Montana Life and Health Insurance Agent Exam
Need of a License: An individual who is acting as an agent or producer needs a license to sell life and health insurance in Montana.Who Grants a License: Licenses are granted by the Montana Department of Insurance.
Qualifications to receive a License: Individuals who wish to obtain an insurance license in the State of Montana:
1. Be at least eighteen (18) years of age.
2. Be a resident of the state.
3. Make a reservation and pay the fee.
4. Pass the examination.
5. Submit to fingerprinting after taking the exam.
6. Apply for a license after taking the exam.
Applying for the Producer Exam: It is highly recommended that the Montana Insurance Licensing Candidate Handbook be reviewed, and special attention be given to the content outlines (available at www.pearsonvue.com), before taking an examination.
The State of Montana utilizes Pearson VUE to develop and administer its insurance licensing examination program. Pearson VUE is a leading provider of assessment services to regulatory agencies and national associations. Online reservations are the most efficient way for candidates to schedule their examination. Candidates must go to www.pearsonvue.com/mt/insurance to make an online reservation for an examination. Candidates may call (866) 274-8906 to make an exam reservation by phone.
Test Information: All candidates taking an insurance examination for the first time must be digitally fingerprinted after they take the examination. When candidates complete the examination, they will receive a score report marked “pass” or “fail”. Candidates who pass the examination will receive a score report that includes information on how to apply for a license. The passing scaled score is 75. Each examination is based on a detailed content outline of topics, subtopics, and references to applicable state laws, statutes and regulations. The Montana Insurance Licensing Candidate Handbook contains specific content information beyond the following general outlines:
LIFE – GENERAL KNOWLEDGE CONTENT (50 scoreable questions plus 10 pretest questions)
I. TYPES OF POLICIES (12)
A. Traditional whole life products
B. Interest/market-sensitive life products
C. Term life
D. Annuities
E. Combination plans and variations
II. POLICY RIDERS, PROVISIONS, OPTIONS, AND EXCLUSIONS (19)
A. Policy riders
B. Policy provisions and options
C. Policy exclusions
III. COMPLETING THE APPLICATION, UNDERWRITING, AND DELIVERING THE POLICY (11)
A. Completing the application
B. Underwriting
C. Delivering the policy
IV. TAXES, RETIREMENT, AND OTHER INSURANCE CONCEPTS (8)
A. Third-party ownership
B. Group life insurance
C. Retirement plans
D. Life insurance needs analysis/suitability
E. Social Security benefits and taxes
F. Tax treatment of insurance premiums, proceeds, and dividends
MONTANA-SPECIFIC LIFE CONTENT OUTLINE - State, Statutes, Rules and Regulations (36 scoreable questions plus 7 pretest questions)
I. MONTANA STATUTES, RULES, AND REGULATIONS COMMON TO LIFE, DISABILITY (A&H), PROPERTY AND CASUALTY INSURANCE
A. Insurance Commissioner/Department
B. General Definitions
C. Licensing
D. Unfair Trade Practices
E. Licensee Responsibilities
F. Rate and Form Regulations
G. Insurance Guaranty Fund
H. Insurance Information & Privacy Protection
I. Basic Contract Language
J. Insurance Fraud protection Act
II. MONTANA STATUTES, RULES, AND REGULATIONS PERTINENT TO LIFE INSURANCE AND ANNUITIES ONLY
A. Replacement/Disclosure
B. Individual Life: Required/Standard provisions
C. Credit Life
D. Group Life
E. Viaticals
ACCIDENT & HEALTH – GENERAL KNOWLEDGE CONTENT (50 scoreable questions plus 10 pretest questions)
I. TYPES OF POLICIES (14)
A. Disability income
B. Accidental death and dismemberment
C. Medical expense insurance
D. Medicare supplement policies
E. Group insurance
F. Long Term Care (LTC)
G. Limited Benefit Plans
II. POLICY PROVISIONS, CLAUSES, AND RIDERS (20)
A. Mandatory provisions
B. Optional provisions
C. Other provisions and clauses
D. Riders
E. Rights of renewability
III. SOCIAL INSURANCE (3)
A. Medicare
B. Medicaid
C. Social Security benefits
IV. OTHER INSURANCE CONCEPTS (4)
A. Total, partial, and residual disability
B. Owner’s rights
C. Dependent children benefits
D. Primary and contingent beneficiaries
E. Modes of premium payments
F. Nonduplication and coordination of benefits
G. Occupational vs. non-occupational
H. Tax treatment of premiums and proceeds of insurance contracts
I. Managed care
J. Workers Compensation
K. Subrogation
V. FIELD UNDERWRITING PROCEDURES (9)
A. Completing application and obtaining necessary signatures
B. Explaining sources of insurability information
C. Initial premium payment and receipt and consequences of the receipt
D. Submitting application (and initial premium if collected) to company for underwriting
E. Ensuring delivery of policy and related documents to client
F. Explaining policy and its provisions, riders, exclusions, and ratings to clients
G. Replacement
H. Contract law
MONTANA-SPECIFIC ACCIDENT AND HEALTH CONTENT OUTLINE ACCIDENT & HEALTH
State Statutes, Rules and Regulations (42 scoreable questions plus 8 pretest questions)
I. MONTANA STATUTES, RULES, AND REGULATIONS COMMON TO LIFE, DISABILITY (A&H), PROPERTY AND CASUALTY INSURANCE
A. Insurance Commissioner/Department
B. General Definitions
C. Licensing Requirements
D. Unfair Trade Practices
E. Licensee Responsibilities
F. Rate and Form Regulations
G. Insurance Guaranty Fund
H. Insurance Information & Privacy Protection Act
I. Basic Contract Language
J. Insurance Fraud protection Act
II. MONTANA STATUTES, RULES, AND REGULATIONS PERTINENT TO DISABILITY (A&H) INSURANCE ONLY
A. Required Coverage and Provisions
B. Medicare Supplements
C. Group Disability
D. Health Maintenance Organizations (HMO)
E. Health Service Corporations
F. Special Policies
G. Preferred Provider Agreements Act
H. Freedom of Choice in Selection of Practitioners
I. Coverage for Insureds in Special Circumstances
J. Long-term Care (0-1)
How to Apply for the License:
1. Pass licensing examination administered by Pearson VUE.
2. Apply to the Montana Insurance Department online.
3. Applications must include copies of a score report from the test center.
State Licensing Information:
Montana Department of Insurance
840 Helena Avenue
Helena, MT 59601
(406) 444-2040
http://sao.mt.gov
Pearson VUE Licensing Information:
Pearson VUE
Montana Insurance
Attn: Regulatory Program
5601 Green Valley Dr.
Bloomington, MN 55437
866-274-8906
License Renewal Requirements: Individual Producer licenses must be renewed every two years and there is a continuing education requirement.
Applicable Regulations: Life and health insurance agents in Montana are regulated by the Montana Department of Insurance.
For more information on life and health insurance agent licensing and exam preparation, go to Tests.com’s Life and Health Insurance Exam Guide.
And take Tests.com’s free Life and Health Insurance Agent Practice Test.
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