Life insurance Chapter 7

Which of the following would be considered false advertising

Implying that the agent is the insurer

State law specifically prohibits using illegal inducements in the marketing of Insurance. All of the following would be considered illegal inducements EXCEPT

Inviting prospective clients to the grand opening of the company's new office.

which of the following best describes a misrepresentation

Issuing sales material with exaggerated statements about policy benefits

Michigan's continuing education requirement has each of the following characteristics except:

It allows for up to 15 hours to be carried forward to the next reporting period

An insurer devises an intimidation strategy in order to corner a large portion of the insurance market. Which of the following best describes this practice?

Illegal

Which of the following is an example of a producer being involved in an unfair trade practice of rebating?

Telling a client that his first premium will be waived if he purchased the insurance policy today

which of the following terms describes making false statements about the financial condition of any insurer that are intended to injure any person engaged in the business of insurance

Defamation

Which of the following could be used when a co., association, partnership, or limited liability partnership acts as a producer?

Business entity

All of the following could be considered rebates if offered to an insured in the sale of an insurance except

Dividends from a mutual insurer

A temporary producer license could be issued without examination to all of the following except:

The spouse of a retiring insurance producer

Which of the following individuals could qualify for a temporary insurance license?

The designee of a producer that is called to active service with the navy

An out of state producer wants to start selling insurance in this state. What type of license should the producer obtain?

Nonresident

If an insurer terminates a producer, the insurer must notify the commissioner within how many days?

30 days

How much is an agent's appointment fee?

5$

Licensees who are currently licensed, and have recently become residents of the state of Michigan may not have to complete any pre-licensing education. To qualify for this exemption, they must apply to become resident licensees within a few days of establishing a legal residence within how many days?

90 days

Giving a client an inducement to a sale not stated in the policy is an unlawful practice known as

Rebating