Every individual life insurance policy delivered in Mississippi on or after July 1, 1989, must carry a notice permitting the purchaser to return it and receive a full premium refund within how many days of delivery?
A. 10 days
B. 30 days
C. 20 days
D. There is no statutory free-look right in Mississippi
Source: Miss. Code Ann. § 83-7-51
A Mississippi policyholder returns a newly issued life insurance policy to the agent through whom it was purchased, within the statutory return period, because she is not satisfied with it. Under § 83-7-51, what is the legal effect of that return?
A. The policy remains in force for 30 additional days as a courtesy period
B. The policy is void from the beginning, and the parties are placed in the same position as if no policy had been issued
C. The insurer may retain a portion of the premium as a processing fee
D. The policy converts automatically to a reduced paid-up policy
Source: Miss. Code Ann. § 83-7-51
Under the required policy provisions for Mississippi accident and health insurance, what grace period applies to a policy billed on a monthly premium basis?
A. 7 days
B. 31 days
C. 10 days
D. 15 days
Source: Miss. Code Ann. § 83-9-5(c)
A Mississippi accident and health policy is not billed weekly or monthly, but on a quarterly or annual basis. What grace period must the required-provisions statute give the insured for paying each premium after the first?
A. 60 days
B. 45 days
C. 7 days
D. 31 days
Source: Miss. Code Ann. § 83-9-5(c)
A Mississippi accident and health applicant pays the first premium and receives a conditional receipt but is never issued a formal policy. Under § 83-9-5(d)'s reinstatement provision, coverage under that conditional receipt is generally treated as ending on what day?
A. The 45th day following the date of the conditional receipt
B. The 10th day after payment
C. There is no time limit on a conditional receipt in Mississippi
D. The 90th day following the date of the conditional receipt
Source: Miss. Code Ann. § 83-9-5(d)
