Michigan life and health practice exam

1. How many CE credits must a Michigan resident producer earn every two years?

1. 20 credits, including 2 credits of ethics
2. 30 credits, including 3 credits of ethics
3. 24 credits, including at least 3 credits of ethics
4. 24 credits, with no ethics requirement

2. After meeting the 24-credit requirement, a Michigan producer may carry over up to how many additional credits to the next CE period?

1. 6
2. 24
3. None
4. 12

3. If a Michigan producer fails to complete the required CE by the review date, the license is:

1. Immediately revoked
2. Suspended for 90 days or until the requirement is met, and terminated if not completed within one year
3. Renewed with a fine only
4. Unaffected until the next renewal

4. For a violation of the Michigan Insurance Code that was not committed knowingly, the civil fine is up to:

1. $5,000 per violation, with total fines capped at $50,000
2. $500 per violation, with no cap
3. $10,000 per violation, with total fines capped at $100,000
4. $1,000 per violation, with total fines capped at $50,000

5. For a knowing violation of the Michigan Insurance Code, the civil fine is up to:

1. $1,000 per violation, with total fines capped at $10,000
2. $5,000 per violation, with total fines capped at $50,000
3. $20,000 per violation, with total fines capped at $100,000
4. $25,000 per violation, with no cap

6. A Michigan producer must report an administrative action taken against them within:

1. At the next license renewal
2. 60 days after the final disposition
3. 30 days after the final disposition
4. 10 days after the action begins

7. A Michigan producer facing a criminal prosecution must report it within:

1. 30 days after the initial pretrial hearing date
2. At the next license renewal
3. 10 days after arrest
4. 60 days after a conviction

1. Michigan requires a life insurance grace period for premiums after the first of:

1. 10 days
2. 60 days
3. 31 days
4. 1 month

2. Unless the insurer collects most of its premiums in person, a Michigan life insurer must send written notice to the policyowner before coverage terminates at least:

1. 60 days before termination
2. 30 days before termination
3. On the day of termination
4. 10 days before termination

3. A Michigan life policy becomes incontestable after 2 years, except for nonpayment of premium and violations relating to:

1. Naval and military service in time of war
2. Changes in occupation
3. Changes in health after issue
4. Foreign travel

4. A Michigan life policy must allow the policyholder to cancel and receive a refund within at least:

1. 30 days after receiving the policy
2. 20 days after receiving the policy
3. 10 days after receiving the policy
4. 14 days after receiving the policy

1. Under Michigan's replacement rule, a replacing insurer must notify the existing insurer within:

1. 30 days
2. 10 business days
3. 5 business days
4. 3 business days after receiving the application or issuing the policy, whichever is first

2. Michigan insurers must keep replacement records for at least:

1. 3 years, or until the next regular examination, whichever is longer
2. 5 years
3. 1 year
4. 10 years

1. The Michigan Life and Health Insurance Guaranty Association covers life insurance cash surrender values up to:

1. $250,000
2. $100,000
3. $300,000
4. $50,000

2. The Michigan guaranty association covers the present value of annuity benefits up to:

1. $100,000
2. $500,000
3. $250,000
4. $300,000

3. The Michigan guaranty association covers basic hospital, medical, and surgical insurance benefits up to:

1. $500,000
2. $250,000
3. $100,000
4. $300,000