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Michigan Property & Casualty Practice Exam 2023/2024 Solved 100% Correct
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Michigan Property & Casualty Practice Exam 2023/2024 Solved 100% Correct
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Michigan Property & Casualty Practice Exam 2023/2024 Solved 100% CorrectThe 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
If you hit a PARKED CAR, what part of an insurance policy will pay for the damage to the PARKED CAR? - ANSWER-Part A - Liability
What part of a PAP is PART A? - ANSWER-Liability
What part of a PAP is PART B? - ANSWER-Medical Payments
What part of a PAP is PART C? - ANSWER-Uninsured Motorist Coverage
What part of a PAP is PART D? - ANSWER-Coverage to YOUR AUTO!
What does PAP stand for? - ANSWER-Personal Auto Policy
State-sponsored plans for high risk drivers, also called "Automobile Insurance Plans" - ANSWER-Assigned Risk Plans
Supplementary Payments are included under what part of a PAP? - ANSWER-Part A (Liability)
Up to how much is covered under supplementary payments for BAIL BONDS? - ANSWER-$250
(Primary liability limits / total limits of all policies) x loss = - ANSWER-The Other Insurance Formula
Up to how much can you earn per day in LOSS OF EARNINGS? - ANSWER-$250
How long does part B cover medical and funeral expenses under a PAP? - ANSWER-3 Years
Under what part of a PAP would the passengers in the OTHER CAR involved in a collision be coverd? - ANSWER-Part A - Liability
The transfer to the insurance company of the insured's right to collect damages from another party. - ANSWER-Subrogation
What is it called when the insurance company sues an at-fault uninsured motorist? - ANSWER-Subrogation
Insurance company function that involves researching and evaluating insurance applicants to decide which ones are acceptable to the company as insureds. - ANSWER-Underwriting
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