Life, Health, Accident Producer
Domestic Insurer - Answer-An insurance company that is incorporated in the state.
Foreign Insurer - Answer-An insurance company that is incorporated in another state.
Alien Insurer - Answer-An insurance company that is incorporated outside the United States.
Admitted or Authorized - Answer-state requires the insurance company to have a certificate of
authority
Certificate of Authority - Answer-Must be renewed annually by June 1
Prior Approval - Answer-Filing may be considered with DOI as approved 30 days after date of filing if
Commissioner has not disapproved it
90 Days - Answer-If a company has a judgement, they must pay by
3 years - Answer-If a judgement is not satisfied within 90 days, the company cannot renew its license
for at least _______
,$5,000 - Answer-The commissioner may assess an administrative fine of up to ______ per violation
instead of revoking COA
State Treasury - Answer-Fines will be deposited into the
Mississippi Insurance Guaranty Association - Answer-to protect PH, insureds, and beneficiaries of life
and health insurance and annuity contracts issued by member insurers who become insolvent
insolvent - Answer-placed under a liquidation order by the courts
Temporary Agent Licenses - Answer-*** NOT TO EXCEED 180 DAYS ***
-To the surviving spouse or court appointed personal repre. of a licensed producer who dies, becomes
mentally or physically disabled
-To a member or employee of a business entity licensed as an insurance producer, upon the death or
disability of an individual
-To the designee of a licensed insurance producer entering active service in the armed forces of the US
-In any other circumstances where the commissioner deems that the public interest will best be served
by the issuance of the license
Inactive Agents - Answer-retired, disabled, or has not obtained from the commissioner a current
continuous certificate.
membership fee of insurers - Answer-how is the Mississippi Insurance Guaranty Association funded?
May not ; May - Answer-An inactive agent ___________ solicit new business or service existing
businesses, but ______ receive renewal commissions
,Agent, Producer, Field Underwriter - Answer-means a person required to be licensed under the laws of
Mississippi to sell, solicit, or negotiate insurance
Controlled business; 35% - Answer-a licensee is not permitted to earn commissions on all business
written in any 12-month period in excess of _________ of the aggregate commissions
15 days - Answer-the number of days from the date the agency contract is executed or the first
insurance application is submitted that the appointing insurer must file, in an approved format a notice
of appointment
15 years - Answer-age considered by state law to be competent to enter into a contract for life
insurance
30 days - Answer-A producer must report to the Commissioner any administrative action taken against
the producer in another jurisdiction, or by another governmental agency in this state, within 30 days of
the final disposition of the matter
must notify the commissioner within 30 days - Answer-insurer or authorized representative of the
insurer terminates the appointment, employment, contract, or other insurance business relationship
with a producer must __________________________ following the effective date of termination
change of address or name - Answer-licensees must inform the commissioner of any ______________
within 30 days of change
18 years - Answer-an individual must be at least ______ of age to sell insurance in MS
12 hours - Answer-to renew a producer license which has been in effect 18 months or less, a producer
must complete ________ hours of continuing education courses
, 24 hours; 3 hours - Answer-to renew a producer license which has been in effect more than 18 months,
a producer must complete 24 credit hours of continuing education courses, with ______ hours of those
hours being on the subject of ethics
90 days - Answer-a person licensed as an insurance producer in another state who moves to Mississippi
must make application within _______ days of establishing legal residence to become a resident
licensee. No prelicensing education or examination will be required of that person to obtain any line of
authority previously held in the prior state
10 days - Answer-If the commissioner is requesting a hearing with an agent, the commissioner will issue
and serve upon the person a statement of charges and a notice of a hearing to be held. The notice will
state the time and place for the hearing which must be held not less than ______ days after the date
notice is served
The DOI regulates all insurance companies and their agents doing business in MS. The Department has
the authority to - Answer--grant or withhold certificates of authority, certificates of compliance, and
licenses
-approve policies, proxies, and advertising material
-conduct hearings on rates and other matters affecting the regulation of the insurance industry In MS
-receive and collect surplus lines premium taxes
-receive and examine (at least annually) reports and financial statements from all insurance companies
authorized to do business in Mississippi
-prepare the commissioner's annual reports
Doesn't; enforces - Answer-The Commissioner _______ make law, he ________ it
Annual Report - Answer-By May 1 each year, the Commissioner must submit an ______ to the governor
The Annual Report Must Include - Answer--a review of the official acts taken by the commissioner
-an evaluation of the condition of insurance companies doing business in MS
Domestic Insurer - Answer-An insurance company that is incorporated in the state.
Foreign Insurer - Answer-An insurance company that is incorporated in another state.
Alien Insurer - Answer-An insurance company that is incorporated outside the United States.
Admitted or Authorized - Answer-state requires the insurance company to have a certificate of
authority
Certificate of Authority - Answer-Must be renewed annually by June 1
Prior Approval - Answer-Filing may be considered with DOI as approved 30 days after date of filing if
Commissioner has not disapproved it
90 Days - Answer-If a company has a judgement, they must pay by
3 years - Answer-If a judgement is not satisfied within 90 days, the company cannot renew its license
for at least _______
,$5,000 - Answer-The commissioner may assess an administrative fine of up to ______ per violation
instead of revoking COA
State Treasury - Answer-Fines will be deposited into the
Mississippi Insurance Guaranty Association - Answer-to protect PH, insureds, and beneficiaries of life
and health insurance and annuity contracts issued by member insurers who become insolvent
insolvent - Answer-placed under a liquidation order by the courts
Temporary Agent Licenses - Answer-*** NOT TO EXCEED 180 DAYS ***
-To the surviving spouse or court appointed personal repre. of a licensed producer who dies, becomes
mentally or physically disabled
-To a member or employee of a business entity licensed as an insurance producer, upon the death or
disability of an individual
-To the designee of a licensed insurance producer entering active service in the armed forces of the US
-In any other circumstances where the commissioner deems that the public interest will best be served
by the issuance of the license
Inactive Agents - Answer-retired, disabled, or has not obtained from the commissioner a current
continuous certificate.
membership fee of insurers - Answer-how is the Mississippi Insurance Guaranty Association funded?
May not ; May - Answer-An inactive agent ___________ solicit new business or service existing
businesses, but ______ receive renewal commissions
,Agent, Producer, Field Underwriter - Answer-means a person required to be licensed under the laws of
Mississippi to sell, solicit, or negotiate insurance
Controlled business; 35% - Answer-a licensee is not permitted to earn commissions on all business
written in any 12-month period in excess of _________ of the aggregate commissions
15 days - Answer-the number of days from the date the agency contract is executed or the first
insurance application is submitted that the appointing insurer must file, in an approved format a notice
of appointment
15 years - Answer-age considered by state law to be competent to enter into a contract for life
insurance
30 days - Answer-A producer must report to the Commissioner any administrative action taken against
the producer in another jurisdiction, or by another governmental agency in this state, within 30 days of
the final disposition of the matter
must notify the commissioner within 30 days - Answer-insurer or authorized representative of the
insurer terminates the appointment, employment, contract, or other insurance business relationship
with a producer must __________________________ following the effective date of termination
change of address or name - Answer-licensees must inform the commissioner of any ______________
within 30 days of change
18 years - Answer-an individual must be at least ______ of age to sell insurance in MS
12 hours - Answer-to renew a producer license which has been in effect 18 months or less, a producer
must complete ________ hours of continuing education courses
, 24 hours; 3 hours - Answer-to renew a producer license which has been in effect more than 18 months,
a producer must complete 24 credit hours of continuing education courses, with ______ hours of those
hours being on the subject of ethics
90 days - Answer-a person licensed as an insurance producer in another state who moves to Mississippi
must make application within _______ days of establishing legal residence to become a resident
licensee. No prelicensing education or examination will be required of that person to obtain any line of
authority previously held in the prior state
10 days - Answer-If the commissioner is requesting a hearing with an agent, the commissioner will issue
and serve upon the person a statement of charges and a notice of a hearing to be held. The notice will
state the time and place for the hearing which must be held not less than ______ days after the date
notice is served
The DOI regulates all insurance companies and their agents doing business in MS. The Department has
the authority to - Answer--grant or withhold certificates of authority, certificates of compliance, and
licenses
-approve policies, proxies, and advertising material
-conduct hearings on rates and other matters affecting the regulation of the insurance industry In MS
-receive and collect surplus lines premium taxes
-receive and examine (at least annually) reports and financial statements from all insurance companies
authorized to do business in Mississippi
-prepare the commissioner's annual reports
Doesn't; enforces - Answer-The Commissioner _______ make law, he ________ it
Annual Report - Answer-By May 1 each year, the Commissioner must submit an ______ to the governor
The Annual Report Must Include - Answer--a review of the official acts taken by the commissioner
-an evaluation of the condition of insurance companies doing business in MS
