Mississippi Insurance Laws
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 is the maximum penalty the Commissioner may impose on the agent?
$5,000
When an insurer intends to not renew an automobile insurance policy beyond its current expiration date, the insurer must give how many days' advance notice of their intentions?
30 days
If a consumer requests additional information concerning an investigative consumer report, how long does the insurer or reporting agency have to comply?
5 days
In response to a notice of cancellation, the named insured requests reasoning behind the decision. How soon must the insurer respond?
5 days after the request
In Mississippi, any person who acts as an agent without having the proper license may be found guilty misdemeanor and subject to a penalty of
A fine of up to $500 and up to 2 years in jail
Which of the following employees of an insurance producer must be licensed?
A sub-agent selling on a commission basis.
What is a foreign insurer?
An insurer with a home office in another state
Which of the following best describes an insurance company that has been formed under the laws of this state?
Domestic
Circulating deceptive sales material to the public is what type of Unfair Trade Practice?
False Advertising
Concerning insurance, the definition of a fiduciary responsibility is
Handling insurer funds in a trust capacity
Under the Fair Credit Reporting Act, individuals rejected for insurance due to information contained in a consumer report
Must be informed of the source of the report
All of the following would be considered an insurance transaction EXCEPT
Obtaining an insurance license
Which of the following would NOT be a violation of State insurance regulations?
Producer C uses her license to write uncontrolled business only.
According to the definition provided by the Insurance Code in connection with the MS Windstorm Underwriting Association, the term insurable property means
Real property and its contents at a fixed location in the coast area
During the term of office as Commissioner, that individual also serves as
State Fire Marshal
Which of the following may NOT be included in an insurance company's advertisement?
That its policies are covered by a state Guaranty Association
Which of the following organizations ensures that the state has adequate market for hail coverage and other property insurance to stimulate orderly growth and development in the coast area?
The MS Windstorm Underwriting Association
With respect to an Auto insurance policy that has been in effect for 60 days or more, the only reason that allows the insurer to cancel the policy with 10 days' advance notice is
The named insured failed to pay the premium when due.
Who is responsible for verifying that the insurer issuing coverage is authorized to transact business in this state?
The producer
The regulation of the insurance industry primarily rests with
The state
How is the Mississippi State Rating Bureau funded?
Through annual assessment of its members
What is the purpose of the Insurance Guaranty Association?
To protect policyowners against insurer insolvency