Michigan insurance test - Study guides, Class notes & Summaries

What is the 1st offense penalty for engaging in the practice of residential building without a license? - Answer Not less than $5K and not more than $25K and/or 1 year What is the penalty for engaging in the practice of residential building, resulting in a death? - Answer Not less than $5K and not more than $50K and/or 4 years On your individual builder's license application, what should you write as your "business address"? - Answer Your personal address What is the cost of the indi...

Michigan P & C Insurance Exam Test. Questions and answers. 100% Verified. Rated A Termination of Insurance for auto and home must be sent to last know address no later than - 30 days before cancellation Termination of casualty insurance cannot take place until- from the mailing date - 10 days PIP in auto insurance covers individual care from a family member for - a limit of $20 a day for three years limited collision - shall pay for collision damage to the insured vehicle without a...

Under a traditional IRA, interest is taxed: Only if withdrawn prior to age 59 1/2 According to the capital gains rate Upon distribution During the accumulation phase - ANSWER-Upon distribution Which of these statements concerning Traditional IRAs is CORRECT? Earnings are not taxable when withdrawn Earnings are taxable when withdrawn Contribution are never tax deductible Contributions are always made by the employer - ANSWER-Earnings are taxable when withdrawn Wh...

Michigan Life Insurance State Exam Answer Key with 100% Correct Answers | Latest Version 2024 | Expert Verified | Ace the Test

Michigan Life Insurance State Exam Questions with 100% Correct Answers | Latest Version 2024 | Expert Verified | Ace the Test

Ch.18 Michigan Laws and Rules Pertinent to Insurance Questions with 100% Correct Answers | Latest Version 2024 | Expert Verified | Ace the Test

______ can be defined as the spreading of financial risk over a large group of people in order to minimize the potential economic loss to any one individual ️ Insurance Which of the following would be true concerning risk? ️ An insurable pure risk only involves the possibility of loss Which of the following would NOT be a method of handling (copying with) risk? ️ Risk Reliance Which of the following would not be classified as an insurable pure risk? ️ The loss must be catastrophi...

c. Primarily describes the free-look period - ANS All of the following are functions of an insuring clause EXCEPT a. States the conditions under which the policy will pay b. Outlines the kind of benefits provided c. Primarily describes the free-look period d. Provides the policy's scope and limits of coverage b. Employer - ANS The policyholder for a group health benefit plan is considered to be the a. Employee b. Employer c. Liaison d. Insurer c. dies instantly from a car accident...

Under a traditional IRA, interest is taxed: Only if withdrawn prior to age 59 1/2 According to the capital gains rate Upon distribution During the accumulation phase ️ Upon distribution Which of these statements concerning Traditional IRAs is CORRECT? Earnings are not taxable when withdrawn Earnings are taxable when withdrawn Contribution are never tax deductible Contributions are always made by the employer ️ Earnings are taxable when withdrawn Which of these describes the result...

MICHIGAN P & C INSURANCE EXAM TEST