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  4. Insurance Regulation

Free Insurance Regulation Practice Questions

Michigan Life exam — 38 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, Guaranty association advertising, Death benefit cap, Cash value cap, License denial, Fraud, Cease and desist, Temporary license, Prelicensing, Recordkeeping, Examination of insurers, Advertising, Fair Credit Reporting Act, Fraud and false statements, Privacy and Do Not Call, USA PATRIOT Act AML, McCarran-Ferguson Act, Telephone Consumer Protection Act

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)

Michigan insurance is regulated by the Department of Insurance and Financial Services (DIFS), which oversees producers, insurers, and the Insurance Code.

2. The official who heads Michigan's Department of Insurance and Financial Services is titled the:

Director

In Michigan the chief regulatory officer over insurance is the Director of DIFS, who enforces the Insurance Code.

3. Michigan resident producers are generally required to complete how many hours of continuing education during each licensing period?

24 hours

Michigan generally requires 24 hours of continuing education per renewal period, including a required ethics component.

4. Of the continuing education a Michigan resident producer must complete each period, a portion must specifically address:

Ethics

Michigan requires a set number of the continuing education hours to be in ethics each licensing period.

All Life topics

Practice: Insurance Regulation

Take a randomized, timed-style practice test. Answer choices are shuffled and your results are scored instantly with an explanation for every question.

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.