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MICHIGAN PROPERTY % CASUALTY EXAM PACK|GRADED A+|GUARANTEED SUCCESS
MICHIGAN PROPERTY % CASUALTY EXAM PACK|GRADED A+|GUARANTEED SUCCESS
[Show more]MICHIGAN PROPERTY % CASUALTY EXAM PACK|GRADED A+|GUARANTEED SUCCESS
[Show more]FIO 
(Federal Insurance Office) Monitors insurance industry and identifies issues and gaps in the state regulation of insurers. It also monitors access to affordable insurance by underserved communities and consumers. 
 
 
 
Insurance Regulation at State Level 
Insurance industry is regulated primar...
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Add to cartFIO 
(Federal Insurance Office) Monitors insurance industry and identifies issues and gaps in the state regulation of insurers. It also monitors access to affordable insurance by underserved communities and consumers. 
 
 
 
Insurance Regulation at State Level 
Insurance industry is regulated primar...
What organization was established to protect insureds against financial loss because of insurance company insolvency? 
The Michigan Property and Casualty Guaranty Association (MPCGA) 
 
 
 
Which insurers authorized to sell insurance are required to be members of the association? 
All insurers excep...
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Add to cartWhat organization was established to protect insureds against financial loss because of insurance company insolvency? 
The Michigan Property and Casualty Guaranty Association (MPCGA) 
 
 
 
Which insurers authorized to sell insurance are required to be members of the association? 
All insurers excep...
The Governer appoints a Commissioner of Insurance every how many years? 
4 
 
 
 
Maximum fine for knowingly violating cease and desist order is 
$10,000 and possible licesnse revokation. 
 
 
 
 
 
 
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01:49 
Temporary Licenses are issued for how many days? 
180 
 
 
 
An applicant who has b...
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Add to cartThe Governer appoints a Commissioner of Insurance every how many years? 
4 
 
 
 
Maximum fine for knowingly violating cease and desist order is 
$10,000 and possible licesnse revokation. 
 
 
 
 
 
 
00:02 
 
01:49 
Temporary Licenses are issued for how many days? 
180 
 
 
 
An applicant who has b...
Marketing Practices: Disparaging comparisons and statements. 
Advertisements cannot directly or indirectly make unfair, or incomplete comparison to the policies of other insurers. 
 
 
 
Marketing Practices: False or Malicious statements 
False or malicious statements are considered a misdemeanor wi...
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Add to cartMarketing Practices: Disparaging comparisons and statements. 
Advertisements cannot directly or indirectly make unfair, or incomplete comparison to the policies of other insurers. 
 
 
 
Marketing Practices: False or Malicious statements 
False or malicious statements are considered a misdemeanor wi...
Risk 
The possibility that a loss will occur 
 
 
 
Speculative Risk 
Chance of loss or gain 
 
 
 
 
 
 
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Pure Risk 
only the possibility of loss 
 
 
 
Peril 
cause of loss 
 
 
 
Exposure 
The potential for accidents and other losses 
 
 
 
Direct Loss 
Loss that is a direct result...
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Add to cartRisk 
The possibility that a loss will occur 
 
 
 
Speculative Risk 
Chance of loss or gain 
 
 
 
 
 
 
00:10 
 
01:49 
Pure Risk 
only the possibility of loss 
 
 
 
Peril 
cause of loss 
 
 
 
Exposure 
The potential for accidents and other losses 
 
 
 
Direct Loss 
Loss that is a direct result...
A person required to be licensed under the laws of this state to sell, solicit, or negotiate insurance. 
Producer (Agent) 
 
 
 
What are the requirements to be an agent? 
1. Be a resident of the state 
2. Be at least 18 years of age 
3. Possess reasonable understanding of insurance laws, good faith...
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Add to cartA person required to be licensed under the laws of this state to sell, solicit, or negotiate insurance. 
Producer (Agent) 
 
 
 
What are the requirements to be an agent? 
1. Be a resident of the state 
2. Be at least 18 years of age 
3. Possess reasonable understanding of insurance laws, good faith...
Personal Contract 
personal in nature, there must be an insurable interest 
 
 
 
Aleatory Contract 
"a one sided contract" equal value is not given by both parties in the contract. Policyowner pays small premium - insurer provides a substantial benefit 
 
 
 
 
 
 
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Contract of Adh...
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Add to cartPersonal Contract 
personal in nature, there must be an insurable interest 
 
 
 
Aleatory Contract 
"a one sided contract" equal value is not given by both parties in the contract. Policyowner pays small premium - insurer provides a substantial benefit 
 
 
 
 
 
 
00:00 
 
01:49 
Contract of Adh...
Example of Rebating 
Agent giving someone money or a flatscreen tv if they will buy a policy from you. 
 
 
 
Under Michigan _______ _______ ______, an insurer cannot limit coverage or refuse to insure or renew coverage unless the insurer has specific written underwriting rules that would allow that...
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Add to cartExample of Rebating 
Agent giving someone money or a flatscreen tv if they will buy a policy from you. 
 
 
 
Under Michigan _______ _______ ______, an insurer cannot limit coverage or refuse to insure or renew coverage unless the insurer has specific written underwriting rules that would allow that...
Example of Rebating 
Agent giving someone money or a flatscreen tv if they will buy a policy from you. 
 
 
 
Under Michigan _______ _______ ______, an insurer cannot limit coverage or refuse to insure or renew coverage unless the insurer has specific written underwriting rules that would allow that...
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Add to cartExample of Rebating 
Agent giving someone money or a flatscreen tv if they will buy a policy from you. 
 
 
 
Under Michigan _______ _______ ______, an insurer cannot limit coverage or refuse to insure or renew coverage unless the insurer has specific written underwriting rules that would allow that...
Covered Auto means any ____ listed on the declarations page. 
Vehicle 
 
 
 
Newly Acquired auto means any private ____ car, ____ or ____, non-owned temporary ____ vehicle or trailer or trailer designed to be pulled by a ____ vehicle acquired by the insured during the policy period. 
Passenger; Pick...
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Add to cartCovered Auto means any ____ listed on the declarations page. 
Vehicle 
 
 
 
Newly Acquired auto means any private ____ car, ____ or ____, non-owned temporary ____ vehicle or trailer or trailer designed to be pulled by a ____ vehicle acquired by the insured during the policy period. 
Passenger; Pick...
Michigan Laws: Property and Casualty Only 
Ahead 
 
 
 
Guaranty Association 
Protects insureds against insurer insolvencies. Covers: 
- Auto 
- Homeowners 
- Fire 
- Commercial Property 
- Worker's Compensation 
- General Liability 
*Personal Protection Insurance and Worker's Compensation: Paid i...
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Add to cartMichigan Laws: Property and Casualty Only 
Ahead 
 
 
 
Guaranty Association 
Protects insureds against insurer insolvencies. Covers: 
- Auto 
- Homeowners 
- Fire 
- Commercial Property 
- Worker's Compensation 
- General Liability 
*Personal Protection Insurance and Worker's Compensation: Paid i...
Bailee 
An individual or organization who has taken into its care, custody, and/or control the property of another for servicing, repair, or storage 
 
 
 
Hazard 
Something that increases the chance or likelihood of a loss occuring. 
 
(physical or moral or morale) 
 
 
 
 
 
 
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01:49 
Mark...
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Add to cartBailee 
An individual or organization who has taken into its care, custody, and/or control the property of another for servicing, repair, or storage 
 
 
 
Hazard 
Something that increases the chance or likelihood of a loss occuring. 
 
(physical or moral or morale) 
 
 
 
 
 
 
00:01 
 
01:49 
Mark...
Which of the following are the authorities that an agent can hold? 
Express and implied 
 
 
 
Which of the following terms refers to such disabilities the loss of a limb, hearing , or eye sight? 
Permanent partial disability 
 
 
 
 
 
 
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01:49 
Who is NOT considered an employee in an comme...
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Add to cartWhich of the following are the authorities that an agent can hold? 
Express and implied 
 
 
 
Which of the following terms refers to such disabilities the loss of a limb, hearing , or eye sight? 
Permanent partial disability 
 
 
 
 
 
 
00:00 
 
01:49 
Who is NOT considered an employee in an comme...
X Edit # 6. Licensees who are currently licensed, and have recently become residents of the state of Michigan may not have to complete any prelicensing education. To qualify for this exemption, they must apply to become resident licensees within a few days of establishing a legal residence within ho...
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Add to cartX Edit # 6. Licensees who are currently licensed, and have recently become residents of the state of Michigan may not have to complete any prelicensing education. To qualify for this exemption, they must apply to become resident licensees within a few days of establishing a legal residence within ho...
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