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Life and Health Insurance Producer Exam

Replacement (MS): practice questions

Our Life & Health Insurance bank has 4 questions on this topic. Here are 3 of them with answers; the full mock exam draws from every topic, like the real one.

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Question 1 · Mississippi

In a replacement, how soon must the replacing insurer notify the existing insurer?

  1. Before the producer may even take the application, so the old insurer can try to conserve it
  2. Only if the applicant asks the producer to tell the old insurer
  3. Within 30 days after the new policy is issued
  4. Within 5 business days of receiving a completed application showing replacement
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D. Within 5 business days of receiving a completed application showing replacement — 19 Miss. Admin. Code Pt. 2, Ch. 14, Rule 14.05(A)(2).

Question 2 · Mississippi

Policy values are used to pay premiums on a new policy from the same company. What window is prima facie evidence of a financed purchase?

  1. Only if the old and new policies are issued on the same date
  2. From 4 months before to 13 months after the new policy's effective date
  3. From one year before to five years after the new policy is issued
  4. Within 30 days on either side of the new policy's application date
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B. From 4 months before to 13 months after the new policy's effective date — 19 Miss. Admin. Code Pt. 2, Ch. 14, Rule 14.02(D).

Question 3 · Mississippi

What right to return must the replacing insurer give the owner of a replacement life policy or annuity?

  1. 10 days, the same as any life policy
  2. No return right applies to replacements
  3. 60 days, less a cancellation charge
  4. 30 days from delivery, with a full unconditional refund
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D. 30 days from delivery, with a full unconditional refund — 19 Miss. Admin. Code Pt. 2, Ch. 14, Rule 14.05(A)(4).

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