Exam (elaborations)
Chapter 16 Michigan Life, Accident, and Health Insurance Law Exam
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Chapter 16 Michigan Life, Accident, and Health Insurance Law Exam
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Chapter 16 Michigan Life, Accident, andHealth Insurance Law Exam
If, after a hearing, the Commissioner believes a producer has violated licensing laws,
the Commissioner can:
A)
initiate a federal court action.
B)
sue the producer on behalf of the public.
C)
cancel any policy purchased by a customer of the producer.
D)
fine the producer a maximum of $2,500 for each violation. - Answer -D
If, after a hearing, the Commissioner determines that a producer knowingly violated an
insurance regulation, the Commissioner may assess a maximum penalty of $2,500 for
each violation, up to a combined total of $25,000.
If a producer committed a violation but did so unknowingly, the fine is a maximum $500
per violation.
If an individual or insurer violates the Commissioner's cease and desist order, they are
subject to a maximum $10,000 fine for each violation. What is the maximum amount
that the individual can be fined for all violations?
A)
There is no maximum
B)
$100,000
C)
$30,000
D)
$50,000 - Answer -D
and possible license suspension or revocation
The effective date of credit insurance coverage is the date the:
A)
debt was incurred.
B)
insurance is applied for.
C)
, loan application is filed.
D)
loan is approved. - Answer -A
When the Commissioner orders an administrative hearing, the agent charged with
violating the insurance laws must be given how much notice before the hearing takes
place?
A)
30 days.
B)
45 days.
C)
10 days.
D)
7 days. - Answer -10 days
The maximum life insurance policy loan interest that may be charged on a fixed interest
loan basis is:
A)
18%.
B)
8%.
C)
4%.
D)
7.4%. - Answer -B
The maximum interest rate for a fixed rate policy loan is 8% per year
(18% per year for an adjustable rate loan).
The Commissioner must examine the books, records, documents, and papers of
domestic insurance companies at least
A)
once every five years
B)
once every year
C)
twice every year
D)
once every three years - Answer -A
All other insurance companies doing business in Michigan may be examined at any
time.
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