Michigan Life, Accident, and Health Exam Questions and Answers Already Passed

Michigan Life, Accident, and Health Exam Questions and Answers Already Passed The Commissioner of Insurance is appointed by the Governor for a term of 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 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 180 days Continuing Education (CE) ______ hours of CE every two years ______ hours must be in Ethics ______ day grace period to complete CE 24 total hours every two years 3 hours in ethics 90 day grace period Michigan Life and Health Insurance Guaranty Association Protects policy holders against failure insolvent insurers Controlled business 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 __________. Rebating Defamation 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 __________________. $10,000 and possible license revocation Insurance counselor Provides advice concerning an insurance policy and charges a fee for that advice. An applicant who has been denied an insurance license has _____ days to request a hearing to protest the denial. 30 days True / False A producer may share commissions with another licensed producer True True / False A producer may not share commissions with a licensed nonresident producer False If, after a hearing, the Commissioner believes a producer knowingly violated insurance licensing laws, the Commissioner can: Fine the producer a max of $2,500 per violation A producer has a fiduciary responsibility to all of the following: - Insured on cancelled policies - Insurer, for premiums due