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Chapter 15 Michigan State Laws Exam Questions and Answers
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Chapter 15 Michigan State Laws Exam Questions and Answers
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Chapter 15: Michigan State Laws ExamQuestions and Answers
Which of the following tasks require a producer's license?
A. Soliciting insurance
B. Inspecting the training of insurance producers
C. Settling a claim on a contract of insurance
D. Providing technical advice and assistance to licensed insurance producers - Answer
-A. Soliciting insurance
Which of the following is not a prerequisite to apply for a producer's license in Michigan?
A. Being at least 18 years old
B. Completion of the pre-licensing course
C. Having a high school diploma
D. Passage of the licensing exam - Answer -C. Having a high school diploma
All of the following would be eligible to have their pre-licensing requirements waived by
the Director except an applicant who:
A. Has been a licensed insurance producer within the preceding 36 months
B. Has obtained the CPCU designation
C. Has a bachelor's degree with a concentration in insurance from an approved
institution
D. Applies for a credit insurance producer's license - Answer -A. Has been a licensed
insurance producer within the preceding 36 months
Within how many days must a producer notify the Director of a change of address?
A. 10
B. 30
C. 20
D. 40 - Answer -B. 30
How many credit hours of continuing education must a producer complete to maintain
their license during each renewal period?
A. 12
, B. 24
C. 36
D. 48 - Answer -B. 24
How many credit hours of CE must be devoted to ethics during each renewal period?
A. 5
B. 10
C. 1
D. 3 - Answer -D. 3
How many days after terminating the appointment of an agent must an insurer notify the
Director of the termination?
A. 30
B. 10
C. 20
D. 15 - Answer -A. 30
How many days after appointing an agent must an insurer notify the Director of the
appointment?
A. 15
B. 5
C. 20
D. 10 - Answer -A. 15
The fine for knowingly violating a cease and desist order is what amount per infraction?
A. $5,000
B. $20,000
C. $50,000
D. $25,000 - Answer -B. $20,000
Which of the following is not grounds for license revocation?
A. Providing materially untrue information in the license application
B. Violating a cease and desist order
C. Over-insuring a property risk
D. Committing an Unfair Trade Practice - Answer -C. Over-insuring a property risk
A producer tells his clients, falsely, that a rival insurer does not pay claims in a timely
fashion. This is an example of what Unfair Trade Practice?
A. Defamation
B. Misrepresentation
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