MS Life Certification - Law

If a licensed agent has a change of residence address, the commissioner must be notified

Within 30 days

Within how many days must the insurer that terminates an agent's appointment notify the commissioner?

30

After receiving a cease and desist order, how long does a person have to request a hearing?

30 days

What is the highest percentage of controlled business that a licensed agent is allowed to write?

35% of aggregate premium in any 24 months

3: If an insurance company has their Certificate of Authority revoked for failure to pay a judgment within 90 days, after paying the judgment, they will be barred from doing business in Mississippi for a period of

90 days

15: What must happen when an individual policy or annuity has been personally delivered to the policyowner?

A The policyowner must sign a delivery receipt

20: An agent breaks an insurance law regulating how long records must be kept. However, a penalty for breaking this law hasn't been established. What penalty will the agent face?

$5000

Following the death of a licensed agent, the executor or administrator of the deceased agent's estate, or the next of kin could obtain a temporary insurance license, without testing, issued for a period of

180 days

In order to get a nonresident license in this state, a producer must

Apply and pay a fee to a nonresident state that reciprocates

9: After receiving a cease and desist order, a licensee requests a hearing regarding an alleged violation on Nov. 10. What is the earliest date the hearing can be held?

Nov. 20

Upon assuming office, the commissioner must

Post a performance bond

18: During the term of office as Commissioner, that individual also serves as

State fire marshall

If an insurer becomes insolvent, which of the following would pay benefits to policyholders?

The Guaranty Association

2: An insurer publishes intimidating brochures that portray the insurer's competition as financially and professionally unstable. Which of the following best describes this act?

C Illegal under any circumstances

In order for an insurer to legally transact insurance, it must obtain which of the following?

Certificate of Authority

How is the commissioner of insurance selected in mississippi?

Elected by the public for a 4-year term in the same election in which other state officials are chosen

16: Which of the following insurance providers must be nonprofit and sell insurance only to its members?

Fraternal

2. What is the difference between an insurer that is authorized and one that is unauthorized?

Insurers who meet the state's financial requirements and are approved to transact business in the state are considered authorized or admitted into the state as a legal insurer. Those insurers who have not been approved to do business in the state are considered unauthorized or nonadmitted. Most states have laws that prohibit unauthorized insurers to conduct business in the state, except through licensed excess and surplus lines brokers.

An insurance company has published a brochure that inaccurately portrays the advantages of a particular insurance policy. What is this an example of?

false advertising

Selling insurance policies without an appropriate license in this state is considered a

misdemeanor

What is the purpose of examining insurers authorized to transact insurance in this state?

to ensure that the companies remain solvent and conduct business in compliance with state laws and regulations pertaining to licensing, policy forms, rates, claims, and market conduct.