Free Insurance Regulation Practice Questions
Michigan Life exam (series 16-65) — 172 practice questions.
Subtopics: Regulatory authority, Head of DIFS, Continuing education, Ethics CE, License renewal, Reporting actions, Change of address, Appointment, Appointment termination, Nonresident license, License lapse, Unfair trade practices, Twisting, Misrepresentation, Defamation, Producer compensation, Fiduciary duty, Free look, Replacement, Guaranty association, Guaranty association funding, Death benefit cap, Cash value cap, License denial, Fraud, Cease and desist, Temporary license, Prelicensing, Recordkeeping, Examination of insurers, Advertising, CE ethics hours, CE carryover, CE grace period, CE waiver, CE association credit, Licensing qualifications, Prelicensing education, Exam waivers, Moving to Michigan, Nonresident licensing, Address reporting, Assumed names, Business entity license, Appointments, Termination of appointment, Disciplinary actions, Hearings, Penalties, Rebating, Claims handling, Unfair claims practices, Complaint handling, Unfair discrimination, Fiduciary duties, Coercion, Commissions, License exemptions, Insurance fraud, Privacy, Data security, Criminal prosecution reporting, Boycott, coercion, intimidation, False statements, Lines of authority, Fair Credit Reporting Act, Fraud and false statements, Privacy and Do Not Call, USA PATRIOT Act AML, McCarran-Ferguson Act, Telephone Consumer Protection Act, Investigative report notice, Investigative report disclosure, Obsolete information, FCRA purpose, Consumer rights, False pretenses penalty, 18 USC 1033 consent, 18 USC 1033 penalties, Embezzlement by insurance persons, False statements to regulators, AML covered products, Suspicious activity reports, Cash reporting, AML program elements, Money laundering red flags, Do Not Call hours, Established business relationship, GLBA opt-out, GLBA initial notice, Nonpublic personal information, McCarran-Ferguson, South-Eastern Underwriters, Boycott exception, NAIC role, Federal securities regulation, Prospectus delivery, Producer license required, Certificate of authority, Commissioner powers, False advertising, Boycott coercion intimidation, Commingling, License revocation causes, National Producer Number, Replacement definition, Replacement notice, Replacing insurer duty, Replacement free look, Annuity best interest, Best interest obligations, Consumer profile information, Annuity training, Insurer supervision, Illustration signatures, Illustration prohibitions, Buyer's guide timing, Viatical settlement, Viatical broker duty, Settlement provider, Settlement vs surrender
Read the Insurance Regulation study guide
Sample questions & answers
1. Which Michigan agency regulates insurance producers and insurers operating in the state?
Department of Insurance and Financial Services (DIFS)
Under MCL 500.102 the "department" is the Department of Insurance and Financial Services (DIFS), which administers the Insurance Code and licenses producers.
2. The official who heads Michigan's Department of Insurance and Financial Services is titled the:
Director
MCL 500.102 provides that "commissioner" means the director, so the Director of DIFS exercises the Insurance Code's regulatory powers.
3. Michigan resident producers are generally required to complete how many hours of continuing education during each licensing period?
24 hours
Michigan requires at least 24 hours of approved continuing education in each 2-year period, of which at least 3 hours must be in ethics.
4. Of the continuing education a Michigan resident producer must complete each period, a portion must specifically address:
Ethics
At least 3 of the 24 required CE hours in each 2-year period must be in ethics in insurance classes or coursework.
Practice: Insurance Regulation
Answer choices are shuffled every time, and every question comes with an explanation.
Practice questions are study aids generated for exam preparation and are not actual exam questions. Content is provided for educational purposes and is not legal advice. Verify current statutes, rules, and exam specifications with the Insurance Department and the exam administrator before relying on it.
