Mississippi Life Insurance Laws
What is included under the term insurance transactions? - Answer-Solicitation, negotiating prior or the
execution of a contract, execution of a contract, and the transaction of any matters that arise as a result
of the contract, as well as the actual process of insuring
What is the difference between an authorized/admitted and unauthorized/non admitted insurer? -
Answer-An admitted or authorized insurer is quailified & received a Certificate of Authority from the
Department of Insurance to transact insurance in the state. A nonadmitted or nonauthorized insurer is
an insurance company that has not applied for, or has been denied a Certificate of Authority and may
not transact insurance
What is the difference betweeen domestic, foreign &. Alien insurance companies? - Answer-A domestic
insurer is incorporated in this state. Foreign insurer is incorporated in another state, Alien insurer is
incorporated outside the US
What is the purpose of the Life & Health Insurance Guaranty Association? - Answer-To protect
policyowner sos, insureds, and beneficiaries from financial losses caused by insurers who become
insolvent or otherwise unable to perform their contractual obligations
How is the Commissioner Of Insurance selected for the office, and how long is the term? -
Answer-He/she is elected at general election for a 4 yr term
What is included under the term insurance transactions? - Answer-Solicitation, negotiating prior or the
execution of a contract, execution of a contract, and the transaction of any matters that arise as a result
of the contract, as well as the actual process of insuring
What is the difference between an authorized/admitted and unauthorized/non admitted insurer? -
Answer-An admitted or authorized insurer is quailified & received a Certificate of Authority from the
Department of Insurance to transact insurance in the state. A nonadmitted or nonauthorized insurer is
an insurance company that has not applied for, or has been denied a Certificate of Authority and may
not transact insurance
What is the difference betweeen domestic, foreign &. Alien insurance companies? - Answer-A domestic
insurer is incorporated in this state. Foreign insurer is incorporated in another state, Alien insurer is
incorporated outside the US
What is the purpose of the Life & Health Insurance Guaranty Association? - Answer-To protect
policyowner sos, insureds, and beneficiaries from financial losses caused by insurers who become
insolvent or otherwise unable to perform their contractual obligations
How is the Commissioner Of Insurance selected for the office, and how long is the term? -
Answer-He/she is elected at general election for a 4 yr term
