MISSISSIPPI INSURANCE TEST COMPLETE QUESTIONS & ANSWERS
(GRADED A).Buy Quality Materials!
Uniform Stimultaneous Death Act
Solves the problem of who died first in a common accident by directing that the primary
beneficiary is assumed to have died first
Producer's Report
Signed and completed by the producer/agent. No attached policy at issue
Fair Credit Reporting Act of 1970
What is FCRA?
14 Days
What benefits are paid for the initial days disability if the disability continues beyond how
many days?
Adverse Selection
The tendenecy for higher risk individuals to get and keep insurance more than
individuals who represent an average
Conditional Report
When insurance policies require certain conditions to be fulfilled in order for
performance under the contract to be enforced, is called?
After a 5 Day Waiting Period
When does total disability begin?
$1,000
A surviving spouse recieves a lump sum benefit of how much?
Aleatory
When insurance policies value receieve from the contract by each party may be equal,
it's called?
Medical Information Bureau (MIB)
A non-profit insurance trade association that maintains underwriting information on
applicants
Convertible
To change from term to permanent, must go underwriting
Mutual Insurance Company
An incorporated insurer which does not have capital stock?
Financial Industry Regulatory Authority
What's FINRA?
Total Disability
What is paid for the duration of the disability?
15 Days
What number of days from the date the agency contract is executed or the first
insurance application is submitted that the appointing insurer must file, in an approved
format, a notice of appointment?
30 Days
A producer has how many days to report to the Commission any administrative action
taken against the producer in another jurisdiction?
30 Days
, An insurer has how many days to notify the Commissioner that they've terminated the
appointment, employment, contract, or other insurance business relationship with a
producer?
Stockholders
A non-participating company is owned by?
Reciprocal Insurer
An unincorporated aggregation of persons operating individually and collectively
through an attorney-in-fact to provide reciprocal insurance among themselves
Indemnity
This type of contract is intended to restore the insured to the financial state he or she
enjoyed prior to the occurence of a loss no more and no less
Ex. When an insurance co. gives you the value of a totalled car
Insured
Premiums are issued by whom?
Warranty
A statement that is guranteed to be true
Statement of Good Health
-Required if no premium with application
-If health changed, agent can't deliver policy
Inactive agent
Who can solicit new business or service existing businesses, but may recieve renewal
commissions?
30 Days
A licensee must inform the Commissioner of any change of address or name within how
many days of change?
Fiduciary
A person in a position of financial trust. An agent has an obligation to act in the best
interest of the insured.
Up to $5,000
How much is provided as a maximum burial allowance?
Up to $5,000 in a fine
Any insurer who pays commissions for policies written on risks in Mississippi by a
person, firm, or corporation that is not licensed in Mississippi is subject to...
Agreement Competent Parties Legal Purpose Consideration
What are the four elements of a policy?
-Insured
-Producer/Agent
-Applicant
What signatures are required to issue a policy?
$5,000, imprisonment for one year, or both
What's the penalty for obtaining consumer information reports under false pretenses?
66.66% of Wages
What is the benefit amount in worker's comp?
Certificate of Insurance/Coverage
When one is apart of group coverage, they're issued a?
(GRADED A).Buy Quality Materials!
Uniform Stimultaneous Death Act
Solves the problem of who died first in a common accident by directing that the primary
beneficiary is assumed to have died first
Producer's Report
Signed and completed by the producer/agent. No attached policy at issue
Fair Credit Reporting Act of 1970
What is FCRA?
14 Days
What benefits are paid for the initial days disability if the disability continues beyond how
many days?
Adverse Selection
The tendenecy for higher risk individuals to get and keep insurance more than
individuals who represent an average
Conditional Report
When insurance policies require certain conditions to be fulfilled in order for
performance under the contract to be enforced, is called?
After a 5 Day Waiting Period
When does total disability begin?
$1,000
A surviving spouse recieves a lump sum benefit of how much?
Aleatory
When insurance policies value receieve from the contract by each party may be equal,
it's called?
Medical Information Bureau (MIB)
A non-profit insurance trade association that maintains underwriting information on
applicants
Convertible
To change from term to permanent, must go underwriting
Mutual Insurance Company
An incorporated insurer which does not have capital stock?
Financial Industry Regulatory Authority
What's FINRA?
Total Disability
What is paid for the duration of the disability?
15 Days
What number of days from the date the agency contract is executed or the first
insurance application is submitted that the appointing insurer must file, in an approved
format, a notice of appointment?
30 Days
A producer has how many days to report to the Commission any administrative action
taken against the producer in another jurisdiction?
30 Days
, An insurer has how many days to notify the Commissioner that they've terminated the
appointment, employment, contract, or other insurance business relationship with a
producer?
Stockholders
A non-participating company is owned by?
Reciprocal Insurer
An unincorporated aggregation of persons operating individually and collectively
through an attorney-in-fact to provide reciprocal insurance among themselves
Indemnity
This type of contract is intended to restore the insured to the financial state he or she
enjoyed prior to the occurence of a loss no more and no less
Ex. When an insurance co. gives you the value of a totalled car
Insured
Premiums are issued by whom?
Warranty
A statement that is guranteed to be true
Statement of Good Health
-Required if no premium with application
-If health changed, agent can't deliver policy
Inactive agent
Who can solicit new business or service existing businesses, but may recieve renewal
commissions?
30 Days
A licensee must inform the Commissioner of any change of address or name within how
many days of change?
Fiduciary
A person in a position of financial trust. An agent has an obligation to act in the best
interest of the insured.
Up to $5,000
How much is provided as a maximum burial allowance?
Up to $5,000 in a fine
Any insurer who pays commissions for policies written on risks in Mississippi by a
person, firm, or corporation that is not licensed in Mississippi is subject to...
Agreement Competent Parties Legal Purpose Consideration
What are the four elements of a policy?
-Insured
-Producer/Agent
-Applicant
What signatures are required to issue a policy?
$5,000, imprisonment for one year, or both
What's the penalty for obtaining consumer information reports under false pretenses?
66.66% of Wages
What is the benefit amount in worker's comp?
Certificate of Insurance/Coverage
When one is apart of group coverage, they're issued a?
