Life, Health, & Accident Practice Test | 100 Questions & Answers (SCORED A+)
To renew a producers' license, the producer must - ANSWER Satisfy the state's continuing education requirement
The Commissioner of Insurance in Mississippi is appointed for a term of - ANSWER Four years
An incorporated insurer owned by its policyholders is known as a - ANSWER Mutual Insurer
An insurer formed under the laws of Mississippi is known as a - ANSWER Domestic Insurer
Which of the following is considered to be an insurer - ANSWER Insurance Company
All of the following are true about inactive agents in Ms except - ANSWER An inactive agent may solicit new business
If a person violates a cease and desist order of the Commissioner while it is in effect, the penalty may be loss of license and a fine of up to - ANSWER $1000 for each violation
The general penalty for violating any provision of the insurance code for which a different penalty is not specifically provided is - ANSWER A fine up to $5000
In Ms, minors attain a legal right to contract for life and health insurance on their own lives upon reaching - ANSWER 15 years of age
All of the following are true about temporary producer licenses issued by the Commissioner expect - ANSWER Applicants for temporary licenses must take and pass
a written exam
Under the Fair Credit Reporting Act, a Consumer has all of the following rights Except - ANSWER The right to conceal information from a particular recipient
The principle of indemnity states that - ANSWER The insured is restored to the same condition as before the loss
A restricted capacity to contract would not necessarily characterize - ANSWER A Retired persons In Ms, a licensed producer who has a change of address may be subject to a penalty unless the producer notifies the Commissioner within - ANSWER 30 days of the change
What is the maximum percentage of commissions that a producer may earn for writing controlled business during any 24-month period - ANSWER 35%
The Commissioner of Insurance may place on probation, suspend, revoke, or refuse to issue or renew an insurance producer's license for all of the following reasons except - ANSWER Paying a commission to another duly-licensed producer
An insurance company must appoint an agent within how many days of the date the agency contract is executed or the first insurance application is submitted - ANSWER 15 days
It is unlawful for an insurance producer to give any valuable consideration or pay a referral fee to - ANSWER A licensed producer
After a producer's license has expired, the producer may have the license reinstated without taking an examination if application is made within - ANSWER 12 Months
The privilege license and filing fees required for life, accident and health insurance producers expire on - ANSWER The last day of the producer's birth month every 2 years
In Ms, what is the penalty fo acting as a life and health insurance agent without holding the required license - ANSWER A fine of $200 to $500 or imprisonment for 1 to 2 years,
or both
A person must be licensed to do all of the following except - ANSWER Advertise without
the intent to solicit on behalf of the insurance company
Ron owns a $100,000 whole life policy. At age 47, Ron decides to cancel his policy and exercise the extended term option with the policy's cash value. He will receive a term policy with a face value of - ANSWER 100,000
Premiums for which of the following policies are deductible by an individual for income tax purpose - ANSWER None of the above
Elain own a $100,000 whole life policy with an additional $100,000 accidental death rider attached to it. While driving to work Elaine suffers a massive heart attack and dies instantly. Her auto then runs off the road and crashes down an embankment. How much
will her policy pay to the beneficiary. - ANSWER 100,000
With regards to insurance, the term consideration refers to the - ANSWER Price of the contract (premium)
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