Michigan Laws and Rules
A producer may give an insurance applicant an article of merchandise having an invoice value of _____ or less
$5
For individual health insurance, coverage for pre-existing conditions may be excluded for up to ____ months after insurance of the policy
12
A producer is hired to sell insurance for an insurer. Upon submission of the agency contract application the producer must be appointed by the insured within ____ days
15
To be classified as a small employer in Michigan, an employer must employ
2-50 employees
Michigan requires a licensee complete ___ hours of continuing education on the subject of ethics ever reporting.
3
The acceptance of a credit life application requires the submission of a certificate of insurance to the insured within _____ days
30
A baby is born to a husband and wife come bird under a family accident and health insurance policy. If the newborn is covered at birth, The first payment for the additional coverage will become due in ____ days.
31
A life insurance application in Michigan may backdate the application for up to ____ months.
6
And insurance producer license is required for which of the following
A business entity soliciting insurance
Under Michigan law which of the following would not be considered an illegal document
A promotional item with the producers name and address valued at $5
In the Michigan insurance code, chapter 45, insurance fraud defines financial loss as all of the following EXCEPT
Additional premiums
Which of the following is included in the entire contract according to the entire contract provision
Application
A newborn must be covered under an existing health policy
At the moment of birth
Any change of address by a licensee requires notice within 30 days to which of the following
Commissioner
Which of the following does restorative dental treatment cover
Crowns
The ________ Reserves the right to renew a small employer health
Employer
Which of the following is considered to be an act of misrepresentation
Falsifying the term, benefits, advantages, or conditions of an insurance policy
HMO plans are required to provide
Home health care
ABC insurance agency is entering each applicant who purchases insurance through their agency into a drawing to win a free trip this is an unlawful insurance practice known as
Illegal inducement
Under which circumstance may a deferred insurance commission be paid to an individual
Individual was a licensed producer at the time of sale
And ensure is required to offer which of the following to each long-term care applicant at the time of purchase
Inflation protection
A Medicare supplement policy issued in the state of Michigan is required to provide each of the following except
It must include outpatient prescription drug coverage
Under Michigan insurance code chapter 45 financial loss can be defined as
Loss of income
Which of the following is an example of the illegal act of defamation
Making a statement that is false or maliciously critical of the financial condition of an insurer
Which of the following is NOT covered under workers compensation
Pain and suffering
A producer's fiduciary duty requires that
Premiums are forwarded to the insurer on a timely basis
Which of these is the best example of misrepresentation
Providing incorrect, misleading, incomplete or materially untrue information in a license application
Which of the following is an example of a producer his fiduciary duty
Recording receipt and remittance of premiums due to the insurance company
In the state of Michigan, a licensed producer
Represents the insurer
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
And example of endodontic treatment is
Root canal
A life insurance application may be backdated to
Save on premiums
Which of the following actions is required by a producer who is replacing an existing life insurance policy
Submit to the replacing ensure a list of the policies to be replaced
Under which circumstances me a minor receive proceeds from the death benefit
The minor must have an appointed guardian
According to the Taft-Hartley act insurance premium payments made by an employer must be paid to the
Trust
The act of using misrepresentation to induce in insured person to terminate an existing policy and purchase a new policy is referred to as
Twisting
A life insurance policy sold in Michigan may be contested by the insurer only during the first _______ year(s) of the contract
Two
The act of _________ insurance does not require an individual to hold an insurance producer license
Underwriting
And example of intimidation is
Using threat or forced to restrict fair trade in the transaction of insurance
A universal life policy owner must receive a notice of cash surrender value at least every
Year
