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Chapter 8 - Mississippi Laws & Rules
Pertinent to Insurance Latest Update
Graded A+
A producer is suggesting replacement if a prospective insured is given all of the following advice, EXCEPT: ✔✔Convert your Term insurance to Whole Life
Which of the following would be a valid reason for suspending or revoking an insurance license? ✔✔The producer misappropriated money held in a fiduciary capacity
Any criminal charges taken against a producer must be reported to the Commissioner of Insurance by the producer within how many days of the final disposition? ✔✔30 days
Which of the following actions must be taken by an insurance company that wishes to conduct business in Mississippi? ✔✔Acquire a certificate of authority
During the course of an insurance transaction, if a producer makes a false or incomplete statement, he/she could be found guilty of ✔✔misrepresentation
A producers must notify the Commissioner of Insurance within ___ days of an address change. ✔✔30 days
What is a responsibility of the Commissioner of Insurance? ✔✔Administering insurance laws
Long Term Care policies in Mississippi must contain all of the following, EXCEPT a ✔✔guarantee of issue at age 65
ABC Insurance Company is replacing an existing life policy from XYZ Insurance Company. ABC Insurance Company must provide which of the following documents to XYZ Insurance company? ✔✔A policy summary
Long-Term Care policies sold in Mississippi are required to contain cost disclosure information in bold print. Where does the law require this information? ✔✔Outline of coverage- cover page
How often must an insurance producer's license be renewed? ✔✔Every 2 years
An example of Life insurance policy replacement would be which of the following? ✔✔Cash surrender an existing life policy and purchasing a new life policy
T is a producer who forgot to renew her license. She may reapply for a license without an examination ✔✔within one year after no renwal
An insurance company must do which of the following to terminate a producer's appointment? ✔✔Send notice of the termination to the Commissioner of Insurance
Long-Term Care policies sold in Mississippi may exclude coverage for pre-existing conditions for ✔✔6 months
A producer has returned part of his commission to the insured as an inducement to purchase the insurance. This illegal action is called ✔✔rebating
The pre-existing condition clause in a long-term care policy MUST be waived when the ✔✔new policy replaces existing coverage with the same insurer
A hearing must be held before a producer's license can be suspended or revoked. Prior to the hearing, the Commissioner of Insurance is required to ✔✔give written notice to the producer
The Commission of Insurance MUST give ___ days notice before holding a hearing regarding a producer's unfair practice. ✔✔10 days
How does the Commissioner of Insurance attain office? ✔✔Elected by the people of Mississippi to a 4-year term
B is a producer who primarily writes insurance business on his family. Which of the following is B engaged in? ✔✔Controlled business
An insurance company appoints a(n)_________ to transact insurance. ✔✔producer
All Long-Term Care policies in Mississippi MUST contain a free-look period of ✔✔30 days
Who would be given an exemption from licensing requirements in Mississippi? ✔✔An employee of a licensed producer who only answers the phone and schedules appointments
In Mississippi, an insurance company formed under the laws of Mexico is called a(n): ✔✔alien company
Which of the following BEST defines unfair discrimination? ✔✔Charging different rates for individuals in the same risk class
A producer is attempting to replace an existing life insurance policy with a new one. What must this producer submit as part of the application? ✔✔A signed statement by the applicant regarding the replacement
