Michigan Credit Insurance Producer Study Guide with Verified Solutions | Latest 2024/2025

Producer ️ licensed person who has the authority to sell, solicit, or negotiate insurance contracts Who has permission to cancel the license? ️ the commissioner Agent ️ person or corporation authorized to solicit insurance, collect premiums & transact insurance business on behalf of an insurance company Producer is appointed by who ️ appointed by the agent to represent the insurer & an insurer can cancel the appointment of agent DIFS ️ Dept of Insurance and Financial Services, enforces insurance laws of MI - DOES NOT ENACT LAWS Commissioner ️ appointed by governor for 4 year term, authority to formulate, amend or repeal rules & admin regulations in order to implement and enforce insurance regulations Resident vs. Non-Resident producer license ️ filing a form and license fee to sell in MI if residing in another state. States must be reciprocal - mutual exchange between 2 parties Report of Actions ️ all agents are required to report within 30 days of occurrence, any judgments or disciplinary action by the insurance regulatory agency of any other state of the US Certificate of Authority ️ charter or license authorizing the insurer the right to conduct business as an admitted insurer. The license specifies the lines of insurance which the insurer is authorized to transact Michigan Credit Insurance Producer Study Guide with Verified Solutions | Latest 2024/2025