Michigan Life, Accident, and Health / Expert
Verified Actual Questions & Answers for
Guaranteed Pass | Newest Update, 2025-2026.
Terms in this set (221)
The Commissioner of 4 years
Insurance is appointed by the
Governor for a term of
All of the following areCorrect answer: C - licensing of producers examples of
insurance transactions except:
A. soliciting
applicationsfor insurance
B. delivering policies
C. licensing of producers
D. collecting premiums
A temporary license issued 180 days
to close the affairs of a
deceased producer may be
issued for up to
_____ days at the discretion
of the Commissioner
Continuing Education (CE) 24 total hours every two years
______ hours of CE every 3 hours in ethics
two years 90 day grace period
______ hours must be in
Ethics
______ day grace period to
complete CE
,Michigan Life and Health Protects policy holders against failure insolvent insurers
Insurance Guaranty
Association
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 Rebating
an application for insurance,
a producer promises a gift
equal to 50% of the
commission.
This is an example of
__________.
Defamation A written statement that is false and derogatory that is designed to
injure someone's reputation.
The maximum fine for $10,000 and possible license revocation
knowingly violating a cease
and desist order is
$________ and
__________________.
Insurance counselor Provides advice concerning an insurance policy and charges a fee
for that advice.
An applicant who has been 30 days
denied an insurance license
has _____ days to request a
hearing to protest the
denial.
True
True / False
A producer may share
commissions with another
licensed producer
,True / False False
A producer may not share
commissions with a licensed
nonresident producer
If, after a hearing, the Fine the producer a max of $2,500 per violation
Commissioner believes a
producer knowingly
violated insurance licensing
laws, the
Commissioner can:
A producer has a fiduciary - Insured on cancelled policies
responsibility to all of the - Insurer, for premiums due
following:
- Prospective purchaser of insurance, when theapplication is
rejected.
Why can't a producer The insurance product is not the producer's to barter; it
barter or trade an belongs to the insured.
insurance contract for
goods and services?
How often must the At least once every 5 years
Commissioner examine
the books, records, and
documents of domestic
insurers?
A producer has _____ days 30 days.
to respond to charges of
violating insurance laws.
$25,000
If a producer is convicted of
routinely misrepresenting
benefits in insurance
policies, he may be fined up
to $_______ for all
violations.
, Under what type of policy Universal Life Insurance
does an insured have to be
notified if current policy
values are insufficient to
maintain the policy, given
guaranteed interest and
expense rates?
An advertisement for a life - information material to the insurance policy
insurance policy must - a description of the type of policy advertised
include all of the following:
- the identity of the insurer
Implying that policy Twisting
dividends are guaranteed as
an inducement for an insured
to drop an existing policy and
purchase a new policy is an
example of _____________.
The minimum number of 2 lives.
lives that must be covered
under a group life insurance
policy in Michigan is ______.
The maximum life 8%
insurance policy loan
interest that may be
charged on a fixed
interest loan is ______
%.
48 months
In life insurance, all
advertisements must be
kept by the insurer for at
least ________ months.
Verified Actual Questions & Answers for
Guaranteed Pass | Newest Update, 2025-2026.
Terms in this set (221)
The Commissioner of 4 years
Insurance is appointed by the
Governor for a term of
All of the following areCorrect answer: C - licensing of producers examples of
insurance transactions except:
A. soliciting
applicationsfor insurance
B. delivering policies
C. licensing of producers
D. collecting premiums
A temporary license issued 180 days
to close the affairs of a
deceased producer may be
issued for up to
_____ days at the discretion
of the Commissioner
Continuing Education (CE) 24 total hours every two years
______ hours of CE every 3 hours in ethics
two years 90 day grace period
______ hours must be in
Ethics
______ day grace period to
complete CE
,Michigan Life and Health Protects policy holders against failure insolvent insurers
Insurance Guaranty
Association
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 Rebating
an application for insurance,
a producer promises a gift
equal to 50% of the
commission.
This is an example of
__________.
Defamation A written statement that is false and derogatory that is designed to
injure someone's reputation.
The maximum fine for $10,000 and possible license revocation
knowingly violating a cease
and desist order is
$________ and
__________________.
Insurance counselor Provides advice concerning an insurance policy and charges a fee
for that advice.
An applicant who has been 30 days
denied an insurance license
has _____ days to request a
hearing to protest the
denial.
True
True / False
A producer may share
commissions with another
licensed producer
,True / False False
A producer may not share
commissions with a licensed
nonresident producer
If, after a hearing, the Fine the producer a max of $2,500 per violation
Commissioner believes a
producer knowingly
violated insurance licensing
laws, the
Commissioner can:
A producer has a fiduciary - Insured on cancelled policies
responsibility to all of the - Insurer, for premiums due
following:
- Prospective purchaser of insurance, when theapplication is
rejected.
Why can't a producer The insurance product is not the producer's to barter; it
barter or trade an belongs to the insured.
insurance contract for
goods and services?
How often must the At least once every 5 years
Commissioner examine
the books, records, and
documents of domestic
insurers?
A producer has _____ days 30 days.
to respond to charges of
violating insurance laws.
$25,000
If a producer is convicted of
routinely misrepresenting
benefits in insurance
policies, he may be fined up
to $_______ for all
violations.
, Under what type of policy Universal Life Insurance
does an insured have to be
notified if current policy
values are insufficient to
maintain the policy, given
guaranteed interest and
expense rates?
An advertisement for a life - information material to the insurance policy
insurance policy must - a description of the type of policy advertised
include all of the following:
- the identity of the insurer
Implying that policy Twisting
dividends are guaranteed as
an inducement for an insured
to drop an existing policy and
purchase a new policy is an
example of _____________.
The minimum number of 2 lives.
lives that must be covered
under a group life insurance
policy in Michigan is ______.
The maximum life 8%
insurance policy loan
interest that may be
charged on a fixed
interest loan is ______
%.
48 months
In life insurance, all
advertisements must be
kept by the insurer for at
least ________ months.
