MISSISSIPPI INSURANCE ACTUAL EXAM 2026
QUESTIONS WITH ANSWERS GRADED A+
◉ The burden of proof for determining that a producer is representing an
authorized insurer falls on. Answer: The producer
◉ The fine the Commissioner may levy for violating any provision of
the Insurance Code is. Answer: $1000
◉ A foreign insurer. 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. Answer:
Insurance company membership in the association is voluntary
◉ At least how many days' advance notice must the Commissioner giver
a person of an unfair trade practice hearing. Answer: 10 days
◉ Property and casualty insurance rates are regulated to prohibit rates
from being all of the following EXCEPT. Answer: Competitive
,◉ An insurance company's license to business is called. Answer: A
certificate of authority
◉ The purpose of a Guaranty Association is to. Answer: Cover claims of
insolvent insurers
◉ The Guaranty Association pays a workers' compensation claim up to.
Answer: The full amount of covered claim
◉ An insurance adjuster adjusts claims on behalf of. Answer: The
insurer
◉ Which of the following is allowed to place insurance in eligible
nonadmitted insurers?. Answer: Surplus lines producers
◉ If a person has engaged in an unfair or deceptive practice, the
commissioner may impose an administrative fine up to. 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?. Answer: 30 days
◉ The biennial continuing education requirement for producers is how
many hours?. Answer: 24 hours
, ◉ Of the total continuing education requirement, how many hours must
be in ethics?. 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?. Answer: 35%
◉ Which of the following referral fees may be paid to an unlicensed
employee of a producer. Answer: A fixed dollar amount
◉ What type of relationship does a producer have with insurers and
insureds in handling their premium dollars?. Answer: Fiduciary
◉ Charging insureds in the same class with the same hazards different
premiums is an example of. Answer: Discrimination
◉ The Guaranty Association pays covered claims up to what amount for
covered claims for other than return of premium and workers'
compensation?. 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. Answer: 10
days in advance
QUESTIONS WITH ANSWERS GRADED A+
◉ The burden of proof for determining that a producer is representing an
authorized insurer falls on. Answer: The producer
◉ The fine the Commissioner may levy for violating any provision of
the Insurance Code is. Answer: $1000
◉ A foreign insurer. 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. Answer:
Insurance company membership in the association is voluntary
◉ At least how many days' advance notice must the Commissioner giver
a person of an unfair trade practice hearing. Answer: 10 days
◉ Property and casualty insurance rates are regulated to prohibit rates
from being all of the following EXCEPT. Answer: Competitive
,◉ An insurance company's license to business is called. Answer: A
certificate of authority
◉ The purpose of a Guaranty Association is to. Answer: Cover claims of
insolvent insurers
◉ The Guaranty Association pays a workers' compensation claim up to.
Answer: The full amount of covered claim
◉ An insurance adjuster adjusts claims on behalf of. Answer: The
insurer
◉ Which of the following is allowed to place insurance in eligible
nonadmitted insurers?. Answer: Surplus lines producers
◉ If a person has engaged in an unfair or deceptive practice, the
commissioner may impose an administrative fine up to. 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?. Answer: 30 days
◉ The biennial continuing education requirement for producers is how
many hours?. Answer: 24 hours
, ◉ Of the total continuing education requirement, how many hours must
be in ethics?. 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?. Answer: 35%
◉ Which of the following referral fees may be paid to an unlicensed
employee of a producer. Answer: A fixed dollar amount
◉ What type of relationship does a producer have with insurers and
insureds in handling their premium dollars?. Answer: Fiduciary
◉ Charging insureds in the same class with the same hazards different
premiums is an example of. Answer: Discrimination
◉ The Guaranty Association pays covered claims up to what amount for
covered claims for other than return of premium and workers'
compensation?. 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. Answer: 10
days in advance
