Michigan Life, Accident, and Health exam 2024

The Commissioner of Insurance is appointed by the Governor for a term of - correct 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 - correct 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 - correct answer 180 days Continuing Education (CE) ______ hours of CE every two years ______ hours must be in Ethics ______ day grace period to complete CE - correct answer 24 total hours every two years 3 hours in ethics 90 day grace period Michigan Life and Health Insurance Guaranty Association - correct answer Protects policy holders against failure insolvent insurers Controlled business - correct answer It is permitted provided it does not exceed 15% of the premiums written in a 12-month period To motivate