Mississippi Insurance Test | 200 Questions with 100% Correct Answers | Verified | Latest Update
Question :The Commissioner of Insurance in Mississippi is
elected to office for a term of
Correct answer:4 years
Question :The burden of proof for determining that a producer
is representing an authorized insurer falls on
Correct answer:The producer
Question :The fine the Commissioner may levy for violating
any provision of the Insurance Code is
Correct answer:$1000
Question :A foreign insurer
Correct answer:An insurer formed under the laws of any state
other than Mississippi would be known as
Question :Each of the following is true about the Mississippi
Residential Property Insurance Underwriting Association
EXCEPT
Correct answer:Insurance company membership in the
association is voluntary
Question :At least how many days' advance notice must the
Commissioner giver a person of an unfair trade practice hearing
Correct answer:10 days
Question :Property and casualty insurance rates are regulated
to prohibit rates from being all of the following EXCEPT
Correct answer:Competitive
Question :An insurance company's license to business is
called
Correct answer:A certificate of authority
Question :The purpose of a Guaranty Association is to
Correct answer:Cover claims of insolvent insurers
Question :The Guaranty Association pays a workers'
compensation claim up to
Correct answer:The full amount of covered claim
Question :An insurance adjuster adjusts claims on behalf of
Correct answer:The insurer
Question :Which of the following is allowed to place
insurance in eligible nonadmitted insurers?
Correct answer:Surplus lines producers
Question :If a person has engaged in an unfair or deceptive
practice, the commissioner may impose an administrative fine up to
Correct answer:$5,000 per violation
Question :Producers must notify the Commissioner of an
administrative action taken against the producer within how many days after final disposition of the matter?
Correct answer:30 days
Question :The biennial continuing education requirement for
producers is how many hours?
Correct answer:24 hours
Question :Of the total continuing education requirement, how
many hours must be in ethics?
Correct answer:3 hours
Question :A licensee may be deemed to have violated
controlled business statues if commissions on controlled business exceed what percentage of aggregate commissions?
Correct answer:35%
Question :Which of the following referral fees may be paid to
an unlicensed employee of a producer