Exams / Montana Life Insurance License / Mont. Code Ann. §33-7-532
Mont. Code Ann. §33-7-532 — what it says, and how the exam tests it
This section is cited by 2 of our practice questions and is tested on 2 exams including the Montana Life Insurance License.
The text
33-7-532. Insurance producer licensing -- fraternal benefit society. (1) A society's insurance producer is considered to be an insurance producer and is subject to the same licensing requirements as insurance producers under Title 33, chapter 17. (2) A society doing business in this state may not pay to a person who is not a licensed insurance producer of the society any commission or other compensation for any services in obtaining in this state any new contract of life, accident, or health insurance or any new annuity contract. History: En. Sec. 33, Ch. 586, L. 1991; amd. Sec. 9, Ch. 427, L. 2003. Disclaimer: The Internet version of the Montana Code Annotated is provided as a research tool to users of the Code. In case of inconsistencies resulting from omissions or other errors, the printed version will prevail.
Public record. Read the full, current section at the official source: mca.legmt.gov
How it comes up on the exam
Practice questions written from this section — answers and explanations are in the drill.
- Under Mont. Code Ann. §33-7-532, a fraternal benefit society doing business in Montana may NOT pay a commission to a person for obtaining new life, accident, or health insurance contracts unless that person holds what qualification?
drill Montana Statutes and Rules Common to Life, Disability (A&H), Property and Casualty Insurance → - A fraternal benefit society operating in Montana pays a commission to an unlicensed individual for obtaining a new life insurance contract. Under Montana law, this payment violates which requirement?
drill Montana Statutes and Rules Common to Life, Disability (A&H), Property and Casualty Insurance →