Mississippi Life and Health Final
Exam 71-150 With Questions And
Well Verified Answers Actual
Exam!!! 2026
A producer who fails to renew a license may reapply for a license without an examination at
which of the following times?
Within two years after no renewal
Within one year after no renewal
Within three years after no renewal
At anytime - ANSWER -within one year after no renewal
An insurance producer's license may be suspended or revoked under which of the following
circumstances?
The producer has been convicted of a misdemeanor within the past five years
The producer unintentionally made a material misstatement on the license application
The producer has misappropriated money held in a fiduciary capacity
The producer has filed for personal bankruptcy within the last two years - ANSWER -
The producer has misappropriated money held in a fiduciary capacity
A producer who suggests that an insured surrender a life insurance policy in order to purchase
a new policy would be subject to which of the following?
Mandatory provision
Conversion provision
Replacement provision
Exchange provision - ANSWER -replacement provision
,An insurance company that wants to transact business in Mississippi MUST take which of the
following action?
Obtain a certificate of authority
Hire 10 employees
Post a bond
Headquarter itself in this state - ANSWER -obtain a certificate of authority
An insurance company receives E's application for an individual health policy. E did not
complete all of the medical history questions because she could not remember the exact
dates. E signed the policy and submitted it to the insurance company anyway. A few weeks
later, E suffers a heart attack and is hospitalized without completing the medical history
questions and paying the initial premium. E is not insured. Which of the following clauses
details the conditions that E did not meet?
Entire Contract clause
MIB clause
Insuring clause
Consideration clause - ANSWER -consideration clause
G is involved in an automobile accident as a result of driving while intoxicated and suffers
numerous injuries. According to the Intoxicants and Narcotics exclusion in G's policy, who is
responsible for paying the medical bills?
The reinsurer
The insured
The insurer
The Guaranty Association - ANSWER -the insured
Producers who write insurance primarily on themselves and their family are engaged in
commingling
controlled business
, restraint of competition
unfair discrimination - ANSWER -controlled business
When a policyowner cash surrenders a Universal Life insurance policy in it's early years, this
may be considered a red flag for a(n)
Federal Fair Credit Act Violation
Title 18 Fraud violation
Anti-Money Laundering violation
Unfair Trade Practice violation - ANSWER -Anti-money laundering violation
On January 8, an applicant filled out an application for a life insurance policy but did not
include the initial premium. The insurance company approved the application on January 14
and issued the policy January 15. The producer delivered the policy on January 26 and
collected the first premium. When did the coverage become effective?
January 8
January 14
January 15
January 26 - ANSWER -January 26
What action should a producer take if the initial premium is NOT submitted with the
application?
Keep the application until premium is paid
Forward the application to the insurer after giving the applicant a binding receipt
Forward the application to the insurer without the initial premium
Forward the application to the insurer after giving the applicant a conditional receipt -
ANSWER -forward the application to the insurer without the initial premium
The Commissioner of Insurance is responsible for
establishing insurance rates
Exam 71-150 With Questions And
Well Verified Answers Actual
Exam!!! 2026
A producer who fails to renew a license may reapply for a license without an examination at
which of the following times?
Within two years after no renewal
Within one year after no renewal
Within three years after no renewal
At anytime - ANSWER -within one year after no renewal
An insurance producer's license may be suspended or revoked under which of the following
circumstances?
The producer has been convicted of a misdemeanor within the past five years
The producer unintentionally made a material misstatement on the license application
The producer has misappropriated money held in a fiduciary capacity
The producer has filed for personal bankruptcy within the last two years - ANSWER -
The producer has misappropriated money held in a fiduciary capacity
A producer who suggests that an insured surrender a life insurance policy in order to purchase
a new policy would be subject to which of the following?
Mandatory provision
Conversion provision
Replacement provision
Exchange provision - ANSWER -replacement provision
,An insurance company that wants to transact business in Mississippi MUST take which of the
following action?
Obtain a certificate of authority
Hire 10 employees
Post a bond
Headquarter itself in this state - ANSWER -obtain a certificate of authority
An insurance company receives E's application for an individual health policy. E did not
complete all of the medical history questions because she could not remember the exact
dates. E signed the policy and submitted it to the insurance company anyway. A few weeks
later, E suffers a heart attack and is hospitalized without completing the medical history
questions and paying the initial premium. E is not insured. Which of the following clauses
details the conditions that E did not meet?
Entire Contract clause
MIB clause
Insuring clause
Consideration clause - ANSWER -consideration clause
G is involved in an automobile accident as a result of driving while intoxicated and suffers
numerous injuries. According to the Intoxicants and Narcotics exclusion in G's policy, who is
responsible for paying the medical bills?
The reinsurer
The insured
The insurer
The Guaranty Association - ANSWER -the insured
Producers who write insurance primarily on themselves and their family are engaged in
commingling
controlled business
, restraint of competition
unfair discrimination - ANSWER -controlled business
When a policyowner cash surrenders a Universal Life insurance policy in it's early years, this
may be considered a red flag for a(n)
Federal Fair Credit Act Violation
Title 18 Fraud violation
Anti-Money Laundering violation
Unfair Trade Practice violation - ANSWER -Anti-money laundering violation
On January 8, an applicant filled out an application for a life insurance policy but did not
include the initial premium. The insurance company approved the application on January 14
and issued the policy January 15. The producer delivered the policy on January 26 and
collected the first premium. When did the coverage become effective?
January 8
January 14
January 15
January 26 - ANSWER -January 26
What action should a producer take if the initial premium is NOT submitted with the
application?
Keep the application until premium is paid
Forward the application to the insurer after giving the applicant a binding receipt
Forward the application to the insurer without the initial premium
Forward the application to the insurer after giving the applicant a conditional receipt -
ANSWER -forward the application to the insurer without the initial premium
The Commissioner of Insurance is responsible for
establishing insurance rates
