Exam (elaborations)
MISSISSIPPI STATE LAW SUPPLEMENT QUESTIONS AND ANSWERS
- Course
- Institution
MISSISSIPPI STATE LAW SUPPLEMENT QUESTIONS AND ANSWERS
[Show more]
Content preview
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.
Give this one a try later!
, Twisting/Misrepresentation
A person authorized by the Commissioner to sell, solicit, or negotiate limited lines
insurance.
Give this one a try later!
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.
Give this one a try later!
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.
Give this one a try later!
, Transaction
Producers must promptly notify the Commissioner of any change of address within 30
days of the change.
Give this one a try later!
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.
Give this one a try later!
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.
Give this one a try later!
, 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.
Give this one a try later!
Prelicensing Education Requirement
30 Day
Give this one a try later!
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.
Give this one a try later!
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller selftest. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $9.00. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
80202 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now