Michigan Laws and Rules Exam Study Guide with
Complete Reliable Solutions
Stock company - Answer Which form of insurer has shareholders?
6 months - Answer In order to save on premiums, a Life Insurance policy can legally be backdated up to
Misrepresentation - Answer A licensee who informs an insured of inaccurate terms, benefits, or
advantages of any policy is committing which of the following violations?
fraud - Answer A producer who knowingly submits a FALSE statement in support of a claim may be
found guilty of
$5 pen - Answer Which of the following gifts from a producer would NOT be considered rebating?
loss of income - Answer Under Michigan Insurance Code, Chapter 45, insurance fraud defines financial
loss as
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
trust - Answer Group insurance premium payments made by an employer under the terms of a Taft-
Hartley Trust are paid directly to the
birth abnormalities - Answer When the insured gives birth, coverage for eligible newly born children
consists of coverage of injury or sickness including
Employer - Answer Who has the option to renew a small employer health plan?
an unfair claim settlement practice - Answer An insurer, in general business practice, fails to promptly
provide a reasonable explanation for the denial of a claim. This is considered to be
, defamation - Answer Making a statement that is false or maliciously critical of the financial condition of
an insurer is known as
12 months - Answer Under an expense-incurred individual health policy, what is the MAXIMUM length
of time after issuance of the policy that an insurer can exclude coverage for a pre-existing condition?
To reduce the premium - Answer For what purpose is a life insurance application backdated?
twisting - Answer The unfair trade practice of replacing an insurance policy from one insurer to another
based on misrepresentation is called
issue a cease and desist order - Answer Upon receiving a producer complaint, the Commissioner may
immediately
Department of Insurance and Financial Services (DIFS) - Answer The entity that has the power to revoke
a producer's insurance license is the
marital status - Answer An insurer would be committing Unfair Discrimination if coverage was denied
based upon
person providing insurance advice to a person or business for a fee - Answer Which of the following
individuals is REQUIRED to be licensed as an insurance counselor in the State of Michigan?
represents the insurer - Answer In the state of Michigan, a licensed producer
Underwriting - Answer What activity does NOT require an insurance producer's license?
A business entity soliciting insurance - Answer Which of the following is REQUIRED to be licensed as an
insurance producer?
Complete Reliable Solutions
Stock company - Answer Which form of insurer has shareholders?
6 months - Answer In order to save on premiums, a Life Insurance policy can legally be backdated up to
Misrepresentation - Answer A licensee who informs an insured of inaccurate terms, benefits, or
advantages of any policy is committing which of the following violations?
fraud - Answer A producer who knowingly submits a FALSE statement in support of a claim may be
found guilty of
$5 pen - Answer Which of the following gifts from a producer would NOT be considered rebating?
loss of income - Answer Under Michigan Insurance Code, Chapter 45, insurance fraud defines financial
loss as
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
trust - Answer Group insurance premium payments made by an employer under the terms of a Taft-
Hartley Trust are paid directly to the
birth abnormalities - Answer When the insured gives birth, coverage for eligible newly born children
consists of coverage of injury or sickness including
Employer - Answer Who has the option to renew a small employer health plan?
an unfair claim settlement practice - Answer An insurer, in general business practice, fails to promptly
provide a reasonable explanation for the denial of a claim. This is considered to be
, defamation - Answer Making a statement that is false or maliciously critical of the financial condition of
an insurer is known as
12 months - Answer Under an expense-incurred individual health policy, what is the MAXIMUM length
of time after issuance of the policy that an insurer can exclude coverage for a pre-existing condition?
To reduce the premium - Answer For what purpose is a life insurance application backdated?
twisting - Answer The unfair trade practice of replacing an insurance policy from one insurer to another
based on misrepresentation is called
issue a cease and desist order - Answer Upon receiving a producer complaint, the Commissioner may
immediately
Department of Insurance and Financial Services (DIFS) - Answer The entity that has the power to revoke
a producer's insurance license is the
marital status - Answer An insurer would be committing Unfair Discrimination if coverage was denied
based upon
person providing insurance advice to a person or business for a fee - Answer Which of the following
individuals is REQUIRED to be licensed as an insurance counselor in the State of Michigan?
represents the insurer - Answer In the state of Michigan, a licensed producer
Underwriting - Answer What activity does NOT require an insurance producer's license?
A business entity soliciting insurance - Answer Which of the following is REQUIRED to be licensed as an
insurance producer?
