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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

Montana Insurance Content Outlines
Cover, content outline effective date
Montana Insurance Licensing Candidate Handbook
p. 12, Content Outlines
Montana Insurance Licensing Candidate Handbook
p. 9, Retaking the Exam
Montana Insurance Content Outlines
S1, Life – General Knowledge heading
Montana Insurance Content Outlines
S1, general knowledge assessment count
Montana Insurance Content Outlines
S2, Life – Montana Specific heading
Montana Insurance Content Outlines
S2, Montana-specific assessment count
Montana Insurance Content Outlines
S3, Life – Montana Specific II.E
33-17-212(1)
33-17-212(1)
Montana Insurance Licensing Candidate Handbook
p. 10, Score Explanation
Pearson VUE Montana Insurance: Find an Exam
Test Center Delivery, InsMT-Life01

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