MS Property & Casualty Exam Questions
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.
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.
