Exam (elaborations)
Chapter 16 Michigan Life, Accident, and Health Insurance Law Exam
- Course
- Institution
Chapter 16 Michigan Life, Accident, and Health Insurance Law Exam
[Show more]
Content preview
Chapter 16 Michigan Life, Accident, andHealth Insurance Law Exam
If, after a hearing, the Commissioner believes a producer has violated licensing laws,
the Commissioner can:
A)
initiate a federal court action.
B)
sue the producer on behalf of the public.
C)
cancel any policy purchased by a customer of the producer.
D)
fine the producer a maximum of $2,500 for each violation. - Answer -D
If, after a hearing, the Commissioner determines that a producer knowingly violated an
insurance regulation, the Commissioner may assess a maximum penalty of $2,500 for
each violation, up to a combined total of $25,000.
If a producer committed a violation but did so unknowingly, the fine is a maximum $500
per violation.
If an individual or insurer violates the Commissioner's cease and desist order, they are
subject to a maximum $10,000 fine for each violation. What is the maximum amount
that the individual can be fined for all violations?
A)
There is no maximum
B)
$100,000
C)
$30,000
D)
$50,000 - Answer -D
and possible license suspension or revocation
The effective date of credit insurance coverage is the date the:
A)
debt was incurred.
B)
insurance is applied for.
C)
, loan application is filed.
D)
loan is approved. - Answer -A
When the Commissioner orders an administrative hearing, the agent charged with
violating the insurance laws must be given how much notice before the hearing takes
place?
A)
30 days.
B)
45 days.
C)
10 days.
D)
7 days. - Answer -10 days
The maximum life insurance policy loan interest that may be charged on a fixed interest
loan basis is:
A)
18%.
B)
8%.
C)
4%.
D)
7.4%. - Answer -B
The maximum interest rate for a fixed rate policy loan is 8% per year
(18% per year for an adjustable rate loan).
The Commissioner must examine the books, records, documents, and papers of
domestic insurance companies at least
A)
once every five years
B)
once every year
C)
twice every year
D)
once every three years - Answer -A
All other insurance companies doing business in Michigan may be examined at any
time.
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller mereka. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $11.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
82215 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now