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South Carolina Life Insurance Producer Exam Questions & Answers Graded A+
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  • South Carolina Life Insurance Producer

Producer - ANSWER-Independent Insurance Agents also known as insurance sales agents that typically sell a variety of Insurance and financial products. resident producer - ANSWER-An agent who holds an insurance license in the state in which they live non-resident producer - ANSWER-Agents who h...

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  • March 5, 2024
  • 29
  • 2023/2024
  • Exam (elaborations)
  • Questions & answers

Subjects

  • south carolina life insurance producer exam questi
  • south carolina life insurance producer stuvia
  • producer answer independent insurance agents als

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  • South Carolina Life Insurance Producer
  • South Carolina Life Insurance Producer

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South Carolina Life Insurance Producer Exam Questions & Answers Graded A+
Producer - ANSWER-Independent Insurance Agents also known as insurance sales agents that typically sell a variety of Insurance and financial products.
resident producer - ANSWER-An agent who holds an insurance license in the state in which they live
non-resident producer - ANSWER-Agents who hold an insurance license in a different state than the one they live
Broker - ANSWER-agents that work on behalf of life insurance companies to help potential customers navigate the process of buying life insurance.
Reinstatement - ANSWER-the process of putting the insurance policy back after a lapse. is allowed up to three years after the policy has lapsed.
reporting of actions - ANSWER-a producer must report any bankruptcy, felony conviction, and the other administrative action that occurs in South Carolina or another jurisdiction to the insurance department within 30 days.
change of address - ANSWER-producer must report to the insurance commissioner within 30 days any changes to legal name or address.
assumed names - ANSWER-an insurance producer doing business under any name other than the producers legal name is required to notify the insurance commissioner.
continuing education - ANSWER-producers are required to have 24 hours of this training every two years.
cease and desist order - ANSWER-this order is given by a government administrative agency or the courts to stop any suspicious or illegal activity. notice of hearings - ANSWER-the director make call and hold a ________ for any purpose deemed necessary. The notice must be given to a person cited at least 30 days prior to the designated date.
penalties - ANSWER-any person who performs an act without a license is guilty of a misdemeanor and upon conviction must be fine not more than $10,000 or in prison for two years or both.
director's duties and powers - ANSWER-the director must follow the general policies and broad objectives enacted by the general assembly regarding the operation of insurance industry in this state. C-section 38 - 3 - 110 and the code for more info.
certificate of authority - ANSWER-a license issued by the state to an insurance company that allows the company to conduct its business.
insolvency - ANSWER-a financial state that occurs if liabilities are greater than assets. the director will suspend the Certificate of Authority for any insurer that falls into this category or is delinquent in claims payment.
rates - ANSWER-life insurance cost usually paid as a premium for a set amount of time.
this is regulated by the director of insurance.
policy forms - ANSWER-State insurance commissioners have the authority to approve or disapprove new contracts or certificates before they are sold to the public.
Unfair Claims Settlement practices - ANSWER-Failing to approve or deny coverage of a
claim within a reasonable period after a proof-of-loss statement has been completed or attempting to reduce the size of the claim.
inspection - ANSWER-The director may examine books and records for any insurer, any pension fund, retirement system, or organization authorized in the state of SC every
5 years. appointment - ANSWER-authorized insurers have the right to appoint any number of producers to take risk for transact any business of insurance in the state. Notice of appointments must be filed within 15 days.
termination of appointment - ANSWER-when a contract of a producer is canceled by the
represented insurer, that insurer shall notify the department of the cancellation within the guidelines and time period listed in section 38 - 43 - 55.
records maintenance - ANSWER-all companies doing any kind of insurance business in
this state shall make and keep a full and correct record of the business done by them for a minimum of five years.
misappropriation of funds - ANSWER-the use of money for a purpose other than that for
which it was intended or legally required to be used
blank forms - ANSWER-unless otherwise stated, no producer may sign any blank application, contract, or policy of insurance
sharing commissions - ANSWER-an option for splitting income with another producer only when the other producer is licensed in the same line of business.
representing an unauthorized insurer - ANSWER-considered a misdemeanor, producers are personally liable for transacting business on behalf of an insurer that is not licensed to do business in the state of South Carolina.
misrepresentation - ANSWER-it is an illegal practice to do this for any facts about an insurance policy such as a policy, terms, benefits, value, cost, effective date, or existence of a contract of insurance
false advertising - ANSWER-it is illegal practice to do this with insurance products or services in any way this included circulating statements, letters, or statements in newspapers, magazines or other solicitation materials.

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