Extra help chapter 12

Which of these BEST describes the illegal act of twisting ?

Replacing an insurance policy from one insurer to another based on misrepresentation

In Michigan, a person providing insurance advice to a person or business for a fee is required to hold which license?

counselor

A foreign insurance company doing business in Michigan

is a company domiciled under the laws of another state

According to the Taft-Hartley Act, group insurance premium payments made by an employer MUST be paid to the

to trust

An example of an unfair claims settlement practice is

turning down a claim without providing the basis of denial

A life insurance applicant in Michigan may backdate the application for up to month ( s ) .

6

Which of the following is considered to be an act of misrepresentation ?

Falsifying the terms, benefits, advantages, or conditions of an insurance policy

A producer's fiduciary duty requires that

Premiums are forwarded to the insurer on a timely basis

An example of intimidation is

using threat or force to restrict fair trade in the transaction of insurance

Upon finding a producer guilty of forgery , the Commissioner may take all of the following actions EXCEPT ?

Require the producer to notify his/her clients

policy ? Which of the following actions is REQUIRED by a producer who is replacing an existing life insurance

Submit to the replacing insurer a list of the policies to be replaced

An insurance producer license is required for which of the following ?

A business entity soliciting insurance's

Michigan requires that a licensee complete hours of continuing education on the subject of ethics every reporting period .

3

The acceptance of a credit life application requires the submission of a certificate of insurance to the insured within days .

30

Which of these actions would NOT result in a producer's license revocation ?

Not maintaining an adequate level of sales

Which of these is not the responsibility of a producer?

Represent the insured

Which of the following is an example of a producer's fiduciary duty ?

The trust that a client places in the producer in regard to handling premiums.

The act of misrepresentation to induce an insurance person to terminate an existing policy and purchase a new policy is referred to

Twisting

Which of these is NOT subject to false advertising regulations ?

gifts

Producer commissions may NOT be paid to

licensed producers not appointed by an insurer

A life insurance application may be backdated to

save on premiums