Exam (elaborations)
MS Property & Casualty Exam Questions and Answers
MS Property & Casualty Exam Questions and Answers
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MS Property & Casualty ExamQuestions and Answers
The penalty for violating a cease and desist order of the Commissioner might
be a loss of license and...? - -A fine up to $1,000 for each violation
-An insurer formed under the laws of Mississippi is known as...? - -Domestic
Insurer
-An insurance company owned by its POLICYHOLDERS is known as a...? - -
Mutual Insurer
-Is the Commissioner of Insurance appointed or elected? - -The
Commissioner is ELECTED never appointed. Watch for the terminology on the
exam.
-The person considered to be the INSURER is? - -The Insurance Company
-What is true about inactive agents? - -- An inactive agent may receive
renewal commissions
- An agent who is retired/disabled is considered inactive
- An agent who has not obtained a continuous Certificate of Authority is
inactive
-When a state REQUIRES businesses to purchase Worker's Compensation
insurance, it is considered...? - -Compulsory
-What is the general penalty for violating provisions of the Insurance Code? -
-A fine up to $5,000
-What is the legal age a person MUST be to obtain a contract to sell property
and casualty insurance? - -18 years of age
-Is an exam required to obtain a temporary producer license? - -No. An
exam is not required for a temporary license to be issued.
-What is true about TEMPORARY PRODUCER licenses? - -- Temporary
licenses are issued for a limited term.
- It may be issued to someone upon the death of a licensed agent.
- It may be issued to someone if the licensed agent becomes disabled.
-What does the Principle of Indemnity state? - -The Principle of Indemnity
states that insurable risks must be based on the Law Of Large Numbers.
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