Insurance Regulations

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

A license to practice law

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

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

90 days

Licensees who are currently licensed, and have recently become residents of the state of Michigan may not have to complete any prelicensing 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

Producers are permitted to share or split commissions, providing that

Both are properly licensed for the line of insurance

Which of the following would NOT be considered rebating?

Giving an applicant a $5 pen with insurance logo during the insurance application process

Which of the following is NOT considered a misrepresentation as it pertains to unfair trade practices?

Making comparisons between different policies

Circulating deceptive sales material to the public is what type of Unfair Trade Practice?

false advertising

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

Two letters of recommendation of trustworthiness, reliability and good representation

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

Nonresidential

Agents who persuade insureds to cancel a policy in favor of another one when it might not be in the insured's best interest are guilty of

Twisting. Twisting is a misrepresentation that persuades an insured or a policyowner, to his or her detriment, to cancel, lapse, or switch policies.

How much is an agent's appointment fee?

$5

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 insurer publishes intimidating brochures that portray the insurer's competition as financially and professionally unstable. Which of the following best describes this act?

Illegal under any circumstances

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

12 months