State RegulationsMI specificDifficulty 1/5
Under Michigan's fee schedule in the Insurance Code of 1956, what is the license application fee for an individual insurance producer?
Select an option to reveal the answer and the full 3-part explanation — free, no signup.
Answer & full 3-part explanation (select an option above, or peek)
Why B is correct
M.C.L. 500.240 sets Michigan's nonrefundable licensing fees, and the application fee for a producer (as well as for solicitors, counselors, and adjusters) is $10.00. The fee is paid with the license application to the Michigan Department of Insurance and Financial Services (DIFS) and is not returned if the application is denied.
Why the other options are wrong
- A) $5.00 is the annual appointment and renewal appointment fee per producer under M.C.L. 500.240(1)(c), not the application fee.
- C) $41 is the per-attempt Michigan licensing examination fee charged by DIFS's contracted testing vendor.
- D) $100.00 is the annual license fee for a surplus lines agent under M.C.L. 500.240, far above the producer application fee.
Memory hook
Ten to apply, five to appoint: application $10, appointment $5 a year.