Chapter 7 Variable Exam Michigan State Insurance Law || A+
Certified.
Producer correct answers Person required to be licensed to sell, solicit, negotiate insurance.
Adjuster
Can an adjuster be a salaried employee of an insurer or managing general agent? correct answers
Person who for compensation, adjusts, investigates, or negotiates settlement of claims on behalf
of either the insurer or insured.
No
The commissioner will not issue an adjuster license to person who is employed by, owns stock
in, is an officer or director of, or any other matter connected with a correct answers a fire repair
contractor
Counselor is a person correct answers who audits or abstracts policies of insurance or annuities,
provides advise, counsel, or opinion with respect to benefits promised, coverage afforded or
terms of a policy of insurance or annuity.
Business Entities is any correct answers corporation, association, partnership, limited liability
company, limited liability partnership or other legal entity.
The Commissioner will waive part 1 of the examination for any age who applies for extension of
his license if the letter request from the insurer is accompanies by evidence that the agent: correct
answers 1. Passed acceptable alternative exam
2. Registered with SEC as Broker Dealer or agent currently associated with a broker dealer and
has met the qualification requirements for the association
Acceptable Alternative Exams include: correct answers 1. Any State securities sales examination
accepted by SEC
2. FINRA exam for principals, or its examination for qualification as a registered rep.
3. Various securities exams required by NYSE, American stock exchange, Pacific stock
exchange or any other registered national stock exchange.
4. SEC test given pursuant to the Securities and Exchange Act of 1934.
5. The examination recommended for the testing of variable contracts agents by the NAIC.
Duration - unless revoked or refused renewal, an insurance agent license will remain in effect as
long as correct answers education requirements are met
, Change of address/place of business each agent must notify ____________ within ________days
correct answers Department of Insurance
30
Report of actions - A licensed agent must report any disciplinary action by the insurance
regulatory agency of any other state or territory of the US, each disciplinary action on an
occupational license held by the licensee, each judgment or injunction entered against the
licensee involving fraud, deceit, misrepresentation, or violation of any insurance law within
Such information is correct answers 30 days
confidential by law and is privileged.
Assumed Names - an insurance producer doing business under any name other than the
producers legal name is required to notify the ________ prior to using he assumed name. correct
answers Commissioner.
Each licensee must complete a min of ______ credit hours, ____ which must be in ethics every
______ years. correct answers 24 credit hours
3 hours ethics
2 years
After the licensee complete an approved CE course they get a certificate to completion and must
give it to correct answers The Commissioner
The Commissioner will waive the CE requirements for an insurance producer: correct answers 1.
Who is unable to comply with CE due to military
2. Commissioner determines it would cause severe hardship
3. Who is licensed only for Travel or Baggage Insurance and their employment is for the purpose
other than the sale of those policies
4. Licensed to write only limited line credit insurance
A producer has a ________ grace period from the expiration date of his license within which to
meet the CE requirements or the license is canceled. During the ____ day grace period, the
insurance producer may not correct answers 90 day grace period
solicit or sell new policies of insurance, bind coverage, or otherwise act as an insurance
producers except to service previously sold and receive commissions on policies previously sold.
Certified.
Producer correct answers Person required to be licensed to sell, solicit, negotiate insurance.
Adjuster
Can an adjuster be a salaried employee of an insurer or managing general agent? correct answers
Person who for compensation, adjusts, investigates, or negotiates settlement of claims on behalf
of either the insurer or insured.
No
The commissioner will not issue an adjuster license to person who is employed by, owns stock
in, is an officer or director of, or any other matter connected with a correct answers a fire repair
contractor
Counselor is a person correct answers who audits or abstracts policies of insurance or annuities,
provides advise, counsel, or opinion with respect to benefits promised, coverage afforded or
terms of a policy of insurance or annuity.
Business Entities is any correct answers corporation, association, partnership, limited liability
company, limited liability partnership or other legal entity.
The Commissioner will waive part 1 of the examination for any age who applies for extension of
his license if the letter request from the insurer is accompanies by evidence that the agent: correct
answers 1. Passed acceptable alternative exam
2. Registered with SEC as Broker Dealer or agent currently associated with a broker dealer and
has met the qualification requirements for the association
Acceptable Alternative Exams include: correct answers 1. Any State securities sales examination
accepted by SEC
2. FINRA exam for principals, or its examination for qualification as a registered rep.
3. Various securities exams required by NYSE, American stock exchange, Pacific stock
exchange or any other registered national stock exchange.
4. SEC test given pursuant to the Securities and Exchange Act of 1934.
5. The examination recommended for the testing of variable contracts agents by the NAIC.
Duration - unless revoked or refused renewal, an insurance agent license will remain in effect as
long as correct answers education requirements are met
, Change of address/place of business each agent must notify ____________ within ________days
correct answers Department of Insurance
30
Report of actions - A licensed agent must report any disciplinary action by the insurance
regulatory agency of any other state or territory of the US, each disciplinary action on an
occupational license held by the licensee, each judgment or injunction entered against the
licensee involving fraud, deceit, misrepresentation, or violation of any insurance law within
Such information is correct answers 30 days
confidential by law and is privileged.
Assumed Names - an insurance producer doing business under any name other than the
producers legal name is required to notify the ________ prior to using he assumed name. correct
answers Commissioner.
Each licensee must complete a min of ______ credit hours, ____ which must be in ethics every
______ years. correct answers 24 credit hours
3 hours ethics
2 years
After the licensee complete an approved CE course they get a certificate to completion and must
give it to correct answers The Commissioner
The Commissioner will waive the CE requirements for an insurance producer: correct answers 1.
Who is unable to comply with CE due to military
2. Commissioner determines it would cause severe hardship
3. Who is licensed only for Travel or Baggage Insurance and their employment is for the purpose
other than the sale of those policies
4. Licensed to write only limited line credit insurance
A producer has a ________ grace period from the expiration date of his license within which to
meet the CE requirements or the license is canceled. During the ____ day grace period, the
insurance producer may not correct answers 90 day grace period
solicit or sell new policies of insurance, bind coverage, or otherwise act as an insurance
producers except to service previously sold and receive commissions on policies previously sold.
