Mississippi Property & Casualty Insurance License Exam — All Questions
3 questions
Which agency licenses resident property and casualty insurance producers in Mississippi?
- a.Mississippi Insurance Department✓
- b.Mississippi Department of Revenue
- c.Mississippi Secretary of State
- d.Mississippi Public Service Commission
Mississippi regulates insurers and licenses producers through the Mississippi Insurance Department, headed by the elected Commissioner of Insurance. The Department of Revenue and Secretary of State handle taxes and business filings but do not license insurance producers.
A Mississippi producer offers to rebate part of his commission to a client as an inducement to buy a policy. Under Mississippi's unfair trade practices law this is:
- a.Permitted if disclosed to the insurer
- b.Permitted for new clients only
- c.Prohibited rebating✓
- d.Required to be reported but otherwise lawful
Giving any part of the premium or commission, or other valuable consideration not stated in the policy, as an inducement to buy is prohibited rebating under Mississippi's unfair trade practices law and can bring fines and license action by the Mississippi Insurance Department.
After a Mississippi personal auto or homeowners policy is past its initial underwriting period, mid-term cancellation by the insurer is generally permitted only:
- a.For specific statutory grounds such as nonpayment of premium, fraud, or a substantial increase in the hazard, with required advance written notice✓
- b.For any reason with no notice
- c.Only in the first week after issuance
- d.Never, under any circumstances
Mississippi limits mid-term cancellation of seasoned personal-lines policies to defined grounds such as nonpayment, fraud, or a material increase in the insured hazard, and requires advance written notice so the insured can replace coverage. The exact notice day-counts are set by statute; verify current figures with the Mississippi Insurance Department.