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Michigan Property and Casualty > Michigan > Flashcards

Michigan Flashcards

1
Q

Licensed to sell, solicit, negotiate insurance

A

Producer

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2
Q

Provides advice about benefits, coverage, policy terms

A

Counselor

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3
Q

Subject to licensure when acting as a producer.

  • Corporation, association, partnership
  • LLC, LLP, other legal entity
A

Business Entity

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4
Q

Includes marine, credit, surety/fidelity, etc.

A

Limited Lines

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5
Q

Insurer must notify Commissioner within how many days after:
Agency contract executed, or
First application submitted?

A

15 days

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6
Q

Commissioner has how many days to determine agent’s eligibility?
(How many days must the insurer notify an ineligibility determination?

A

30 days to determine agent eligibility.

Must notify 5 days of ineligible determination.

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7
Q

Who pays appointment fee and annual renewal fee?

A

Insurer

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8
Q

Within how many days must the insurer notify commissioner of termination?

A

30 to notify commissioner,

must mail copy notice to agent within 15 days

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9
Q

The producer may continue to service existing policies until

A

It is cancelled, replaced, or expired.

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10
Q

Who can issue a cease and desist order?

A

The commissioner

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11
Q

How much is the license application fee?

A

$10

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12
Q

How much is the examination fee?

A

$10

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13
Q

How much is a solicitor’s license?

A

$10 per year

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14
Q

How much is an insurance counselor license?

A

$10 per year

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15
Q

How many days notice must an insurer provide before cancelling an auto policy that has been in effect for longer than 55 days?

A

30 days

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16
Q

How much is the adjuster license fee?

A

$5 per year

17
Q

How much is surplus lines license?

A

$100 per year

18
Q

4 reasons the Commissioner may waive exam and or prelicensing for applicants:

A
  • Apply for limited lines only
  • Were previously licensed as a producer within the last 12 months
  • Have the CPCU, CLU, CIC or other designation
  • Have an insurance degree
19
Q

What 3 things must be stated in the written agreement between counselor and client?

A
  • Nature of work to be performed and counselor’s fee
  • That the fee cannot be waived
  • That the counselor will receive commission on insurance sold
20
Q

How long must an insurance counselor keep records for after completion?

A

2 years

21
Q

How many days do you have to notify commissioner of a name, address, or email change?

A

30 days

22
Q

How many days do you have to report disciplinary action, judgments, or injunctions involving fraud, deceit, misrepresentation, or other violations of insurance law?

A

30 days

Failure to report may result in fines and or license disipline

23
Q

What are the continuing education requirements?

A

24 credit hours, (3 of which must be in ethics)

2-year renewal period

24
Q

Commissioner may waive continuing education for:

A
  • Military service
  • Severe hardship
  • Limited lines credit, travel, baggage, etc.
25
Q

How many days in the grace period for continuing education beginning on your license expiration date?

A

90 days

26
Q

During the 90 day grace period to complete continuing education, what must the agent refrain from doing?

A

Soliciting or selling any new policies

Bind coverage

27
Q

What penalties could you face for violating a cease and desist order?

A

Up to $20,000 fine per violation ($100,000 maximum)
and
license discipline

28
Q

Misrepresentation made with specific intended to induce the lapse or termination of an existing policy

A

Twisting

29
Q

Withhold, or give false or misleading information to any insurance agency or organization.

A

False Statements

30
Q

Any false/maliciously critical statement about the financial condition of any person or insurer

A

Defamation

31
Q

Act resulting in monopoly or unreasonable restraint of trade

A

Boycott, Coercion, Intimidation

Michigan Property and Casualty (1 decks)

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