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Michigan General Regulations 20Q with correct Answers
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Michigan General Regulations 20Q with correct Answers
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Michigan General Regulations 20Q withcorrect Answers
In the state of Michigan, a person applying for an insurance producer license must fulfill
all the following criterion EXCEPT: - Answer -Pay a nonrefundable application fee of
$75
An insurance producer is able to receive licensing in a variety of areas, but not: -
Answer -Personal Property
For individuals practicing law in Michigan, an insurance adjuster license is not needed
to adjust loss or damage under a policy of insurance. In which one of the following
scenarios is a license also NOT needed? - Answer -Persons adjusting a loss or damage
under a policy within his control
After obtaining a written agreement from his or her client a licensed insurance counselor
is able to perform which of the following acts? - Answer --Provide advice with respect to
promised benefits, afforded coverage, terms, or advantages of a policy
-Advertise himself as an insurance counselor
-Audit policies of insurance
What is the main function of a managing general agent? - Answer -Negotiates and
binds ceding reinsurance contracts on behalf of an insurer
How does an agent receive a limited license? - Answer -Signifying on his application
that he is applying for a limited license
A business entity wishing to act as an insurance producer must first obtain a license by
doing all of the following EXCEPT: - Answer -Completing the required three month
review period
Which of the following is not true when the Commissioner contracts with
nongovernmental entities to perform ministerial functions related to producer licensing?
- Answer -The Commissioner must provide notice to the Commissioner of the Financial
Institutions Bureau of any acquisition of an insurance agency.
, The Commissioner may issue a temporary insurance producer license for a period not
to exceed 180 days without requiring an examination if the Commissioner considers it
necessary in order to provide insurance services in all of the following cases EXCEPT: -
Answer -To the surviving spouse or adult child of an insurance producer who dies or
becomes disabled in order to allow adequate time for the sale of the insurance
business, to train another insurance producer, or to allow time for recovery
As long as education requirements for resident individual producers are met by the due
date, an insurance producer license will remain in effect, unless which of the following
takes place? - Answer -The license is suspended.
Licensees must inform the Commissioner by any means acceptable to the
Commissioner of a change of legal name or address within how many days of the
change? - Answer -30 days
An insurer that terminates a contract with an insurance producer must notify the
Commissioner of which of the following? - Answer --Providing misleading information on
license application
-Misappropriation of money
-Failing to pay taxes
With regard to assumed names, which of the following statements is the correct rule? -
Answer -An insurance producer doing business under any name other than the
producer's legal name must notify the Commissioner prior to using the assumed name.
An applicant must have completed a program of study within what time frame of the
receipt of the application? - Answer -6 months
The Commissioner may require a reinsurance intermediary-manager or a managing
general agent to file a bond in an acceptable amount from an acceptable insurer for the
protection of the reinsurer or insurer. What is the acceptable amount? - Answer -
$10,000
The Commissioner will serve a formal charge, including his findings and a cease and
desist order to a person who has committed any of the following acts EXCEPT: -
Answer -Replaced a policy
An insurer selling automobile insurance may terminate an insurance producer's license
for which of the following reasons? - Answer --Failure to perform the provided contract
terms
-Malfeasance
The Commissioner may impose any of the following penalties for violations of the rules
EXCEPT: - Answer -Payment of a civil fine up to $3,500 for willful violations
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