Exam (elaborations)
MISSISSIPPI STATE LAW SUPPLEMENT QUESTIONS AND ANSWERS
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MISSISSIPPI STATE LAW SUPPLEMENT QUESTIONS AND ANSWERS
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1-87 of 87It is illegal for any insurance company, agent, solicitor, or representative to inform any
current or prospective policyholder that an insurance company was required by
regulation to change a policy form or related material to pressure that policyholder
into changes policies.
-Replacing a policy with another policy is not illegal as long as it is in the best interest
of the client.
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, Twisting/Misrepresentation
A person authorized by the Commissioner to sell, solicit, or negotiate limited lines
insurance.
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Limited Lines Producer
Violators of any provision of the MS insurance code are guilty of a misdemeanor and,
upon conviction, must pay a fine of up to $5,000 in addition to any other specific
penalties for that violation.
-Commissioner could make the violator pay the investigation expenses.
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Penalties
Includes any of the following actions in regard to a contract of insurance:
-Soliciting
-Selling
-Advertising
-Taking or transmitting applications
-Receiving or delivering policies
-Receiving, paying, collecting or transmitting a premium
-Any other act involved in making or consummating an insurance contract.
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, Transaction
Producers must promptly notify the Commissioner of any change of address within 30
days of the change.
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Notify Commissioner of Change of Address
(Maintenance & Duration of License)
Any minor age 15 or older may contract for life, health, and accident insurance on his
own life for the benefit of anyone who has an insurable interest.
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Contractual Rights of Minors
(MS Laws & Regulation - Life Insurance ONLY)
-Advertisements must not contain untrue or misleading statements about the assets,
corporate structure, financial standing, age, or relative position of an insurer in the
insurance business.
-They must not contain a recommendation by any commercial rating system without
clearly indicating the purpose, limitations, scope, and extent of the recommendation.
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, Statement about the Insurer
(Pertaining to Accident and Health Insurance ONLY)
Every individual seeking to be licensed as an insurance producer:
-Must complete an approved Prelicensing course of study
-Course must consist of 20 hours of approved study per line of authority
+ One line (Life Insurance Only) course is 20 hours
+ Two lines (Life, Accident, & Health) would be 40 hours.
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Prelicensing Education Requirement
30 Day
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All Medicare Supplements & Long Term Care Policies have a _____ _____ Free
Look.
Is an insurance company's license to transact business in Mississippi.
-It certifies that the company has complied with the requirements of the MS insurance
laws and that it is admitted (Authorized to transact business) in the state.
-Companies must pay the required licensing fees and meet the capital requirements
for each type of insurance they plan to market.
-Certificates of authority must be renewed annually, on or by June 1.
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