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Chapter Exam - Michigan Laws and Rules Questions and Answers
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Chapter Exam - Michigan Laws and Rules Questions and Answers
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Chapter Exam - Michigan Laws andRules Questions and Answers
Stock company - Answer -Which form of insurer has shareholders?
6 months - Answer -In order to save on premiums, a Life Insurance policy can legally be
backdated up to
Misrepresentation - Answer -A licensee who informs an insured of inaccurate terms,
benefits, or advantages of any policy is committing which of the following violations?
fraud - Answer -A producer who knowingly submits a FALSE statement in support of a
claim may be found guilty of
$5 pen - Answer -Which of the following gifts from a producer would NOT be considered
rebating?
loss of income - Answer -Under Michigan Insurance Code, Chapter 45, insurance fraud
defines financial loss as
twisting - Answer -The act of using misrepresentation to induce an insured person to
terminate an existing policy and purchase a new policy is referred to as
trust - Answer -Group insurance premium payments made by an employer under the
terms of a Taft-Hartley Trust are paid directly to the
birth abnormalities - Answer -When the insured gives birth, coverage for eligible newly
born children consists of coverage of injury or sickness including
Employer - Answer -Who has the option to renew a small employer health plan?
an unfair claim settlement practice - Answer -An insurer, in general business practice,
fails to promptly provide a reasonable explanation for the denial of a claim. This is
considered to be
defamation - Answer -Making a statement that is false or maliciously critical of the
financial condition of an insurer is known as
12 months - Answer -Under an expense-incurred individual health policy, what is the
MAXIMUM length of time after issuance of the policy that an insurer can exclude
coverage for a pre-existing condition?
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