Michigan Life, Accident, and Health Complete Questions And Solutions!
The Commissioner of Insurance is appointed by the Governor for a term of - ANSWER 4 years All of the following are examples of insurance transactions except: A. soliciting applications for insurance B. delivering policies C. licensing of producers D. collecting premiums - ANSWER Correct answer: C - licensing of producers A temporary license issued to close the affairs of a deceased producer may be issued for up to _____ days at the discretion of the Commissioner - ANSWER 180 days Continuing Education (CE) ______ hours of CE every two years ______ hours must be in Ethics ______ day grace period to complete CE - ANSWER 24 total hours every two years 3 hours in ethics 90 day grace period Michigan Life and Health Insurance Guaranty Association - ANSWER Protects policy holders against failure insolvent insurers Controlled business - ANSWER It is permitted provided it does not exceed 15% of the premiums written in a 12-month period To motivate a buyer to sign an application for insurance, a producer promises a gift equal to 50% of the commission. This is an example of __________. - ANSWER Rebating Defamation - ANSWER A written statement that is false and derogatory that is designed to injure someone's reputation. The maximum fine for knowingly violating a cease and desist order is $________ and
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