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MISSISSIPPI INSURANCE TEST
ACTUAL EXAM WITH CORRECT SOLUTIONS.
The Commissioner of Insurance in Mississippi is elected to office for a term of - correct answer- 4 years
The burden of proof for determining that a producer is representing an authorized insurer falls on - correct answer- The producer
The fine the Commissioner may levy for violating any provision of the Insurance Code is - correct answer- $1000
A foreign insurer - correct answer- 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 answer- Insurance company membership in the association is voluntary
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At least how many days' advance notice must the Commissioner giver a person of an unfair trade practice hearing - correct answer- 10 days
Property and casualty insurance rates are regulated to prohibit rates from being all of the following EXCEPT - correct answer- Competitive
An insurance company's license to business is called - correct answer- A certificate of authority
The purpose of a Guaranty Association is to - correct answer- Cover claims of insolvent insurers
The Guaranty Association pays a workers' compensation claim up to - correct answer- The full amount of covered claim
An insurance adjuster adjusts claims on behalf of - correct answer- The insurer
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Which of the following is allowed to place insurance in eligible nonadmitted insurers? - correct answer- Surplus lines producers
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
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
The biennial continuing education requirement for producers is how many hours? - correct answer- 24 hours
Of the total continuing education requirement, how many hours must be in ethics? - correct answer- 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 answer- 35%
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Which of the following referral fees may be paid to an unlicensed employee of a producer - correct answer- A fixed dollar amount
What type of relationship does a producer have with insurers and insureds in handling their premium dollars? - correct answer- Fiduciary
Charging insureds in the same class with the same hazards different premiums is an example of - correct answer- Discrimination
The Guaranty Association pays covered claims up to what amount for covered claims for other than return of premium and workers' compensation? - correct answer- $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 answer- 10 days in advance
The minimum requirement for proof of financial responsibility for automobile insurance in Mississippi is - correct answer- $25,000/$50,000 BI and $25,000 PD
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