Mississippi Insurance Test Questions and Answers 100% Pass
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 1 / 4
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 2 / 4
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 3 / 4
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
- / 4