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Ch.18 Michigan Laws and Rules Pertinent to Insurance Exam Questions and Answers
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Ch.18 Michigan Laws and Rules Pertinent to Insurance Exam Questions and Answers
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Ch.18 Michigan Laws and RulesPertinent to Insurance Exam Questions
and Answers
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
twisting
subrogation
a life settlement
coercion
Misrepresentation - Answer -Providing incorrect, misleading, incomplete, or materially
untrue information in the license application is
forgery
coercion
embezzlement
misrepresentation
additional premiums - Answer -In the Michigan Insurance Code, Chapter 45, insurance
fraud defines financial loss as all of the following EXCEPT
loss of earnings
additional premiums
out-of-pocket expenses
repair and replacement costs
A business entity soliciting insurance - Answer -Which of the following is REQUIRED to
be licensed as an insurance producer?
An underwriter of an insurer
An administrator of a group plan
A business entity soliciting insurance
An officer or director of a licensed insurer
, intimidation - Answer -The unfair trade practice of using threat or force to restrict fair
trade in the transaction of insurance is called
twisting
defamation
intimidation
misrepresentation
Recording the receipt and distribution of premiums due to an insurer - Answer -A
producer's fiduciary responsibility includes which of the following activities?
Recording the receipt and distribution of premiums due to an insurer
Properly remunerating persons who furnish leads on prospects
Providing needed insurance to prospective insureds through any sources that are
available
Guaranteeing payment to insureds for losses covered by policies that the producer sold
6 months - Answer -In order to save on premiums, a Life Insurance policy can legally be
backdated up to
3 months
4 months
6 months
12 months
an authorized agency makes a written request to the insurer during an insurance fraud
investigation - Answer -Consumer privacy regulations permit the release of an insured's
financial information when
A distant relative requests financial information in writing
The Department of Energy, Labor, and Economic Growth makes a written request to
the insurer for employment purposes
A creditor requests information in writing to approve a line of credit
An authorized agency makes a written request to the insurer during an insurance fraud
investigation
Submit to the replacing insurer a list of all Life Insurance policies or annuity contracts
proposed to be replaced - Answer -According to the Michigan Insurance Code, which of
the following MUST a producer do when replacing a Life Insurance policy?
Notify the beneficiaries of all the policies or annuity contracts proposed to be replaced
Notify the insurer whose policy is being replaced, but not the insurer replacing the
policy
Submit to the replacing insurer a list of all Life Insurance policies or annuity contracts
proposed to be replaced
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