Michigan Credit Insurance Producer || 100% Accurate Answers.
licensing (insurance regulation) correct answers a license or charter authorizes an insurer the
right to conduct business as an admitted insurer and specifies the lines of insurance which the
insurer is authorized to transact
Producer Licenses( types of licenses) correct answers a licensed person who as the authority to
transact insurance business sell solicit or negotiate insurance contracts
resident license( types of licenses) correct answers issued to a resident who satisfies the states
requirements
non resident license(types of licenses) correct answers issued to producer who wishes to sell
insurance outside of the state in which they reside
change of name and address (maintenance and duration) correct answers producer must notify
the insurance bureau of any changes of ___ within 30 days of the change
reporting of actions (maintenance and duration) correct answers all agents are required to __
within 30 days of occurrence any judgements or disciplinary action by the insurance regulatory
agency of any other state or territory of the united states
cease and desist order ( disciplinary actions) correct answers requires that a person refrain from
the unfair method of competition or deceptive act violation's punishable by a fine of
10k/violation
suspension revocation refusal to issue or renew (disciplinary actions) correct answers require
written notification from the commissioner a hearing must be held within 15 days of receipt of
the notification
,penalties and fines (disciplinary actions) correct answers violations of the producer licensing
laws include a fine of 300/unintentional violation the max fine for willful violations is
1500/violation the total max fine is limited to 10k
company regulation (state and federal regulation) correct answers __ by the commissioner of
insurance as it pertains to licensing solvency rates unfair claims settlements ect
certificate of authority(state and federal regulation) correct answers the charter or license
authorizing an insurer the right to conduct business as an admitted insurer and specifies the lines
of insurance which the insurer is authorized to transact
rates(state and federal regulation) correct answers the premium __ charged to the debtor cannot
exceed the premium rates filed with the commissioner
forms and exceptions(state and federal regulation) correct answers anyone involved in
transacting insurance must be licensed except for employees of the home office who not require
licensing provided they are salaried individuals who do not share in commissions
producer appointment(state and federal regulation) correct answers a producer cannot act as an
agent without an appointment from an admitted insurer. to appoint a producer as an agent the
insurer will file a notice of ____ with the commissioner for the lines of insurance held by the
producer
termination of appointment(state and federal regulation) correct answers requires the insurer to
notify the commissioner within 30 days following the effective date of the cancellation of
appointment; within 15 days of the notification to the commissioner the agent must be notified
on the cancellation of appointment by the insurer
acting without a license ( producer regulation) correct answers a person may not sell solicit or
negotiate insurance in the state of Michigan for any line of insurance unless licensed for that
qualifications; exceptions include administrative employees working for an agent a home office
employee ect
, prohibited conduct( producer regulation) correct answers in transacting credit life transactions
insurers shall not refuse to insure refuse to continue to insure or limit the amount of insurance
avail to an individual because the person is age of 70 ( does not apply to disability benefits)
commissions( producer regulation) correct answers an agent may only share in __ with another
agent licensed in the same lines of insurance
fiduciary capacity( producer regulation) correct answers a person in a position of financial trust
an agent has fiduciary responsibility to all persons involved in the transactions of insurance
including the prospect client insurance company
Misrepresentation (unfair insurance trade practices) correct answers the illegal act of lying about
benefits advantages or provisions of why any insurance policy or to lie about the financial
condition of any insurance company; punishable by a max fine of 1000 violation or
imprisonment
twisting (unfair insurance trade practices) correct answers the act of dropping existing coverage
due to some illegal or unethical persuasion for the purpose of purchasing new insurance a
misdemeanor punishable by license revocation up to 1 year a max fine of 1k/violation and
imprisonment
defamation (unfair insurance trade practices) correct answers the illegal act of making false
malicious or derogatory statements regarding an insurer or any person engaged in the business of
insurance
boycott coercion and intimidation(unfair insurance trade practices) correct answers illegal acts
which intend to result in unreasonable restraint of trade or a monopoly in business of insurance
unfair discrimination(unfair insurance trade practices) correct answers __ between individuals of
the same class or life expectancy regarding rates dividends or other benefits illegal to __ because
of age color or creed in the issuance and rating of insurance punishable by max fine of
500/violation
licensing (insurance regulation) correct answers a license or charter authorizes an insurer the
right to conduct business as an admitted insurer and specifies the lines of insurance which the
insurer is authorized to transact
Producer Licenses( types of licenses) correct answers a licensed person who as the authority to
transact insurance business sell solicit or negotiate insurance contracts
resident license( types of licenses) correct answers issued to a resident who satisfies the states
requirements
non resident license(types of licenses) correct answers issued to producer who wishes to sell
insurance outside of the state in which they reside
change of name and address (maintenance and duration) correct answers producer must notify
the insurance bureau of any changes of ___ within 30 days of the change
reporting of actions (maintenance and duration) correct answers all agents are required to __
within 30 days of occurrence any judgements or disciplinary action by the insurance regulatory
agency of any other state or territory of the united states
cease and desist order ( disciplinary actions) correct answers requires that a person refrain from
the unfair method of competition or deceptive act violation's punishable by a fine of
10k/violation
suspension revocation refusal to issue or renew (disciplinary actions) correct answers require
written notification from the commissioner a hearing must be held within 15 days of receipt of
the notification
,penalties and fines (disciplinary actions) correct answers violations of the producer licensing
laws include a fine of 300/unintentional violation the max fine for willful violations is
1500/violation the total max fine is limited to 10k
company regulation (state and federal regulation) correct answers __ by the commissioner of
insurance as it pertains to licensing solvency rates unfair claims settlements ect
certificate of authority(state and federal regulation) correct answers the charter or license
authorizing an insurer the right to conduct business as an admitted insurer and specifies the lines
of insurance which the insurer is authorized to transact
rates(state and federal regulation) correct answers the premium __ charged to the debtor cannot
exceed the premium rates filed with the commissioner
forms and exceptions(state and federal regulation) correct answers anyone involved in
transacting insurance must be licensed except for employees of the home office who not require
licensing provided they are salaried individuals who do not share in commissions
producer appointment(state and federal regulation) correct answers a producer cannot act as an
agent without an appointment from an admitted insurer. to appoint a producer as an agent the
insurer will file a notice of ____ with the commissioner for the lines of insurance held by the
producer
termination of appointment(state and federal regulation) correct answers requires the insurer to
notify the commissioner within 30 days following the effective date of the cancellation of
appointment; within 15 days of the notification to the commissioner the agent must be notified
on the cancellation of appointment by the insurer
acting without a license ( producer regulation) correct answers a person may not sell solicit or
negotiate insurance in the state of Michigan for any line of insurance unless licensed for that
qualifications; exceptions include administrative employees working for an agent a home office
employee ect
, prohibited conduct( producer regulation) correct answers in transacting credit life transactions
insurers shall not refuse to insure refuse to continue to insure or limit the amount of insurance
avail to an individual because the person is age of 70 ( does not apply to disability benefits)
commissions( producer regulation) correct answers an agent may only share in __ with another
agent licensed in the same lines of insurance
fiduciary capacity( producer regulation) correct answers a person in a position of financial trust
an agent has fiduciary responsibility to all persons involved in the transactions of insurance
including the prospect client insurance company
Misrepresentation (unfair insurance trade practices) correct answers the illegal act of lying about
benefits advantages or provisions of why any insurance policy or to lie about the financial
condition of any insurance company; punishable by a max fine of 1000 violation or
imprisonment
twisting (unfair insurance trade practices) correct answers the act of dropping existing coverage
due to some illegal or unethical persuasion for the purpose of purchasing new insurance a
misdemeanor punishable by license revocation up to 1 year a max fine of 1k/violation and
imprisonment
defamation (unfair insurance trade practices) correct answers the illegal act of making false
malicious or derogatory statements regarding an insurer or any person engaged in the business of
insurance
boycott coercion and intimidation(unfair insurance trade practices) correct answers illegal acts
which intend to result in unreasonable restraint of trade or a monopoly in business of insurance
unfair discrimination(unfair insurance trade practices) correct answers __ between individuals of
the same class or life expectancy regarding rates dividends or other benefits illegal to __ because
of age color or creed in the issuance and rating of insurance punishable by max fine of
500/violation
