MS Property & Casualty Exam Questions with all Correct
& 100% Verified Answers |Guaranteed to Pass
The penalty for violating a cease and desist order of the Commissioner might be a loss of license
and...? ✔Correct Answer-A fine up to $1,000 for each violation
An insurer formed under the laws of Mississippi is known as...? ✔Correct Answer-Domestic
Insurer
An insurance company owned by its POLICYHOLDERS is known as a...? ✔Correct Answer-
Mutual Insurer
Is the Commissioner of Insurance appointed or elected? ✔Correct Answer-The Commissioner
is ELECTED never appointed. Watch for the terminology on the exam.
The person considered to be the INSURER is? ✔Correct Answer-The Insurance Company
What is true about inactive agents? ✔Correct Answer-- An inactive agent may receive renewal
commissions
- An agent who is retired/disabled is considered inactive
- An agent who has not obtained a continuous Certificate of Authority is inactive
When a state REQUIRES businesses to purchase Worker's Compensation insurance, it is
considered...? ✔Correct Answer-Compulsory
What is the general penalty for violating provisions of the Insurance Code? ✔Correct Answer-
A fine up to $5,000
What is the legal age a person MUST be to obtain a contract to sell property and casualty
insurance? ✔Correct Answer-18 years of age
Is an exam required to obtain a temporary producer license? ✔Correct Answer-No. An exam is
not required for a temporary license to be issued.
What is true about TEMPORARY PRODUCER licenses? ✔Correct Answer-- Temporary licenses
are issued for a limited term.
- It may be issued to someone upon the death of a licensed agent.
- It may be issued to someone if the licensed agent becomes disabled.
What does the Principle of Indemnity state? ✔Correct Answer-The Principle of Indemnity
states that insurable risks must be based on the Law Of Large Numbers.
& 100% Verified Answers |Guaranteed to Pass
The penalty for violating a cease and desist order of the Commissioner might be a loss of license
and...? ✔Correct Answer-A fine up to $1,000 for each violation
An insurer formed under the laws of Mississippi is known as...? ✔Correct Answer-Domestic
Insurer
An insurance company owned by its POLICYHOLDERS is known as a...? ✔Correct Answer-
Mutual Insurer
Is the Commissioner of Insurance appointed or elected? ✔Correct Answer-The Commissioner
is ELECTED never appointed. Watch for the terminology on the exam.
The person considered to be the INSURER is? ✔Correct Answer-The Insurance Company
What is true about inactive agents? ✔Correct Answer-- An inactive agent may receive renewal
commissions
- An agent who is retired/disabled is considered inactive
- An agent who has not obtained a continuous Certificate of Authority is inactive
When a state REQUIRES businesses to purchase Worker's Compensation insurance, it is
considered...? ✔Correct Answer-Compulsory
What is the general penalty for violating provisions of the Insurance Code? ✔Correct Answer-
A fine up to $5,000
What is the legal age a person MUST be to obtain a contract to sell property and casualty
insurance? ✔Correct Answer-18 years of age
Is an exam required to obtain a temporary producer license? ✔Correct Answer-No. An exam is
not required for a temporary license to be issued.
What is true about TEMPORARY PRODUCER licenses? ✔Correct Answer-- Temporary licenses
are issued for a limited term.
- It may be issued to someone upon the death of a licensed agent.
- It may be issued to someone if the licensed agent becomes disabled.
What does the Principle of Indemnity state? ✔Correct Answer-The Principle of Indemnity
states that insurable risks must be based on the Law Of Large Numbers.
