/////…/.//,.,./.,./.,..,..//…,,…..,,,,,..////.,.,.,[]][‘;@@@2../././/…../////…/;;;.//
Michigan Personal Lines Insurance
License Exam Review V2 2026/2027 |
Ultimate Study Guide |
Comprehensive Practice Questions,
Detailed Answer Explanations &
Insurance Producer Certification
Prep
In order for a contract to be valid, it must be
filled with the state
be signing and witnessed by an attorney
be in writing
contain offer and acceptance
Contain offer and acceptance
,/////…/.//,.,./.,./.,..,..//…,,…..,,,,,..////.,.,.,[]][‘;@@@2../././/…../////…/;;;.//
A producer's fiduciary duty requires that
premiums are maintained in a personal bank account until remittance to insurer
premiums be deposited in an interest bearing account
premiums are forwarded to the insurer on a timely basis
premiums be commingled
Premiums are forwarded on a timely basis
An individual who removes the risk of losing money in the stock market by never purchasing
stocks is said to be engaging in
Risk reduction
Risk Transference
Risk avoidance
Risk retention
Risk avoidance
A type of group that has a constitution and has been organized for purposes other than obtaining
insurance is called a(n)
employer group
, /////…/.//,.,./.,./.,..,..//…,,…..,,,,,..////.,.,.,[]][‘;@@@2../././/…../////…/;;;.//
employee group
association or labor group
multiple coalition
association or labor group
Term insurance is appropriate for someone who
seeks living benefits for themselves
seeks a policy that builds cash value
seeks temporary protection and lower premiums
seeks permanent protection and higher premiums
Michigan requires that a licensee complete __ hours of continuing education on the subject of
ethics every reporting period
1
2
3
Michigan Personal Lines Insurance
License Exam Review V2 2026/2027 |
Ultimate Study Guide |
Comprehensive Practice Questions,
Detailed Answer Explanations &
Insurance Producer Certification
Prep
In order for a contract to be valid, it must be
filled with the state
be signing and witnessed by an attorney
be in writing
contain offer and acceptance
Contain offer and acceptance
,/////…/.//,.,./.,./.,..,..//…,,…..,,,,,..////.,.,.,[]][‘;@@@2../././/…../////…/;;;.//
A producer's fiduciary duty requires that
premiums are maintained in a personal bank account until remittance to insurer
premiums be deposited in an interest bearing account
premiums are forwarded to the insurer on a timely basis
premiums be commingled
Premiums are forwarded on a timely basis
An individual who removes the risk of losing money in the stock market by never purchasing
stocks is said to be engaging in
Risk reduction
Risk Transference
Risk avoidance
Risk retention
Risk avoidance
A type of group that has a constitution and has been organized for purposes other than obtaining
insurance is called a(n)
employer group
, /////…/.//,.,./.,./.,..,..//…,,…..,,,,,..////.,.,.,[]][‘;@@@2../././/…../////…/;;;.//
employee group
association or labor group
multiple coalition
association or labor group
Term insurance is appropriate for someone who
seeks living benefits for themselves
seeks a policy that builds cash value
seeks temporary protection and lower premiums
seeks permanent protection and higher premiums
Michigan requires that a licensee complete __ hours of continuing education on the subject of
ethics every reporting period
1
2
3
