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Michigan Credit Insurance Producer Exam Questions and Answers
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Michigan Credit Insurance Producer Exam Questions and Answers
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Michigan Credit Insurance ProducerExam Questions and Answers
licensing (insurance regulation) - Answer -a license or charter authorizes an insurer the
right to conduct business as an admitted insurer and specifies the lines of insurance
which the insurer is authorized to transact
Producer Licenses( types of licenses) - Answer -a licensed person who as the authority
to transact insurance business sell solicit or negotiate insurance contracts
resident license( types of licenses) - Answer -issued to a resident who satisfies the
states requirements
non resident license(types of licenses) - Answer -issued to producer who wishes to sell
insurance outside of the state in which they reside
change of name and address (maintenance and duration) - Answer -producer must
notify the insurance bureau of any changes of ___ within 30 days of the change
reporting of actions (maintenance and duration) - Answer -all agents are required to __
within 30 days of occurrence any judgements or disciplinary action by the insurance
regulatory agency of any other state or territory of the united states
cease and desist order ( disciplinary actions) - Answer -requires that a person refrain
from the unfair method of competition or deceptive act violation's punishable by a fine of
10k/violation
suspension revocation refusal to issue or renew (disciplinary actions) - Answer -require
written notification from the commissioner a hearing must be held within 15 days of
receipt of the notification
penalties and fines (disciplinary actions) - Answer -violations of the producer licensing
laws include a fine of 300/unintentional violation the max fine for willful violations is
1500/violation the total max fine is limited to 10k
company regulation (state and federal regulation) - Answer -__ by the commissioner of
insurance as it pertains to licensing solvency rates unfair claims settlements ect
, certificate of authority(state and federal regulation) - Answer -the charter or license
authorizing an insurer the right to conduct business as an admitted insurer and specifies
the lines of insurance which the insurer is authorized to transact
rates(state and federal regulation) - Answer -the premium __ charged to the debtor
cannot exceed the premium rates filed with the commissioner
forms and exceptions(state and federal regulation) - Answer -anyone involved in
transacting insurance must be licensed except for employees of the home office who
not require licensing provided they are salaried individuals who do not share in
commissions
producer appointment(state and federal regulation) - Answer -a producer cannot act as
an agent without an appointment from an admitted insurer. to appoint a producer as an
agent the insurer will file a notice of ____ with the commissioner for the lines of
insurance held by the producer
termination of appointment(state and federal regulation) - Answer -requires the insurer
to notify the commissioner within 30 days following the effective date of the cancellation
of appointment; within 15 days of the notification to the commissioner the agent must be
notified on the cancellation of appointment by the insurer
acting without a license ( producer regulation) - Answer -a person may not sell solicit or
negotiate insurance in the state of Michigan for any line of insurance unless licensed for
that qualifications; exceptions include administrative employees working for an agent a
home office employee ect
prohibited conduct( producer regulation) - Answer -in transacting credit life transactions
insurers shall not refuse to insure refuse to continue to insure or limit the amount of
insurance avail to an individual because the person is age of 70 ( does not apply to
disability benefits)
commissions( producer regulation) - Answer -an agent may only share in __ with
another agent licensed in the same lines of insurance
fiduciary capacity( producer regulation) - Answer -a person in a position of financial trust
an agent has fiduciary responsibility to all persons involved in the transactions of
insurance including the prospect client insurance company
Misrepresentation (unfair insurance trade practices) - Answer -the illegal act of lying
about benefits advantages or provisions of why any insurance policy or to lie about the
financial condition of any insurance company; punishable by a max fine of 1000
violation or imprisonment
twisting (unfair insurance trade practices) - Answer -the act of dropping existing
coverage due to some illegal or unethical persuasion for the purpose of purchasing new
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