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Summary Michigan Property and Casualty Insurance: Exam Questions and Answers (Latest Update 2024)
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Michigan Property and Casualty Insurance: Exam Questions and Answers (Latest Update 2024)
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Michigan Property and Casualty Insurance: Exam Questions and Answers (Latest Update 2024)Marketing Practices: Disparaging comparisons and statements. - Correct Answer ✅Advertisements cannot directly or indirectly make unfair, or incomplete comparison to the policies of other insurers.
Marketing Practices: False or Malicious statements - Correct Answer ✅False or malicious statements are considered a misdemeanor with a fine of up to 1000 and up to one year of imprisonment.
What is the fine for False or Malicious statements? How much prison time> -
Correct Answer ✅$1000, 1 year of imprisonment
Marketing Practices: Fraudulent statements - Correct Answer ✅Statements made to fraudulently conceal facts are considered a misdemeanor and subject to a fine up to fine up to $1000 and up to six months of imprisonment.
Fine and Prison time for Fraudulent statements - Correct Answer ✅$1000, 6
months of imprisonment Michigan Property and Casualty Insurance: Exam Questions and Answers (Latest Update 2024)
Marketing Practices: Rebating - Correct Answer ✅An inducement to buy insurance, if not mentioned in contract, is illegal.
Example of Rebating - Correct Answer ✅Agent giving someone money or a flatscreen tv if they will buy a policy from you.
Marketing Practices: Discrimination - Correct Answer ✅Cannot exist between similar risks or individuals regarding life or health insurance.
Fine and Prison Time for Violator of discrimination. - Correct Answer ✅$500
or one year of imprisonment
Marketing Practices: Claims, Methods, and Practices - Correct Answer ✅-
Insurer must pay benefits on a timely basis
-Benefits paid shall bear 12% simple interest from a date 60 days after satisfactory proof of loss was received by the insurer. -Failure to pay claims on a timely basis is an unfair trade practice unless claim is reasonably in dispute. Michigan Property and Casualty Insurance: Exam Questions and Answers (Latest Update 2024)
Marketing Practices: Insurance Fraud - Correct Answer ✅Fraudulent insurance acts are characterized by acts or omissions that a person does knowingly and with the intent to injure, defraud, or deceive.
Marketing Practices: False Claims - Correct Answer ✅Filling a fraudulent claim for death, sickness, or disability wit an insurer is a misdemeanor.
False Claims Fine and Prison time - Correct Answer ✅$1000 or up to 3 months in prison.
Marketing Practices: Release of Information - Correct Answer ✅Upon written request, an insurer or agent must turn ovr all documents that relate to suspected fraud.
Marketing Practices: Immunity from liability - Correct Answer ✅A person who turns over information to a governmental body is held harmless as long as they are acting in good faith.
Marketing Practices: Penalties involving a fraudulent insurance act - Correct Answer ✅Anyone who commits a fraudulent insurance act is guilty of a
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