Michigan Life, Accident, and Health Exam Practice Questions and Answers
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Course
Michigan Life and Health
Institution
Michigan Life And Health
Michigan Life, Accident, and Health
Exam Practice Questions and Answers
The Commissioner of Insurance is appointed by the Governor for a term of -
Answer️️ -4 years
All of the following are examples of insurance transactions except:
A. soliciting applications for insurance
B. delivering p...
Controlled business - Answer✔️✔️-It is permitted provided it does not exceed 15% of the
premiums written in a 12-month period
To motivate a buyer to sign an application for insurance, a producer promises a gift
equal to 50% of the commission. This is an example of __________. - Answer✔️✔️-
Rebating
Defamation - Answer✔️✔️-A written statement that is false and derogatory that is
designed to injure someone's reputation.
The maximum fine for knowingly violating a cease and desist order is $________ and
__________________. - Answer✔️✔️-$10,000 and possible license revocation
Insurance counselor - Answer✔️✔️-Provides advice concerning an insurance policy and
charges a fee for that advice.
An applicant who has been denied an insurance license has _____ days to request a
hearing to protest the denial. - Answer✔️✔️-30 days
True / False
A producer may share commissions with another licensed producer - Answer✔️✔️-True
True / False
A producer may not share commissions with a licensed nonresident producer -
Answer✔️✔️-False
If, after a hearing, the Commissioner believes a producer knowingly violated insurance
licensing laws, the Commissioner can: - Answer✔️✔️-Fine the producer a max of $2,500
per violation
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