Property & Casualty Michigan Practice Exam

The Governer appoints a Commissioner of Insurance every how many years? - Answer- 4 Maximum fine for knowingly violating cease and desist order is - Answer- $10,000 and possible licesnse revokation. Temporary Licenses are issued for how many days? - Answer- 180 An applicant who has been denied an insurance license has how many days to protest the denial? - Answer- 30 The commissioner must examine the books, records, etc. of an insurance company at least once every how many years? - Answer- 5 Rates must be filed with the commissioner within how many days of use? - Answer- 30 Property and casualty must compete how many hours of continuing education every two years - Answer- 24 If a producer undergoes criminal prosecution, he must notify the commissioner within how many days? - Answer- 30 At least how many days can a building be unoccupied before the insurer can deny coverage? - Answer- 60 In a worker's comp policy, Michigan law requires that the Bureau of Worker's Disability Compensation be notified in advance of the date of cancellation of a policy how many days in advance? - Answer- 20 What are the required limits of liability for auto liability policies in Michigan? - Answer- 20K/40K/10K How many days does an insurer have to notify the insured in writing of cancellation of a motor vehicle policy? - Answer- 20 How many companies determine the MIchigan PLacement facility rates? - Answer- 5 Cancellation of an auto policy is not subject to appeal for how many of the first number of days? - Answer- 55 What is it called when there is a legal doctrine stating that an agent has authority via written or oral consent by the principal? - Answer- Express consent