In the state of Michigan a person applying for an insurance producer license must fulfill the following criterion EXCEPT: Submit a completed application indicating the type of license desired
In the state of Michigan a person applying for an insurance producer license must fulfill the following criterion EXCEPT:
Submit a completed application indicating the type of license desired
Be at least 18 years of age
Complete a program of study registered with the Commissioner
Pay a nonrefundable application fee of $75
An insurance producer is able to receive licensing in a variety of area, but not:
Credit
Personal Property
Variable Life
Accident and Health or Sickness
For individuals practicing law in Michigan, an insurance adjuster license is not needed to adjust loss or damage under a policy of insurance. In which one of the following scenarios is a license also NOT needed?
Persons adjusting a loss or damage under a policy within his control
Paralegals working for a licensed attorney
Employees of savings and loan banks
Employees of an insurer
Question 4
After obtaining a written agreement from his or her client a licensed insurance counselor is able to perform which of the following acts?
Provide advice with respect to promised benefits, afforded coverage, terms, or advantages of a policy
Advertise himself as an insurance counselor
Audit policies of insurance
All of the above
What is the main function of a managing general agent or MGA?
Reissues binding insurance contracts
Negotiates insurance contracts with an insurer on behalf of a client
Negotiates and binds ceding reinsurance contracts on behalf of an insurer
How does an agent receive a limited license?
By indicating the desired line of insurance to the licensing board after passing all necessary exams
Signifying on his application that he is applying for a limited license
An business entity wishing to act as an insurance producer must first obtain a license by doing all of the following EXCEPT:
Completing the required three month review period
Which of the following is not true when the Commissioner contracts with nongovernmental entities to perform ministerial functions related to producer licensing?
The Commissioner must issue an insurance agency license to an affiliate of a lender
The Commissioner must issue an agent license to an individual who is an employee of the affiliate
The commissioner must provide notice to the Commissioner of the financial institutions bureau of any acquisition of an insurance agency
The Commissioner may issue a temporary insurance producer license for a period not to exceed 180 days without requiring an examination if the Commissioner considers it necessary in order to provide insurance services in all of the following cases EXCEPT:
Any other person in an extenuating circumstance where public interest will be best served by granting a temporary license
To the surviving spouse or adult child of an insurance producer who dies or becomes disabled in order to allow adequate time for the sale of the insurance business, to train another insurance producers, or to allow time for recovery
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