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MS PROPERTY & CASUAL TY
EXAM QUESTIONS WITH
ANSWERS PASSED
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.
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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?
Correct answer: A fine up to $5,000
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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, 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.
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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?
Correct answer: 30 Days of the Change
Question: What is controlled business?
Correct answer: Controlled business would commonly
refer to business or clients that you bring in from your own personal connections. (i.e. family members, friends, or colleagues)
Question: What is the max percentage of commissions
that an agent can earn from writing controlled business during ANY period of time?
