Montana State Life Insurance Practice Exam 2026 - Free Life Insurance Practice Questions and Study Guide

Question: 1 / 400

Within how many business days must an insurance producer provide a reason for an adverse action to an applicant?

10 business days

15 business days

21 business days

The correct timeframe for an insurance producer to provide a reason for an adverse action to an applicant is 21 business days. This requirement is established to ensure that applicants receive timely and clear information regarding any negative decisions made about their insurance applications. By providing this explanation within 21 business days, the producer allows the applicant to understand the basis for the decision, which is an important aspect of transparency and fairness in the insurance process. This regulation helps protect consumers by ensuring they have the opportunity to address any issues or misunderstandings that may have led to the adverse action.

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30 business days

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