Michigan Life Insurance Chapter 7 2020

Front 1

In order to be a producer you must be

Back 1

A resident of the state

At least 18 y.o.

Complete application, class 20 hrs, exam

Must be appointed (sponsored by a company)

Front 2

Insurance Counselor

Back 2

-A person licensed to perform audits or abstract policies and annuities

-provide advice, counsel, or opinions concering any part of life ins policy and annuity

-advertise and solicit business as an insurance counselor

Front 3

Life insurance counselor fee

Back 3

Is written in an agreement and the counselor keeps copy for 2 years after completion of the services

Front 4

Business entity must do what to get an insurance producer license?

Back 4

-Pay fees

-Establish a compliance officer that is licensed

-Stay legal to keep producer license (no crimes that will make them lose license)

Front 5

If your resident license gets terminated then...

Back 5

Your non resident license get terminated immediately too

Front 6

temporary license lasts up to

Back 6

180 days

Front 7

When applying for license with commissioner, the class has to be completed

Back 7

no more than 12 months prior to applying

Front 8

A license remain in good standing as long as

Back 8

-fees paid and continuing education done

Front 9

CE amount must be

Back 9

24 credit hours with 3 being in ethics

Front 10

CE is determined by year applicant was born

Back 10

-if born in odd year, ce is done in odds years vis versa (every two years)

Front 11

non resident producers follow their

Back 11

state ce requirements and regulation

Front 12

if producer does not finish ce then...

Back 12

the license will be suspended for 90 days or until ce is complete

Front 13

if ce is not complete after 90 day grace period the license is

Back 13

terminated

Front 14

to be considered for reinstatement of license after 90 day grace, you must

Back 14

finish ce

pay fees

apply on nipr

Front 15

If you conduct business other another name, you must tell the

Back 15

commissioner prior to name change

Front 16

changes to name and address must be reported within

Back 16

30 days

Front 17

most legal actions must be reported in

Back 17

30 days

Front 18

A life license is not required for

Back 18

officers, executives, or anyone that does not receive commission for sell

Front 19

an agent is a fiduciary for

Back 19

all money received of held by the agent in capacity as an agent

Front 20

civil fines cost

Back 20

$1000

Front 21

willful violation crimes are

Back 21

$5000

Front 22

the insurer must file appointment within

Back 22

15 days

Front 23

the commission has to decide if agent is eligible for appointment within

Back 23

30 days

Front 24

if producer is ineligible for appointment the commissioner must notify in

Back 24

5 days

Front 25

misrepresentation

Back 25

lying on paper and or orally

Front 26

false advertising

Back 26

misrepresentation on mediums specifically on benefits, structure of policy and financial condition of the company

Front 27

rebating

Back 27

any inducement offered to the insured with the sell of the product. They get" more special benefits that other clients cannot get"

Front 28

Twisting

Back 28

when you use fraud or lies to make people cancel or switch their policy

Front 29

defamation

Back 29

putting out oral or written statements to hurt a company and be malicious

Front 30

coercion

Back 30

is illegal and states that a person put conditions on what a person can get. You have to get insurance with this specific company in order to do business with me.

Front 31

Discrimination cannot be based off of

Back 31

religion, martial status, race, identity, sexual orientation

Front 32

Discrimination can be based off of

Back 32

health, age, sex, career