State RegulationsMI specificDifficulty 1/5
What is the annual license fee for an insurance counselor in Michigan?
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Answer & full 3-part explanation (select an option above, or peek)
Why B is correct
The insurance counselor is a distinct Michigan license type addressed in M.C.L. 500.1232, and the fee schedule in M.C.L. 500.240 of the Insurance Code of 1956 sets the counselor's annual license fee at $10.00 — the same figure as the producer and solicitor application fees. Counselors advise about insurance for a fee rather than sell policies for insurers.
Why the other options are wrong
- A) $5.00 per year is the adjuster annual fee and the per-producer appointment fee under M.C.L. 500.240, not the counselor's annual fee.
- C) $41 is the per-attempt Michigan licensing examination fee charged by DIFS's contracted testing vendor, not an annual license fee.
- D) $100.00 per year is the surplus lines agent license fee under M.C.L. 500.240, not the counselor fee.
Memory hook
Counselors charge clients, but DIFS charges them $10 a year.