Insurance transactions must be within the organizational purposes; corporations must meet MCA 33-17-211(3)(e).
Responsible Producer
Designate an individual licensed producer responsible for compliance; individuals acting as producers must be licensed and authorized individuals must meet MCA 33-17-212, including its statutory exemptions.
Resident individual initial issuance
MT Life
Application
Approved application declaring true, correct and complete information, applicable fees, and background examination.
Exam Score Age
Pass the examination within 12 months before application.
Fitness
No disqualifying act under MCA 33-17-1001; competent, trustworthy and of good reputation.
Funeral Affiliation
MCA 33-17-211(1)(h) prohibits funeral director, undertaker or mortician affiliations or beneficial interests, except the funeral-insurance permission in MCA 33-20-1501(1)(c)(ii).
Minimum Age
18 years or older.
Qualification
Experience, training or other qualification in the requested kind of insurance, and reasonable familiarity with the insurance code.
Residence
Montana resident.
Work Authorization
NIPR requires non-US citizens to show proof of US work authorization.
Resident renewal
No examination is required for this applicant pathway.
Continuing Education
Life and funeral: 24 approved hours each 24 months, including 3 ethics and 1 Montana legislative-change hour. Limited lines credit only: 5 approved hours, including 1 legislative-change hour.
No Examination
The defining renewal requirements are MCA 33-17-1203 and NIPR’s Montana renewal instructions.
Renewal
Resident Insurance Producer class renews automatically when CE is reflected on the SBS transcript by expiration; other classes, including Funeral, require a renewal application.

Official no-examination sources

Effective from 2026-09-22.

Resident requalification after revocation
MT Life
Application
Approved application declaring true, correct and complete information, applicable fees, and background examination.
Exam Score Age
Pass the examination within 12 months before application.
Fitness
No disqualifying act under MCA 33-17-1001; competent, trustworthy and of good reputation.
Funeral Affiliation
MCA 33-17-211(1)(h) prohibits funeral director, undertaker or mortician affiliations or beneficial interests, except the funeral-insurance permission in MCA 33-20-1501(1)(c)(ii).
Minimum Age
18 years or older.
Qualification
Qualify again under the insurance code; MCA 33-17-212(6)(b) does not exempt a revoked previous license.
Residence
Montana resident.
Revocation
At least one year after revocation; commissioner may refuse issuance for up to five years. A twice-revoked applicant is ineligible.
Work Authorization
NIPR requires non-US citizens to show proof of US work authorization.

Managing General Agent — Life

Life line of the managing-general-agent licensing class; existing producer licensure is an applicant condition.

Licensing authority: Montana Commissioner of Securities and Insurance · Application information

Managing general agent with Life authority: business entity
No examination is required for this applicant pathway.
Applicant Type
business-entity
Bond
Commissioner may require a bond acceptable for insurer protection.
Entity Producer
NIPR business applications require an active designated responsible producer with an Insurance Producer line.
Errors And Omissions
Commissioner may require an errors-and-omissions policy.
Producer License
Actively hold an Insurance Producer license; this survey covers life insurance management.

Official no-examination sources

Effective from 2026-09-22.

Managing general agent with Life authority: individual
No examination is required for this applicant pathway.
Applicant Type
individual
Bond
Commissioner may require a bond acceptable for insurer protection.
Entity Producer
NIPR business applications require an active designated responsible producer with an Insurance Producer line.
Errors And Omissions
Commissioner may require an errors-and-omissions policy.
Producer License
Actively hold an Insurance Producer license; this survey covers life insurance management.

Official no-examination sources

Effective from 2026-09-22.

Managing general agent renewal
No examination is required for this applicant pathway.
Education
NIPR lists no separate CE requirement for the Managing General Agent class.
Producer License
Maintain applicable producer authority; its CE requirements continue.
Renewal
Submit renewal application; NIPR lists a $0 renewal and late-renewal fee for this class.

Official no-examination sources

Effective from 2026-09-22.

temporary insurance producer license

Temporary continuation of life-producer authority in the circumstances enumerated by MCA 33-17-216.

Licensing authority: Montana Commissioner of Securities and Insurance · Application information

Temporary issuance: death
No examination is required for this applicant pathway.
Application
Approved application and information reasonably required by the commissioner.
Duration
Up to 90 days, with discretionary extension of up to 90 additional days; death-related executor or administrator cases may continue until disposition, at most 15 months.
Eligibility
(a) to the surviving spouse or next of kin or to the administrator or executor, or the employee of the administrator or executor, of a licensed insurance producer upon the insurance producer’s death;
Frequency
No more than one temporary license to or with respect to the same individual in any 12-month period.
Qualification
Only age, residence and trustworthiness qualifications specified for temporary issuance; commissioner discretion.
Scope
Same kinds of insurance as the producer replaced; no additional kind for death or disability.

Official no-examination sources

Effective from 2026-09-22.

Temporary issuance: disability
No examination is required for this applicant pathway.
Application
Approved application and information reasonably required by the commissioner.
Duration
Up to 90 days, with discretionary extension of up to 90 additional days; death-related executor or administrator cases may continue until disposition, at most 15 months.
Eligibility
(b) to the spouse, next of kin, employee, or legal guardian of a licensed insurance producer disabled by injury or physical or mental illness;
Frequency
No more than one temporary license to or with respect to the same individual in any 12-month period.
Qualification
Only age, residence and trustworthiness qualifications specified for temporary issuance; commissioner discretion.
Scope
Same kinds of insurance as the producer replaced; no additional kind for death or disability.

Official no-examination sources

Effective from 2026-09-22.

Temporary issuance: entity death disability
No examination is required for this applicant pathway.
Application
Approved application and information reasonably required by the commissioner.
Duration
Up to 90 days, with discretionary extension of up to 90 additional days; death-related executor or administrator cases may continue until disposition, at most 15 months.
Eligibility
(c) to an employee of a partnership, or officer or employee of a corporation, licensed as an insurance producer, upon the death or disability of an individual designated in the license to exercise the powers of an insurance producer;
Frequency
No more than one temporary license to or with respect to the same individual in any 12-month period.
Qualification
Only age, residence and trustworthiness qualifications specified for temporary issuance; commissioner discretion.
Scope
Same kinds of insurance as the producer replaced; no additional kind for death or disability.

Official no-examination sources

Effective from 2026-09-22.

Discretionary extension of temporary license
No examination is required for this applicant pathway.
Extension
An additional period not exceeding 90 days, except death-related executor or administrator cases continuing until disposition, no more than 15 months.
Next Of Kin
A next-of-kin temporary license may not be extended for an additional term after appointment and qualification of the administrator or executor.

Official no-examination sources

Effective from 2026-09-22.

Temporary issuance: military designee
No examination is required for this applicant pathway.
Application
Approved application and information reasonably required by the commissioner.
Duration
Up to 90 days, with discretionary extension of up to 90 additional days; death-related executor or administrator cases may continue until disposition, at most 15 months.
Eligibility
(d) to the designee of a licensed insurance producer entering upon active service in the armed forces of the United States of America;
Frequency
No more than one temporary license to or with respect to the same individual in any 12-month period.
Qualification
Only age, residence and trustworthiness qualifications specified for temporary issuance; commissioner discretion.
Scope
Same kinds of insurance as the producer replaced; no additional kind for death or disability.

Official no-examination sources

Effective from 2026-09-22.

Temporary issuance: public interest
No examination is required for this applicant pathway.
Application
Approved application and information reasonably required by the commissioner.
Duration
Up to 90 days, with discretionary extension of up to 90 additional days; death-related executor or administrator cases may continue until disposition, at most 15 months.
Eligibility
(e) in any other circumstance in which the commissioner finds that the public interest will best be served by issuing a temporary license.
Frequency
No more than one temporary license to or with respect to the same individual in any 12-month period.
Qualification
Only age, residence and trustworthiness qualifications specified for temporary issuance; commissioner discretion.
Scope
Same kinds of insurance as the producer replaced; no additional kind for death or disability.

Official no-examination sources

Effective from 2026-09-22.

Insurance Producer — Variable Life and Variable Annuity Products

Additional variable life and variable annuity line, requiring active life-producer authority and FINRA CRD information; no separate insurance examination is identified for this line.

Licensing authority: Montana Commissioner of Securities and Insurance · Application information

Additional variable line: business entity
No examination is required for this applicant pathway.
Applicant Type
business-entity
Prerequisite
Actively hold Insurance Producer Life before applying for the Variable line.
Responsible Producer
Business-entity applicants must designate a licensed responsible producer.
Securities Registration
Supply FINRA CRD number; securities qualification is another profession’s condition, not an insurance-examination leaf.

Official no-examination sources

Effective from 2026-09-22.

Additional variable line: individual
No examination is required for this applicant pathway.
Applicant Type
individual
Prerequisite
Actively hold Insurance Producer Life before applying for the Variable line.
Responsible Producer
Business-entity applicants must designate a licensed responsible producer.
Securities Registration
Supply FINRA CRD number; securities qualification is another profession’s condition, not an insurance-examination leaf.

Official no-examination sources

Effective from 2026-09-22.

Variable line renewal
No examination is required for this applicant pathway.
FINRA
Provide FINRA CRD number on renewal.
Prerequisite
Continue to hold active Life authority.
Renewal
Renew all lines together; underlying Life CE obligations remain applicable. The Variable line itself is listed CE Not Required.

Official no-examination sources

Effective from 2026-09-22.

MT Life

Provider
Pearson VUE
Format
Computer-based written examination; general knowledge and Montana-specific Parts 1 and 2; test-center and OnVUE delivery
Exam questions
86 scored questions (50 general knowledge and 36 Montana-specific), plus 10 unscored pretest questions (5 per part)
Time limit
2 hours: general knowledge 1 hour 15 minutes; Montana-specific 45 minutes
Passing score
75 scaled score
Examination outline
  • Life – General Knowledge / I. TYPES OF POLICIES
    • A. Traditional whole life products
    • A.1 Ordinary whole life
    • A.2 Limited-pay and single-premium life
    • B. Interest/market-sensitive/adjustable life products
    • B.1 Universal life
    • B.2 Variable whole life
    • B.3 Variable universal life
    • B.4 Interest-sensitive whole life
    • B.5 Indexed life
    • C. Term life
    • C.1 Types
    • C.1.a Level
    • C.1.b Decreasing
    • C.1.c Return of premium
    • C.1.d Annually renewable
    • C.2 Special features
    • C.2.a Renewable
    • C.2.b Convertible
    • D. Annuities
    • D.1 Single and flexible premium
    • D.2 Immediate and deferred
    • D.3 Fixed and variable
    • D.4 Indexed
    • D.5 Accumulation and Annuity Periods
    • D.6 Payout options
    • E. Combination plans and variations
    • E.1 Joint life (first to die)
    • E.2 Survivorship life (second to die)
  • Life – General Knowledge / II. LIFE PROVISIONS, RIDERS, OPTIONS, AND EXCLUSIONS
    • A. Policy riders
    • A.1 Waiver of premium and waiver of monthly deduction
    • A.2 Guaranteed insurability
    • A.3 Payor benefit
    • A.4 Accidental death and/or accidental death and dismemberment
    • A.5 Term riders
    • A.6 Other insureds
    • A.7 Long term care
    • A.8 Return of premium
    • A.9 Disability
    • A.10 Cost of Living
    • B. Policy provisions and options
    • B.1 Entire contract
    • B.2 Insuring clause
    • B.3 Free look
    • B.4 Consideration
    • B.5 Owner’s rights
    • B.6 Beneficiary designations
    • B.6.a Primary and contingent
    • B.6.b Revocable and irrevocable
    • B.6.c Common disaster
    • B.6.d Minor beneficiaries
    • B.6.e Designation by class
    • B.7 Premium Payment
    • B.7.a Modes
    • B.7.b Grace period
    • B.7.c Automatic premium loan
    • B.7.d Level or flexible
    • B.8 Reinstatement
    • B.9 Policy loans, withdrawals, partial surrenders
    • B.10 Non-forfeiture options
    • B.11 Dividends and dividend options (e.g., participating, non-participating)
    • B.12 Incontestability
    • B.13 Assignments
    • B.14 Suicide
    • B.15 Misstatement of age or gender
    • B.16 Settlement options
    • B.17 Accelerated death benefits
    • C. Policy exclusions
    • C.1 War
    • C.2 Aviation
    • C.3 Dangerous Occupation
  • Life – General Knowledge / III. COMPLETING THE APPLICATION, UNDERWRITING, AND DELIVERING THE POLICY
    • A. Completing the application
    • A.1 Required signatures
    • A.2 Changes in the application
    • A.3 Consequences of incomplete applications
    • A.4 Warranties and representations
    • A.5 Collecting the initial premium and issuing the receipt
    • A.6 Replacement
    • A.7 Disclosures at point of sale (e.g. HIPAA, HIV consent)
    • A.8 USA PATRIOT Act/anti-money laundering
    • A.9 Gramm-Leach-Bliley Act (GLBA) Privacy
    • B. Underwriting
    • B.1 Insurable interest
    • B.2 Medical information and consumer reports
    • B.3 Fair Credit Reporting Act
    • B.4 Risk classification
    • B.5 Stranger/Investor-owned life insurance (STOLI/IOLI)
    • C. Delivering the policy
    • C.1 When coverage begins
    • C.2 Explaining the policy and its provisions, riders, exclusions, and ratings to the client
    • D. Contract law
    • D.1 Elements of a legal contract
    • D.1.a Consideration
    • D.1.b Offer and Acceptance
    • D.1.c Competent parties
    • D.1.d Legal purpose
    • D.2 Unique aspects of the insurance contract
    • D.2.a Conditional
    • D.2.b Unilateral
    • D.2.c Adhesion
    • D.2.d Aleatory
  • Life – General Knowledge / IV. RETIREMENT AND OTHER INSURANCE CONCEPTS
    • A. Third-party ownership
    • B. Life Settlements
    • C. Group life insurance
    • C.1 Conversion privilege
    • C.2 Contributory vs. noncontributory
    • D. Retirement plans
    • D.1 Qualified plans
    • D.2 Nonqualified plans
    • E. Life insurance needs analysis/suitability
    • E.1 Personal insurance needs
    • E.2 Business insurance needs
    • E.2.a Key person
    • E.2.b Buy sell
    • F. Social Security benefits
    • G. Tax treatment of insurance premiums, proceeds, and dividends
    • G.1 Individual life
    • G.2 Group life
    • G.3 Modified Endowment Contracts (MECs)
  • Life – Montana Specific / I. MONTANA STATUTES AND RULES COMMON TO LIFE, DISABILITY (A&H), PROPERTY AND CASUALTY INSURANCE
    • A. Insurance Commissioner/Department
    • A.1 Broad powers and duties
    • A.2 Examination of records
    • A.3 Cease and desist orders
    • A.4 Penalties
    • B. General Definitions
    • B.1 Domestic, foreign, alien
    • B.2 Insurance transactions
    • B.3 Authorized/unauthorized companies and certificate of authority
    • B.4 Fraternals and their producers
    • C. Licensing Requirements
    • C.1 Definitions
    • C.2 Nonresident/reciprocal producer
    • C.3 Consultant
    • C.4 Administrator
    • C.5 Continuing education
    • C.6 Temporary licenses
    • C.7 Eligibility for license
    • C.7.A Business entity
    • C.7.B Suspension, revocation, and termination of licenses
    • C.7.C Producer appointment/contract cancellation
    • C.7.D Resident producer
    • D. Unfair Trade Practices
    • D.1 False advertising
    • D.2 Rebating
    • D.3 Twisting
    • D.4 Misrepresentation
    • D.5 Defamation
    • D.6 Excess fees/charges
    • D.7 Unfair discrimination
    • D.8 Unfair claims practices
    • E. Licensee Responsibilities
    • E.1 Fiduciary capacity
    • E.2 Commission sharing
    • E.3 Place of business/display of license/identification/recordkeeping
    • E.4 Principal producer relationship
    • F. Rate and Form Regulations
    • G. Life and Health Insurance Guaranty Association
    • H. Insurance Information & Privacy Protection Act
    • I. Basic Contract Language
    • J. Insurance Fraud protection Act
  • Life – Montana Specific / II. MONTANA STATUTES AND RULES PERTINENT TO LIFE INSURANCE AND ANNUITIES ONLY
    • A. Replacement/Disclosure Requirements
    • A.1 Purpose, definitions, exceptions
    • A.2 Duties of producers
    • A.3 Duties of insurers
    • B. Individual Life: Required/Standard provisions
    • B.1 Life insurance policies
    • B.2 Annuities
    • B.3 Exempt contracts
    • C. Credit Life
    • D. Group Life
    • D.1 Eligible groups
    • D.2 Conversion/continuation rights
    • D.3 Standard/required provisions and coverages
    • E. Viaticals
Examination sources