MISSISSIPPI INSURANCE END OF COURSE 2026/2027
QUESTIONS AND SOLUTIONS RATED A+
✔✔10 days - ✔✔Hearing held ho earlier than __ days after the notice is served.
✔✔$200, $500 - ✔✔Unlicensed activities persons may be fined not less than $___ or
more than $___ , be imprisoned no less than 1 nor more than 2 years.
✔✔Insurance Transaction - ✔✔Any act involved in consummating an insurance contract
✔✔Admitted - ✔✔Authorized to transact business in the state by Certificate of Authority
✔✔Mississippi Insurance Guaranty Association - ✔✔provides a mechanism for the
payment of covered claims under certain ins policies to avoid excessive delay in
payment and to avoid financial loss to claimants because of the insolvency of an
insurer.
✔✔Mississippi State Rating Bureau - ✔✔provides professional services to assist the
Commissioner in the classification of fire ins risks and setting rates.
✔✔surety bond - ✔✔A guarantee that specific agreed upon obligations will be met.
Principal and Guarantor guarantee Obligee that obligation will be met.
✔✔Fidelity Bond - ✔✔an insurance policy that pays the employer money in the case of
theft by employees/ employee dishonesty
✔✔principal - ✔✔employee
in fidelity- the guarantor has the right to recover damages paid to employer
in surety- they apply for bond and pay fee
✔✔obligee - ✔✔employer
in fidelity- employer applies for bond and pays the fee
in surety- principal applies for bond
✔✔guarantor - ✔✔insurance company - provides the bond
✔✔security - ✔✔bond covers a security when lost, destroyed or stolen
✔✔supply - ✔✔supplier will faithfully furnish supplies & materials for contract:
✔✔employee dishonesty blanket bond - ✔✔would cover ALL employees dishonesty
✔✔fiduciary bond - ✔✔guarantees that the person appointed will faithfully perform
duties and represent and act in the best interest of their client
, ✔✔surety - ✔✔bond guarantees specific contractual obligations be met
✔✔obligee - ✔✔who is insured under fidelity bond
✔✔Personal Floaters - ✔✔Personal property AWAY from premise- covers goods from
one location to another
✔✔Personal Articles Floater - ✔✔used to insure personal property on schedules basis
✔✔personal property floater - ✔✔covers personal property on a unscheduled basis
✔✔warranties - ✔✔statements on application guarantees to be true
✔✔representation - ✔✔statements made to the best of your knowledge
✔✔concealment - ✔✔failure to disclose known fact- VOIDS CONTRACT
✔✔errors and omissions insurance - ✔✔A Professional Liability coverage that protects
the insured against liability for committing an error or omission in performance of
professional duties.
✔✔Malpractice Insurance - ✔✔a type of liability insurance that protects against financial
loss arising from suits for negligence in providing professional services
✔✔Directors and Officers Liability Insurance - ✔✔Type of errors and Omissions policy
written for directors and officers of corporations who may be sued as individuals by
stockholders.
✔✔Employment practices liability insurance (EPLI) - ✔✔type of policy that covers a
business' losses arising out of wrongful termination, discrimination, sexual harassment,
and other employment related practices
✔✔1. standard policy concepts
2. work related vs non-work related
3. other state ins
4. employers liability
5. exclusive remedy
6. premium determination - ✔✔Workers Comp Part 1-6
✔✔A dwelling
B other structures
C personal property
D fair rental value
QUESTIONS AND SOLUTIONS RATED A+
✔✔10 days - ✔✔Hearing held ho earlier than __ days after the notice is served.
✔✔$200, $500 - ✔✔Unlicensed activities persons may be fined not less than $___ or
more than $___ , be imprisoned no less than 1 nor more than 2 years.
✔✔Insurance Transaction - ✔✔Any act involved in consummating an insurance contract
✔✔Admitted - ✔✔Authorized to transact business in the state by Certificate of Authority
✔✔Mississippi Insurance Guaranty Association - ✔✔provides a mechanism for the
payment of covered claims under certain ins policies to avoid excessive delay in
payment and to avoid financial loss to claimants because of the insolvency of an
insurer.
✔✔Mississippi State Rating Bureau - ✔✔provides professional services to assist the
Commissioner in the classification of fire ins risks and setting rates.
✔✔surety bond - ✔✔A guarantee that specific agreed upon obligations will be met.
Principal and Guarantor guarantee Obligee that obligation will be met.
✔✔Fidelity Bond - ✔✔an insurance policy that pays the employer money in the case of
theft by employees/ employee dishonesty
✔✔principal - ✔✔employee
in fidelity- the guarantor has the right to recover damages paid to employer
in surety- they apply for bond and pay fee
✔✔obligee - ✔✔employer
in fidelity- employer applies for bond and pays the fee
in surety- principal applies for bond
✔✔guarantor - ✔✔insurance company - provides the bond
✔✔security - ✔✔bond covers a security when lost, destroyed or stolen
✔✔supply - ✔✔supplier will faithfully furnish supplies & materials for contract:
✔✔employee dishonesty blanket bond - ✔✔would cover ALL employees dishonesty
✔✔fiduciary bond - ✔✔guarantees that the person appointed will faithfully perform
duties and represent and act in the best interest of their client
, ✔✔surety - ✔✔bond guarantees specific contractual obligations be met
✔✔obligee - ✔✔who is insured under fidelity bond
✔✔Personal Floaters - ✔✔Personal property AWAY from premise- covers goods from
one location to another
✔✔Personal Articles Floater - ✔✔used to insure personal property on schedules basis
✔✔personal property floater - ✔✔covers personal property on a unscheduled basis
✔✔warranties - ✔✔statements on application guarantees to be true
✔✔representation - ✔✔statements made to the best of your knowledge
✔✔concealment - ✔✔failure to disclose known fact- VOIDS CONTRACT
✔✔errors and omissions insurance - ✔✔A Professional Liability coverage that protects
the insured against liability for committing an error or omission in performance of
professional duties.
✔✔Malpractice Insurance - ✔✔a type of liability insurance that protects against financial
loss arising from suits for negligence in providing professional services
✔✔Directors and Officers Liability Insurance - ✔✔Type of errors and Omissions policy
written for directors and officers of corporations who may be sued as individuals by
stockholders.
✔✔Employment practices liability insurance (EPLI) - ✔✔type of policy that covers a
business' losses arising out of wrongful termination, discrimination, sexual harassment,
and other employment related practices
✔✔1. standard policy concepts
2. work related vs non-work related
3. other state ins
4. employers liability
5. exclusive remedy
6. premium determination - ✔✔Workers Comp Part 1-6
✔✔A dwelling
B other structures
C personal property
D fair rental value
