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Michigan Insurance Laws Exam Questions and Answers
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Michigan Insurance Laws Exam Questions and Answers
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Michigan Insurance Laws ExamQuestions and Answers
Upon receipt of the notice of appointment, the commissioner shall verify within a
reasonable time not to exceed ___ days that the insurance producer is eligible for
appointment:
a) 30 days
b) 15 days
c) 60 days
d) 5 days - Answer -a
An insurer that terminates the appointment with an insurance producer shall notify the
commissioner of such termination within how many days following the effective date of
the termination?
a) 15 days
b) 30 days
c) 45 days
d) 60 days - Answer -b
In what timeframe must an insurer mail a copy of the notification of termination to the
terminated producer?
a) 5 days
b) 30 days
c) 15 days
d) 60 days - Answer -c
Susan is now married and has taken her spouse's last name as her legal name. How
long from her change in name must she notify the commissioner of such change?
a) 30 days
b) 6 months
c) 45 days
d) 1 week - Answer -a
Alex failed to complete her CE requirements has allowed her insurance license to lapse.
If Alex wished to reinstate her license, how long after her licensed lapsed can she
reinstate it?
a) 30 days
b) 90 days
c) 6 months
, d) 12 months - Answer -d
To appoint a producer as its agent, the appointing insurer shall file a notice of
appointment within how many days from the date the agency contract is executed or the
first insurance application is submitted?
a) 45
b) 30
c) 10
d) 15 - Answer -d
Tom has recently moved to a new home so that he and his wife can be closer to family.
As he changes address, in what timeframe must he notify the commissioner of his
change of address?
a) 15
b) 30
c) 45
d) 60 - Answer -b
At what age can a Michigan resident obtain an insurance license?
a) 17
b) 18
c) 19
d) 21 - Answer -b
In what timeframe must an insurer mail a copy of the notification of termination to the
terminated producer?
a) 15
b) 30
c) 5
d) 60 - Answer -a
For scheduled premium variable life insurance policies, so long as premiums are duly
paid, the owner may exchange the policy for a policy of permanent fixed benefit life
insurance for the same initial amount of insurance as the variable life insurance policy
within what period of time?
a) 12 months
b) 60 days
c) 2 years
d) 18 months - Answer -d
A policy life insurance must include a refund period which allows the policyowner to
cancel the policy within how many days after the date the policy is received?
a) 7
b) 10
c) 15
d) 30 - Answer -b
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