Mississippi Insurance Test Questions
And Answers<\/p>\n\n\n\n
The Commissioner of Insurance in Mississippi is elected to office for a term of
CORRECT ANSWERS 4 years
The burden of proof for determining that a producer is representing an authorized
insurer falls on CORRECT ANSWERS The producer
The fine the Commissioner may levy for violating any provision of the Insurance Code is
CORRECT ANSWERS $1000
A foreign insurer CORRECT ANSWERS 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 CORRECT ANSWERS 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 CORRECT ANSWERS 10 days
Property and casualty insurance rates are regulated to prohibit rates from being all of
the following EXCEPT CORRECT ANSWERS Competitive
An insurance company’s license to business is called CORRECT ANSWERS A
certificate of authority
The purpose of a Guaranty Association is to CORRECT ANSWERS Cover claims of
insolvent insurers
The Guaranty Association pays a workers’ compensation claim up to CORRECT
ANSWERS The full amount of covered claim
An insurance adjuster adjusts claims on behalf of CORRECT ANSWERS The insurer
Which of the following is allowed to place insurance in eligible nonadmitted insurers?
CORRECT ANSWERS Surplus lines producers
If a person has engaged in an unfair or deceptive practice, the commissioner may
impose an administrative fine up to CORRECT ANSWERS $5,000 per violation<\/p>\n\n\n\n
Producers must notify the Commissioner of an administrative action taken against the
producer within how many days after final disposition of the matter? CORRECT
ANSWERS 30 days
The biennial continuing education requirement for producers is how many hours?
CORRECT ANSWERS 24 hours
Of the total continuing education requirement, how many hours must be in ethics?
CORRECT ANSWERS 3 hours
A licensee may be deemed to have violated controlled business statues if commissions
on controlled business exceed what percentage of aggregate commissions? CORRECT
ANSWERS 35%<\/p>\n\n\n\n
Which of the following referral fees may be paid to an unlicensed employee of a
producer CORRECT ANSWERS A fixed dollar amount
What type of relationship does a producer have with insurers and insureds in handling
their premium dollars? CORRECT ANSWERS Fiduciary
Charging insureds in the same class with the same hazards different premiums is an
example of CORRECT ANSWERS Discrimination
The Guaranty Association pays covered claims up to what amount for covered claims
for other than return of premium and workers’ compensation? CORRECT ANSWERS
$300,000
If a policy is being canceled for nonpayment of premium, the insurer must give a fire
insurance insured written notice at least CORRECT ANSWERS 10 days in advance
The minimum requirement for proof of financial responsibility for automobile insurance
in Mississippi is CORRECT ANSWERS $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 CORRECT ANSWERS 30 days in advance
Workers’ compensation insurance is available in Mississippi through CORRECT
ANSWERS Private insurers
The maximum amount provided as a burial allowance under workers’ compensation
insurance in Mississippi is CORRECT ANSWERS $5,000
In Mississippi, workers’ compensation insurance is compulsory for private sector
employers who employ CORRECT ANSWERS 5 or more workers<\/p>\n\n\n\n