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MS PROPERTY & CASUAL TY
QUESTION AND ANSWERS
LATEST
Question :The penalty for violating a cease and desist
order of the Commissioner might be a loss of license and...?
Correct answer:A fine up to $1,000 for each violation
Question :An insurer formed under the laws of
Mississippi is known as...?
Correct answer:Domestic Insurer
Question :An insurance company owned by its
POLICYHOLDERS is known as a...?
Correct answer:Mutual Insurer
Question :Is the Commissioner of Insurance appointed or
elected?
Correct answer:The Commissioner is ELECTED never
appointed. Watch for the terminology on the exam.
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Question :The person considered to be the INSURER is?
Correct answer:The Insurance Company
Question :What is true about inactive agents?
Correct answer:- 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
Question :When a state REQUIRES businesses to
purchase Worker's Compensation insurance, it is considered...?
Correct answer:Compulsory
Question :What is the general penalty for violating
provisions of the Insurance Code?
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Correct answer:A fine up to $5,000
Question :What is the legal age a person MUST be to
obtain a contract to sell property and casualty insurance?
Correct answer:18 years of age
Question :Is an exam required to obtain a temporary
producer license?
Correct answer:No. An exam is not required for a
temporary license to be issued.
Question :What is true about TEMPORARY
PRODUCER licenses?
Correct answer:- Temporary licenses are issued for a
limited term.
It may be issued to someone upon the death of a licensed agent.
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It may be issued to someone if the licensed agent becomes disabled.
Question :What does the Principle of Indemnity state?
Correct answer:The Principle of Indemnity states that
insurable risks must be based on the Law Of Large Numbers.
Question :What is the initial period of time a temporary
license may be issued to a temporary licensed producer?
Correct answer:The initial period of time would be 180
days or 6 months. However, if both options are presented, the best option would be 180 Days.
Question :How many days does a licensed producer have
to notify the Commissioner of a change of address before facing penalty?