Michigan Life, Accident, And Health Questions And Answers 100% Verified.
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Ichigan Life, Accident, and Health
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Ichigan Life, Accident, And Health
Michigan Life, Accident, And Health Questions And Answers 100% Verified.
The Commissioner of Insurance is appointed by the Governor for a term of - correct answer. 4 years
All of the following are examples of insurance transactions except:
A. soliciting applications for insuran...
Michigan Life, Accident, And Health
Questions And Answers 100% Verified.
The Commissioner of Insurance is appointed by the Governor for a term of - correct
answer. 4 years
All of the following are examples of insurance transactions except:
A. soliciting applications for insurance
B. delivering policies
C. licensing of producers
D. collecting premiums - correct answer. Correct answer: C - licensing of producers
A temporary license issued to close the affairs of a deceased producer may be issued
for up to _____ days at the discretion of the Commissioner - correct answer. 180 days
Continuing Education (CE)
______ hours of CE every two years
______ hours must be in Ethics
______ day grace period to complete CE - correct answer. 24 total hours every two
years
3 hours in ethics
90 day grace period
Michigan Life and Health Insurance Guaranty Association - correct answer. Protects
policy holders against failure insolvent insurers
Controlled business - correct 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 __________. - correct answer.
Rebating
,Defamation - correct 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
__________________. - correct answer. $10,000 and possible license revocation
Insurance counselor - correct 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. - correct answer. 30 days
True / False
A producer may share commissions with another licensed producer - correct answer.
True
True / False
A producer may not share commissions with a licensed nonresident producer - correct
answer. False
If, after a hearing, the Commissioner believes a producer knowingly violated insurance
licensing laws, the Commissioner can: - correct answer. Fine the producer a max of
$2,500 per violation
A producer has a fiduciary responsibility to all of the following: - correct answer. -
Insured on cancelled policies
- Insurer, for premiums due
- Prospective purchaser of insurance, when the application is rejected.
Why can't a producer barter or trade an insurance contract for goods and services? -
correct answer. The insurance product is not the producer's to barter; it belongs to the
insured.
How often must the Commissioner examine the books, records, and documents of
domestic insurers? - correct answer. At least once every 5 years
A producer has _____ days to respond to charges of violating insurance laws. - correct
answer. 30 days.
If a producer is convicted of routinely misrepresenting benefits in insurance policies, he
may be fined up to $_______ for all violations. - correct answer. $25,000
Under what type of policy does an insured have to be notified if current policy values are
insufficient to maintain the policy, given guaranteed interest and expense rates? -
correct answer. Universal Life Insurance
, An advertisement for a life insurance policy must include all of the following: - correct
answer. - information material to the insurance policy
- a description of the type of policy advertised
- the identity of the insurer
Implying that policy dividends are guaranteed as an inducement for an insured to drop
an existing policy and purchase a new policy is an example of _____________. -
correct answer. Twisting
The minimum number of lives that must be covered under a group life insurance policy
in Michigan is ______. - correct answer. 2 lives.
The maximum life insurance policy loan interest that may be charged on a fixed interest
loan is ______%. - correct answer. 8%
In life insurance, all advertisements must be kept by the insurer for at least ________
months. - correct answer. 48 months
The maximum life insurance policy loan interest that may be charged on an adjustable
rate loan is ______%. - correct answer. 18%
True/ False
A long-term care policy can exclude all of the following:
- Alcoholism
- Drug addiction
- Alzheimer's disease
- Self-inflicted injury - correct answer. False
A long-term care policy can exclude all alcoholism, drug addiction, and self-inflicted
injury. Alzheimer's disease cannot be excluded.
True/False
A long-term care application must include questions that reveal when the proposed
coverage will replace other existing health or long-term care coverage. - correct
answer. True
True/False
A Medicare supplement policy can indemnify against losses resulting from accidents on
a different basis than losses resulting from sickness. - correct answer. False -
Medicare supplements must indemnify the same way for accidents and sickness.
True/False
A Medicare supplement policy must cover intermediate outpatient care for substance
abuse. - correct answer. True - Intermediate care for substance abuse includes
inpatient treatment for drug addiction and alcohol abuse
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