MISSISSIPPI INSURANCE TEST COMPLETE QUESTIONS & ANSWERS (GRADED A).Buy Quality Materials!
The Commissioner of Insurance in Mississippi is elected to office for a term of
4 years
The burden of proof for determining that a producer is representing an authorized insurer falls on
The producer
...
The Commissioner of Insurance in Mississippi is elected to office for a term of
4 years
The burden of proof for determining that a producer is representing an authorized
insurer falls on
The producer
The fine the Commissioner may levy for violating any provision of the Insurance
Code is
$1000
A foreign insurer
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
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
10 days
Property and casualty insurance rates are regulated to prohibit rates from being
all of the following EXCEPT
Competitive
An insurance company's license to business is called
A certificate of authority
The purpose of a Guaranty Association is to
Cover claims of insolvent insurers
The Guaranty Association pays a workers' compensation claim up to
The full amount of covered claim
An insurance adjuster adjusts claims on behalf of
The insurer
Which of the following is allowed to place insurance in eligible nonadmitted
insurers?
Surplus lines producers
If a person has engaged in an unfair or deceptive practice, the commissioner may
impose an administrative fine up to
$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?
30 days
The biennial continuing education requirement for producers is how many
hours?
24 hours
Of the total continuing education requirement, how many hours must be in
ethics?
3 hours
, A licensee may be deemed to have violated controlled business statues if
commissions on controlled business exceed what percentage of aggregate
commissions?
35%
Which of the following referral fees may be paid to an unlicensed employee of a
producer
A fixed dollar amount
What type of relationship does a producer have with insurers and insureds in
handling their premium dollars?
Fiduciary
Charging insureds in the same class with the same hazards different premiums is
an example of
Discrimination
The Guaranty Association pays covered claims up to what amount for covered
claims for other than return of premium and workers' compensation?
$300,000
If a policy is being canceled for nonpayment of premium, the insurer must give a
fire insurance insured written notice at least
10 days in advance
The minimum requirement for proof of financial responsibility for automobile
insurance in Mississippi is
$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
30 days in advance
Workers' compensation insurance is available in Mississippi through
Private insurers
The maximum amount provided as a burial allowance under workers'
compensation insurance in Mississippi is
$5,000
In Mississippi, workers' compensation insurance is compulsory for private sector
employers who employ
5 or more workers
To be eligible for coverage under the Mississippi Automobile Assigned Risk Plan,
an applicant must certify that she has sought unsuccessfully to obtain coverage
within the preceding
60 days
To nonrenew an automobile insurance policy, an insurer must give the insured
written notice at least
30 days in advance
If an insurer cancels an automobile policy for a reason other than nonpayment of
premium, the insurer must notify the named insured of possible eligibility for
The assigned risk plan
Workers' compensation total disability benefits are retroactive to the start of
disability if the disability continues for
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