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Michigan Laws and Regulations for Life and Health Insurance Exam Questions and Answers
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Michigan Laws and Regulations for Life and Health Insurance Exam Questions and Answers
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Michigan Laws and Regulations for Lifeand Health Insurance Exam Questions
and Answers
File a notice of appointment within ___ Days (Producer Appointments) - Answer -15
___ Days for Director to approve appointment (Producer Appointments) - Answer -30
___ days to inform (Producer Appointments) - Answer -30
___ days for insurer to give notice of appointment termination to producer (Producer
Appointments) - Answer -15
___ days for producer to respond to notification (Producer Appointments) - Answer -30
Applicant's minimum age (Licensing qualifications) - Answer -Age 18
Complete pre licensing education within ___ months of license application (Licensing
qualifications) - Answer -12 months
A lapsed producer license may be reinstated without retaking the licensing examination,
if reinstated within ___ months (Licensing qualifications) - Answer -12 months
Counselor must keep a copy of counseling agreement for at least ___ years (Licensing
qualifications) - Answer -2 years
Persons who have been licensed as an insurance producer within the preceding ___
months (Exemption from preliensimng requirements) - Answer -12 months
Nonresident producers who have, within the preceding ___ days, canceled their
resident licenses (Exemption from preliensimng requirements) - Answer -90 days
Nonresident producers who move to Michigan and apply within ___ days to become
resident licensees (Exemption from preliensimng requirements) - Answer -90 days
Producer's time to notify the DOI of name or address change - Answer -30 days
, The producer must notify the Directory of any administrative action taken, or criminal
prosecution against the producer within ___ days - Answer -30 days
___ hours of Continuing Education (CE) every two years - Answer -24 hours
___ hours of Ethics Continuing Education (CE) every two years - Answer -3 hours
___ day grace period to complete Continuing Education (CE) - Answer -90 day
An individual may contest a cease and desist order by requesting a hearing no later
than ___ days after order was delivered / mailed - Answer -30 days
$___ civil fine for each violation - Answer -$1,000
$___ for each violation if the person knew the act was prohibited - Answer -$5,000
Total civil fines cannot exceed $___ - Answer -$50,000
___ days to appear for a hearing after notified by Director (License Revocation) -
Answer -15 days
___ days before revocation shall take effect (License Revocation) - Answer -10 days
___ days for Supreme Court to review an order (License Revocation) - Answer -10 days
If a person knowing violates a cease and desist order, the Director may order a civil fine
up to $___ for each violation (no more than $___ for all violations) - Answer -$20,000;
$100,000
Misrepresentation of identity of the insurer is a misdemeanor with a maximum fine of
$___ - Answer -$500
$___ or less of tokens or merchandise to applicants is allowed (Rebating) - Answer -$5
$___ fine per violation of inducement (Rebating)
Inducement: Act of persuading or influencing someone to do something - Answer -$100
$___ fine for accepting rebate (Rebating) - Answer -$100
___ days for health care providers to pay claim (health claims) - Answer -45 days
___% of interest if not paid (health claims) - Answer -12%
___ days for health care provider to correct deficiency (health claims) - Answer -45 days
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