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