Exam (elaborations)
MICHIGAN CREDIT INSURANCE PRODUCER QUESTIONS AND ANSWERS 2024
- Course
- Institution
MICHIGAN CREDIT INSURANCE PRODUCER QUESTIONS AND ANSWERS 2024
[Show more]
Content preview
MICHIGAN CREDIT INSURANCE PRODUCERA producer knowingly violated the cease and desist order is fined _________ up
to _________ from the Commissioner of Insurance - ANSWERS-$5,000 up to
$50,000
What is the grace period for continuing education? - ANSWERS-90 days
What is the primary function of the Department of Financial and Insurance
Services (DIFS)? - ANSWERS-to enforce insurance laws
How many days does an applicant that has been denied an insurance license have
to request a hearing to protest the denial? - ANSWERS-30 days
Does a person collecting premiums in a home office have to be licensed? -
ANSWERS-No
Appointment - ANSWERS-producer can sell insurance without and appointment. A
producer cannot ACT as an agent w/o and appointment from an admitted insurer.
the notice of appointment by an insurer must be filed with the commissioner
upon licensing the applicant within how many days? How many days does the
commissioner have to verify producers eligibility? - ANSWERS-the notice of
appointment must be filed within 15 days, the commissioner has 30 days to verify
the producers eligibility.
,An applicant will be denied insurance license for: - ANSWERS-convicted of a
felony
Brokerage is permitted in Michigan if: - ANSWERS-NEVER
Mike, a producer, has lost his appointment with the insurer due to
embezzlement. The insurer must: - ANSWERS-provide supporting evidence to the
Commissioner regarding the cancellation of the appointment
A producer has a fiduciary responsibility to the 1.____ 2._____ 3._____ -
ANSWERS-client, prospect, and insurer
Michigan Life and Health Insurance Guaranty Association is: - ANSWERS-protect
the policyowner against failure in the performance of contractual obligations of
certain insurance policies.
Controlled Business - ANSWERS-life insurance placed on the producers life,
spouse, and business partners
Controlled business may be written as long as it does not exceed __% of the
premium produced by an agent in a 12 month period. - ANSWERS-15%
Bartering - ANSWERS-An agent cannot barter or trade for services or goods as
payment for a policy.
, Sliding - ANSWERS-agent's failure to fully disclose all the details of an insurance
transaction
The commissioner has _____ days after receipt to approve, disapprove policies,
premiums, et. - ANSWERS-30 days
Proof of Insurance (certificate of insurance) must be delivered to the debtor
within ___ days - ANSWERS-30 days
critical period disability coverage - ANSWERS-offered for full term, benefit limited
to specified number of monthly payments
Truncated Coverage - ANSWERS-coverage offered during portion and benefits
paid only if disability occurs.
Producer - ANSWERS-licensed person who has the authority to sell, solicit, or
negotiate insurance contracts
Who has permission to cancel the license? - ANSWERS-the commissioner
Agent - ANSWERS-person or corporation authorized to solicit insurance, collect
premiums & transact insurance business on behalf of an insurance company
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Teacher101. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $17.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
79373 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now