Michigan Property & Casualty Insurance Bundled Exams 2023 with 100% correct answers

Risk correct answersThe possibility that a loss will occur Speculative Risk correct answersChance of loss or gain Pure Risk correct answersonly the possibility of loss Peril correct answerscause of loss Exposure correct answersThe potential for accidents and other losses Direct Loss c...

The Governer appoints a Commissioner of Insurance every how many years? correct answers4 Maximum fine for knowingly violating cease and desist order is correct answers$10,000 and possible licesnse revokation. Temporary Licenses are issued for how many days? correct answers180 An applicant w...

Covered Auto means any ____ listed on the declarations page. correct answersVehicle 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. correc...

If an insured would incur a financial loss if a particular person or property was damaged, they have ____ ____. correct answersInsurable Interest The process of reviewing applications for insurance is called ____. correct answersUnderwriting The risk selection process to determine whether a po...

Marketing Practices: Disparaging comparisons and statements. correct answersAdvertisements cannot directly or indirectly make unfair, or incomplete comparison to the policies of other insurers. Marketing Practices: False or Malicious statements correct answersFalse or malicious statements are con...

A person required to be licensed under the laws of this state to sell, solicit, or negotiate insurance. correct answersProducer (Agent) What are the requirements to be an agent? correct answers1. Be a resident of the state 2. Be at least 18 years of age 3. Possess reasonable understanding of in...