Michigan laws and rules - Study guides, Class notes & Summaries

Chapter Exam - Michigan Laws and Rules Questions and Answers Rated A+ Which form of insurer has shareholders? Stock company In order to save on premiums, a Life Insurance policy can legally be backdated up to 6 months A licensee who informs an insured of inaccurate terms, benefits, or advantages of any policy is committing which of the following violations? Misrepresentation A producer who knowingly submits a FALSE statement in support of a claim may be found guilty of fraud W...

Who appoints fhe director? - ANSWERThe Governor Who is the person who holds a license? - ANSWERThe Licensee Who appoints individual memebers of the board? - ANSWERThe Governor with the advise and consent of the Senate How long does a member serve? - ANSWER4 years How many consecutive terms can a board member serve? - ANSWERNot more than 2 full terms The board may meet as often as necessary to fulfill its duties, but not less than __ times per year - ANSWER2 What fees are charge...

MICHIGAN LAWS AND RULES EXAM | QUESTIONS & ANSWERS (VERIFIED) | LATEST UPDATE | GRADED A+ MICHIGAN LAWS AND RULES EXAM | QUESTIONS & ANSWERS (VERIFIED) | LATEST UPDATE | GRADED A+

Ch.18 Michigan Laws and Rules Pertinent to Insurance Graded A+ 1. Twisting: The act of using misrepresentation to induce an insured person to terminate an existing policy and purchase a new policy is known as - twisting - subrogation - a life settlement - coercion 2. Misrepresentation: Providing incorrect, misleading, incomplete, or materially untrue information in the license application is - forgery - coercion - embezzlement - misrepresentation 3. Additional Premiums: According to th...

CH.18 MICHIGAN LAWS AND RULES PERTINENT TO INSURANCE EXAM | QUESTIONS & ANSWERS (VERIFIED) | LATEST UPDATE | GRADED A+CH.18 MICHIGAN LAWS AND RULES PERTINENT TO INSURANCE EXAM | QUESTIONS & ANSWERS (VERIFIED) | LATEST UPDATE | GRADED A+

Which form of insurer has shareholders? Stock company In order to save on premiums, a Life Insurance policy can legally be backdated up to 6 months A licensee who informs an insured of inaccurate terms, benefits, or advantages of any policy is committing which of the following violations? Misrepresentation A producer who knowingly submits a FALSE statement in support of a claim may be found guilty of fraud Which of the following gifts from a producer would NOT be considered rebating? $5 p...

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Ch.18 Michigan Laws and Rules Pertinent to Insurance Exam Questions and Answers

Items that have been contaminated with blood or other body fluids are to be disinfected with hypochlorite solution, also known as - ANSWERHousehold bleach How is electrical equipment to be maintained? - ANSWERAccording to manufactures directions How are creams and semi-solid substances to be dispensed? - ANSWERWith clean sanitary spatulas and should be covered when not in use Who can perform services in a school of cosmetology? - ANSWERStudents and instructors for demo purposes only ...

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, insuran...