MS Laws and Rules
An example of life insurance policy replacement would be which of the following? - Answer-Cash
surrender an existing life policy and purchasing a new life policy.
Before holding a hearing regarding an agent's unfair or deceptive practice, the Insurance Commissioner
MUST give how many days notice? - Answer-10
B is a producer who primarily writes insurance business on his family. Which of the following is B
engaged in? - Answer-Controlled business
Any criminal charges taken against a producer must be reported to the Commissioner of Insurance by
the producer within how many day of the final disposition? - Answer-30
A producer must notify the Commissioner of Insurance within how many days of an address change? -
Answer-30
J is a producer who is recommending that an insured surrender an existing life insurance policy and
purchase a new one. Which provision would this producer be subject to? - Answer-Replacement
Replacement can be defined as - Answer-exchanging an existing policy for a new policy
, In MS, an insurance company formed under the laws of Mexico is called a(n) - Answer-alien company
Who would be given an exemption from licensing requirements in MS? - Answer-An employee of a
licensed producer who only answers the phone and schedules appointments
What is a responsibility of the Commissioner of Insurance? - Answer-Administering insurance laws
An insurance company appoints a(n) ____________ to transact insurance. - Answer-Producer
All of these are considered a producer's breach of fiduciary duty EXCEPT - Answer-allowing premiums to
be submitted electronically
ABC Insurance Company is replacing an existing life policy from XYZ Insurance Company. ABC Insurance
Company must provide which of the following documents to XYZ Insurance Company? - Answer-A
policy summary
T is a producer who forgot to renew her license. She may reapply for a license without an examination -
Answer-within one year after no renewal
A long-term care policy sold in MS must provide benefits for a MINIMUM of - Answer-12 months
J is a producer who has induced an insured through misrepresentation to surrender an existing
insurance policy. What is J guilty of? - Answer-Twisting
A producer has returned part of his commission to the insured as an inducement to purchase the
insurance. This illegal action is called - Answer-rebating.
An example of life insurance policy replacement would be which of the following? - Answer-Cash
surrender an existing life policy and purchasing a new life policy.
Before holding a hearing regarding an agent's unfair or deceptive practice, the Insurance Commissioner
MUST give how many days notice? - Answer-10
B is a producer who primarily writes insurance business on his family. Which of the following is B
engaged in? - Answer-Controlled business
Any criminal charges taken against a producer must be reported to the Commissioner of Insurance by
the producer within how many day of the final disposition? - Answer-30
A producer must notify the Commissioner of Insurance within how many days of an address change? -
Answer-30
J is a producer who is recommending that an insured surrender an existing life insurance policy and
purchase a new one. Which provision would this producer be subject to? - Answer-Replacement
Replacement can be defined as - Answer-exchanging an existing policy for a new policy
, In MS, an insurance company formed under the laws of Mexico is called a(n) - Answer-alien company
Who would be given an exemption from licensing requirements in MS? - Answer-An employee of a
licensed producer who only answers the phone and schedules appointments
What is a responsibility of the Commissioner of Insurance? - Answer-Administering insurance laws
An insurance company appoints a(n) ____________ to transact insurance. - Answer-Producer
All of these are considered a producer's breach of fiduciary duty EXCEPT - Answer-allowing premiums to
be submitted electronically
ABC Insurance Company is replacing an existing life policy from XYZ Insurance Company. ABC Insurance
Company must provide which of the following documents to XYZ Insurance Company? - Answer-A
policy summary
T is a producer who forgot to renew her license. She may reapply for a license without an examination -
Answer-within one year after no renewal
A long-term care policy sold in MS must provide benefits for a MINIMUM of - Answer-12 months
J is a producer who has induced an insured through misrepresentation to surrender an existing
insurance policy. What is J guilty of? - Answer-Twisting
A producer has returned part of his commission to the insured as an inducement to purchase the
insurance. This illegal action is called - Answer-rebating.
