MT Life & Health study guide
MT Life & Health · Work through your exam, one topic at a time.
The Montana Life & Health producer license is the credential that permits a person to sell life insurance and health insurance products in Montana. Licensing is handled by the Montana Commissioner of Securities and Insurance (CSI), whose website includes a Producer, Adjuster & Consultant Licensing section, a Montana Insurance License Search, and a tool to print an insurance license. The MT Life & Health study guide has 8 sections and about 2,743 words.
01Insurance Regulation
Insurance is regulated mainly by the states. The state insurance department, headed by a commissioner or director, licenses insurers and producers, reviews policy forms and rates, conducts market-conduct examinations, and enforces unfair trade practice laws.
274 words, about 1 min02General Insurance Concepts
Risk is uncertainty about loss. A peril is the cause of a loss, such as fire or death.
262 words, about 1 min03Life Insurance Basics
Life insurance premiums reflect mortality, interest, and expense assumptions. Mortality is the probability of death at a given age; interest earnings reduce the premium; expenses include administration and commissions.
282 words, about 1 min04Life Insurance Policies and Policy Provisions, Options and Riders
A life policy is a unilateral contract: only the insurer makes an enforceable promise. Common provisions include the entire-contract clause, free-look period, grace period, incontestability clause, misstatement of age or sex, suicide clause, reinstatement, automatic premium loan, policy loans, assignment, dividends, nonforfeiture options, and settlement options.
570 words, about 3 min05Annuities
An annuity is a contract that accumulates funds and then pays an income stream. During accumulation, the contract earns interest or investment returns.
269 words, about 1 min06Health Insurance Basics and Policy Provisions
Health policies use deductibles, coinsurance, copayments, and out-of-pocket maximums. A deductible is paid first; coinsurance is a percentage split after the deductible; an out-of-pocket maximum caps covered in-network spending.
245 words, about 1 min07Disability Income and Medical Expense Insurance
Disability income insurance replaces part of earned income, often 50% to 70%, and is not designed to replace all income. Key definitions include own-occupation, which pays if the insured cannot perform their own occupation, and any-occupation, which pays only if the insured cannot perform any reasonable occupation.
276 words, about 1 min08Group Health, Federal Tax Considerations and Other Health Insurance Topics
Group health insurance is issued to an employer or sponsor as a master policy; participants receive certificates. Eligibility rules define who may enroll, and open enrollment allows eligible members to join without new medical underwriting.
565 words, about 3 min