Exam (elaborations)
Unit 23 Michigan Laws and Regulations Pertinent to Life and Health Insurance Exam Questions and Answers 2024
- Course
- Institution
Unit 23 Michigan Laws and Regulations Pertinent to Life and Health Insurance
[Show more]
Content preview
Unit 23: Michigan Laws and RegulationsPertinent to Life and Health Insurance
From which source does the Michigan Life and Health Insurance Guaranty Association
obtain its funds? - Answer -Assessments of Association memebers
An insurer incorportated under the laws of Illinois with its home office in Chicago and
not licensed in the state of Michigan would be identified as: - Answer -an unauthorized
foreign insurer
What is the MAXIMUM amount of credit insurance that an insured can buy? - Answer -
the amount of the indebtedness
Which of the following statements is CORRECT concerning preexisting conditions and
long-term care policies? - Answer -A preexisting condition is one for which treatment ws
recommended or received within 6 months before the effective date of ceverage
In Michigan, who is ultimately responsible for make sure the content of an insurance
advertisement meets state law requirements? - Answer -insurer
How long is the Commissioner's term of office? - Answer -four years
In Michigan, all property and casualty insurers are responsible for - Answer -the acts of
their appointed producers
The effective date of credit insurance coverage is the date the: - Answer -debt was
incurred
Which of the following statements regarding health insurance advertising and
preexisting conditions is CORRECT? - Answer -It is misleading to state that a
preexisting condition may not affect the issuance of a policy
Julie is seeking a career in the insurance industry and wants to get her license. Which
of the following may prevent Julie from obtaining her license in Michigan? - Answer -
Julie is 17 years old and turning 18 in the same year that she applied for her license
, Enforcement of the Michigan insurance regulations is the responsibility of the: - Answer
-commissioner
The commissioner can examine the books, records, documents, and papers of foreign
insurance companies - Answer -at any time
In regards to health care benefits, anyone insurance who commits a fradulent insurance
act is guilty of a felony and subject to - Answer -imprisonment for up to four years and/or
a fine of up to $50,000
Credit life insurance coverage pays a lump sum benefit - Answer -upon the debtor's
death
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? - Answer -10 days
All of the following statements are TRUE regarding the Commissioner EXCEPT the
Commissioner - Answer -may hold stock in any insurer and have an indirect role in
management of insurer's affairs
If benefits are not paid on a timely basis to the insured, the insurer must pay the insured
(60 days after the proof of loss) - Answer -12% interest on the claim
Which of the following CORRECTLY describes sales aids used by insurance
producers? - Answer -they are regulated as advertisements and must be truthful
Which of the following statements is CORRECT concerning a terminated appointment?
- Answer -it removes the producer's authority to represent a specific insurer
When applying for a producers license, a business entity must do all of the following
EXCEPT - Answer -take and pass the license examination
(A business entity is incapable of taking a licensing exam)
Implying that policy dividends are guaranteed as an inducement for an insured to drop
existing insurance and purchase new insurance is - Answer -twisting
Which of the following individuals is NOT exempt from licensure in Michigan? - Answer -
Tina who works for an insurance producer on insurance sales and receives 10% of his
commisisons
To motivate a buyer to sign an application for insurance, a producer promises a gift
equal to one-half of the commissions. This is an example of: - Answer -rebating
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 $11.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
79373 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now