Insurance Regulation

When a producer was reviewing a potential customer's coverage written by another company, the producer made several remarks that were maliciously critical of that other insurer. The producer could be found guilty of

Defamation.

An insurer who violates the Insurance Code statutes on illegal inducement is guilty of a

Misdemeanor

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

12 months

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?

15 days

An applicant for a Counselor's license in Michigan must possess all of the following EXCEPT

A license to practice law

Forcing a client to buy insurance from a particular lender as a condition of granting a loan is defined as

Coercion

M, who is not licensed as an insurance agent works part-time in her father's insurance agency. M may perform all of the following duties EXCEPT

Collect premium for in-force policies and explain coverages to clients that have existing policies written by her father

In Michigan the state's continuing education requirement

Consists of completing 24 hours of CE each biennium

The commissioner may waive prelicensing requirements or examinations for someone who has been a licensed insurance producer

In preceding 12 months

Which is NOT required of an applicant for an insurance license in Michigan?

Two letters of recommendation attesting to trustworthiness, reliability, and good reputation

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

business entity

All of the following are true regarding rebates EXCEPT

Rebates are allowed if it's in the best interest of the client.

Any inducement offered to the insured in the sale of an insurance policy that is not specified in the policy is an unlawful practice known as

Rebating

The following areas are regulated by the Insurance Department EXCEPT

producer commission schedules

Which of the following best describes a misrepresentation?

Issuing sales material with exaggerated statements about policy benefits