Mississippi Insurance Test QUESTIONS AND
CORRECT DETAILED ANSWERS WITH
RATIONALES (100% VERIFIED ANSWERS) |
The Commissioner of Insurance in Mississippi is elected to office for a term of - CORRECT ANSWERS
4 years
The burden of proof for determining that a producer is representing an authorized insurer falls on -
CORRECT ANSWERS The producer
The fine the Commissioner may levy for violating any provision of the Insurance Code is - CORRECT
ANSWERS $1000
A foreign insurer - CORRECT ANSWERS An insurer formed under the laws of any state other
than Mississippi would be known as
Each of the following is true about the Mississippi Residential Property Insurance Underwriting
Association EXCEPT - CORRECT ANSWERS Insurance company membership in the association is
voluntary
At least how many days' advance notice must the Commissioner giver a person of an unfair trade
practice hearing - CORRECT ANSWERS 10 days
Property and casualty insurance rates are regulated to prohibit rates from being all of the following
EXCEPT - CORRECT ANSWERS Competitive
An insurance company's license to business is called - CORRECT ANSWERS A certificate of
authority
,The purpose of a Guaranty Association is to - CORRECT ANSWERS Cover claims of insolvent
insurers
The Guaranty Association pays a workers' compensation claim up to - CORRECT ANSWERS The
full amount of covered claim
An insurance adjuster adjusts claims on behalf of - CORRECT ANSWERS The insurer
Which of the following is allowed to place insurance in eligible nonadmitted insurers? - CORRECT
ANSWERS Surplus lines producers
If a person has engaged in an unfair or deceptive practice, the commissioner may impose an
administrative fine up to - CORRECT ANSWERS $5,000 per violation
Producers must notify the Commissioner of an administrative action taken against the producer within
how many days after final disposition of the matter? - CORRECT ANSWERS 30 days
The biennial continuing education requirement for producers is how many hours? - CORRECT ANSWERS
24 hours
Of the total continuing education requirement, how many hours must be in ethics? - CORRECT
ANSWERS 3 hours
A licensee may be deemed to have violated controlled business statues if commissions on controlled
business exceed what percentage of aggregate commissions? - CORRECT ANSWERS 35%
Which of the following referral fees may be paid to an unlicensed employee of a producer - CORRECT
ANSWERS A fixed dollar amount
, What type of relationship does a producer have with insurers and insureds in handling their premium
dollars? - CORRECT ANSWERS Fiduciary
Charging insureds in the same class with the same hazards different premiums is an example of -
CORRECT ANSWERS Discrimination
The Guaranty Association pays covered claims up to what amount for covered claims for other than
return of premium and workers' compensation? - CORRECT ANSWERS $300,000
If a policy is being canceled for nonpayment of premium, the insurer must give a fire insurance insured
written notice at least - CORRECT ANSWERS 10 days in advance
The minimum requirement for proof of financial responsibility for automobile insurance in Mississippi is
- CORRECT ANSWERS $25,000/$50,000 BI and $25,000 PD
After an automobile insurance policy has been in effect for at least 60 days, if it is canceled by the
insurer for any reason other than nonpayment of premium, the insurer must give the insured written
notice at least - CORRECT ANSWERS 30 days in advance
Workers' compensation insurance is available in Mississippi through - CORRECT ANSWERS
Private insurers
The maximum amount provided as a burial allowance under workers' compensation insurance in
Mississippi is - CORRECT ANSWERS $5,000
In Mississippi, workers' compensation insurance is compulsory for private sector employers who employ
- CORRECT ANSWERS 5 or more workers
CORRECT DETAILED ANSWERS WITH
RATIONALES (100% VERIFIED ANSWERS) |
The Commissioner of Insurance in Mississippi is elected to office for a term of - CORRECT ANSWERS
4 years
The burden of proof for determining that a producer is representing an authorized insurer falls on -
CORRECT ANSWERS The producer
The fine the Commissioner may levy for violating any provision of the Insurance Code is - CORRECT
ANSWERS $1000
A foreign insurer - CORRECT ANSWERS An insurer formed under the laws of any state other
than Mississippi would be known as
Each of the following is true about the Mississippi Residential Property Insurance Underwriting
Association EXCEPT - CORRECT ANSWERS Insurance company membership in the association is
voluntary
At least how many days' advance notice must the Commissioner giver a person of an unfair trade
practice hearing - CORRECT ANSWERS 10 days
Property and casualty insurance rates are regulated to prohibit rates from being all of the following
EXCEPT - CORRECT ANSWERS Competitive
An insurance company's license to business is called - CORRECT ANSWERS A certificate of
authority
,The purpose of a Guaranty Association is to - CORRECT ANSWERS Cover claims of insolvent
insurers
The Guaranty Association pays a workers' compensation claim up to - CORRECT ANSWERS The
full amount of covered claim
An insurance adjuster adjusts claims on behalf of - CORRECT ANSWERS The insurer
Which of the following is allowed to place insurance in eligible nonadmitted insurers? - CORRECT
ANSWERS Surplus lines producers
If a person has engaged in an unfair or deceptive practice, the commissioner may impose an
administrative fine up to - CORRECT ANSWERS $5,000 per violation
Producers must notify the Commissioner of an administrative action taken against the producer within
how many days after final disposition of the matter? - CORRECT ANSWERS 30 days
The biennial continuing education requirement for producers is how many hours? - CORRECT ANSWERS
24 hours
Of the total continuing education requirement, how many hours must be in ethics? - CORRECT
ANSWERS 3 hours
A licensee may be deemed to have violated controlled business statues if commissions on controlled
business exceed what percentage of aggregate commissions? - CORRECT ANSWERS 35%
Which of the following referral fees may be paid to an unlicensed employee of a producer - CORRECT
ANSWERS A fixed dollar amount
, What type of relationship does a producer have with insurers and insureds in handling their premium
dollars? - CORRECT ANSWERS Fiduciary
Charging insureds in the same class with the same hazards different premiums is an example of -
CORRECT ANSWERS Discrimination
The Guaranty Association pays covered claims up to what amount for covered claims for other than
return of premium and workers' compensation? - CORRECT ANSWERS $300,000
If a policy is being canceled for nonpayment of premium, the insurer must give a fire insurance insured
written notice at least - CORRECT ANSWERS 10 days in advance
The minimum requirement for proof of financial responsibility for automobile insurance in Mississippi is
- CORRECT ANSWERS $25,000/$50,000 BI and $25,000 PD
After an automobile insurance policy has been in effect for at least 60 days, if it is canceled by the
insurer for any reason other than nonpayment of premium, the insurer must give the insured written
notice at least - CORRECT ANSWERS 30 days in advance
Workers' compensation insurance is available in Mississippi through - CORRECT ANSWERS
Private insurers
The maximum amount provided as a burial allowance under workers' compensation insurance in
Mississippi is - CORRECT ANSWERS $5,000
In Mississippi, workers' compensation insurance is compulsory for private sector employers who employ
- CORRECT ANSWERS 5 or more workers
