Insurance Regulation

A

A licensed counselor MAY NOT perform which of the following duties? A. Solicit business as an insurance producer B. Audit or abstract insurance policies or annuities C. Provide opinions concerning benefits, coverage, terms, and advantages and disadvantages of a policy or annuity D. Advertise business as an insurance counselor or consultant

180 days

A temporary license in this state is valid for a maximum of

$5

How much is an agent's appointment fee?

90 days

If a licensee does not earn 24 hours of Continuing Education by his/her review date, his/her license will be suspended for up to how many days?

30 days

If an insurer terminates a producer, the Commissioner must be notified. How many days does the insurer have to deliver this notice?

15

If an insurer terminates a producer, the Commissioner will receive a notification. Within how many days of this notification must the producer be sent a copy?

15 days

If an insurer wishes to appoint a producer, it must file a notice of appointment within how many days of the date that the contract is executed?

A

Michigan's continuing education requirement has each of the following characteristics EXCEPT A. It allows for up to 15 excess credit hour to be carried forward to the next reporting period B. At least 3 hours must cover ethics C. It requires satisfactory completion of at least 24 hours of approved training every biennium D. Other than the 3 hours of ethics, licensee may take courses in any line.

Both are properly licensed for the line of insurance

Producers are permitted to share or split commissions providing that

Cease and desist order

The Commissioner finds that a producer is violating the Insurance Code by frequently using rebates as an incentive for clients to purchase policies. What may the Commissioner issue after a hearing confirms the producer's guilt?

Business Entity

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

12 months

Within what time period after completing prelicensing education must an applicant file a certificate of education completion with the Commissioner?

A

In which of the following situations is it legal to limit coverage based on marital status? A. It is never legal to limit coverage based on marital status B. Excessive number of divorces, as defined by the Insurance Code C. Legal separation during the application process D. Divorce within the last six months of applying for insurance

A. The Commissioner may furnish a temporary license to the designee of a producer who has been called to active service with the United States Armed Forces.

Which of the following individuals could qualify for a temporary insurance license? A. The designee of a producer that is called to active service with the Navy B. A deceased producer's brother who is employed by the Department of insurance C. A retired producer D. An employee of a deceased producer