Mississippi Life Insurance State Exam
Adverse selection - Answer-insuring of risks that are more to losses than the average risk
Agent/Producer - Answer-legal representative of an insurance company; the classification of producer
usually includes agents and brokers; agents are the agents of the insurer
Applicant or proposed insured - Answer-a person applying for insurance
beneficiary - Answer-a person who receives the benefits of insurance policy
Death Benefit - Answer-the amount paid upon the death of the death of the insured in a life insurance
policy
Fraud - Answer-intentional misrepresentation or deceit with the intent to induce a person to part with
something of value
Insurance policy - Answer-a contact between policyowner (and/ or insured) and an insurance company
which agrees to pay the insured or the beneficiary for loss caused by specific events
Adverse selection - Answer-insuring of risks that are more to losses than the average risk
Agent/Producer - Answer-legal representative of an insurance company; the classification of producer
usually includes agents and brokers; agents are the agents of the insurer
Applicant or proposed insured - Answer-a person applying for insurance
beneficiary - Answer-a person who receives the benefits of insurance policy
Death Benefit - Answer-the amount paid upon the death of the death of the insured in a life insurance
policy
Fraud - Answer-intentional misrepresentation or deceit with the intent to induce a person to part with
something of value
Insurance policy - Answer-a contact between policyowner (and/ or insured) and an insurance company
which agrees to pay the insured or the beneficiary for loss caused by specific events
