Michigan laws and rules - Study guides, Class notes & Summaries

Chapter Exam - Michigan Laws and Rules Graded A+ 1. Stock Company: Which type of insurer has shareholders? 2. 6 Months: A Life Insurance policy can legally be backdated up to this period to save on premiums. 3. Misrepresentation: Informing an insured of inaccurate terms, benefits, or advantages of any policy is committing which violation? 4. Fraud: A producer who knowingly submits a false statement in support of a claim may be guilty of this. 5. $5 Pen: Which gift from a producer w...

Twisting - Answer The act of using misrepresentation to induce an insured person to terminate an existing policy and purchase a new policy is referred to as twisting subrogation a life settlement coercion Misrepresentation - Answer Providing incorrect, misleading, incomplete, or materially untrue information in the license application is forgery coercion embezzlement misrepresentation additional premiums - Answer In the Michigan Insurance Code, Chapter 45, insuran...

Chapter Exam - Michigan Laws and Rules Questions and Answers

Chapter 3: Michigan License Laws and Rules correctly answered to pass 2023 TRUE OR FALSE: Not all states require people engaged in the real estate profession to be licensed by their respective state. - correct answer False Where does the state's authority to require licenses fall under? - correct answer Police power What is the purpose of license law legislation? - correct answer To protect the general public TRUE OR FALSE: License law governs the conduct of licensees in their real...

Michigan Laws and Rules Pertinent to Insurance Exam Questions and Answers

MICHIGAN LAWS AND RULES PERTINENT TO INSURANCE EXAM QUESTIONS AND ANSWERS WITH COMPLETE SOLUTIONS GRADED A++ The branch of dentistry which deals with the replacement of missing parts is called Prosthodontics Under which circumstance may a minor receive proceed from a death benefit? The minor must have an appointed guardian A producer may give an insurance applicant an article of merchandise having an invoice value of _____ or less $5 All of the following activities require an insurance ...

Who appoints fhe director? Correct Answer: The Governor Who is the person who holds a license? Correct Answer: The Licensee Who appoints individual memebers of the board? Correct Answer: The Governor with the advise and consent of the Senate How long does a member serve? Correct Answer: 4 years How many consecutive terms can a board member serve? Correct Answer: Not more than 2 full terms 2 The board may meet as often as necessary to fulfill its duties, but not less than __ times per ...

Michigan Laws and Rules Test With Complete Solutions

The act of using misrepresentation to induce an insured person to terminate an existing policy and purchase a new policy is referred to as twisting subrogation a life settlement coercion Correct Answer: Twisting Providing incorrect, misleading, incomplete, or materially untrue information in the license application is forgery coercion embezzlement 2 misrepresentation Correct Answer: Misrepresentation In the Michigan Insurance Code, Chapter 45, insurance fraud defines financial los...

Who appoints the Director? - ANSWERGovenor Who is the person who holds a license? - ANSWERLicensee Who appoints individual memebers of the boards? - ANSWERGovenor with advice of Senate How long does a member serve? - ANSWER4 years How many consecutive terms for a board member? - ANSWER2