South Carolina Property and Casualty Insurance Exam.pdf file:///C:/Users/HP/Desktop/TYPA%20NEW/South%20Carolina%20
South Carolina Property and Casualty Insurance
Exam
1. The process an insurer uses to evaluate applications and determine if a policy
should be issued and on what terms, conditions, and rate is known as?
ANS Underwriting
2. The Director is conducting an examination of a foreign company transactingbusiness in
South Carolina. Who is responsible for the cost of the examina- tion?
ANS Foreign company
3. Driver A has a personal auto policy with Part C UM/UIM limits of 100/300. Heis injured
by Driver B who has Part A Bodily Injury Liability Limits of 50/100. It is determined that
Driver B is at fault for the accident . Driver A has $125,000 inmedical expenses. How much
will Part CUM/UIM coverage will pay?
ANS 50,000
4. A premium discount is the term that describes when an insured owes a total standard
premium greater than?
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ANS 5,000
5. According to SC law, comprehensive deductibles do not apply to
ANS safetyglass
6. Who is an insurance producer?
ANS Any person licensed to sell, solicit or negotiateinsurance
7. Employee fidelity may be written in all the following ways EXCEPT
ANS Locationschedule
8. Section 1 of boatowners policy covers
ANS Physical Damage
9. Which type of losses are covered by the South Carolina Wind and Hail
Underwriting Association?
ANS Both Direct and Indirect losses
10. Before granting a Certificate of Authority to a company, the Director mustbe satisfied
by proper evidence that all of the following are true EXCEPT
ANS Theinsurer does not have a Certificate of Authority in any other state
11. Erroneous Publishing copied all the material from Angels Inc.'s book.Theonly
changes made by Erroneous were to rename the title and chapters, put a different cover
on it, and distribute it as its own. Angels Inc. files a claim against Erroneous and seeks
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damages. Will a commercial general liability policy cover the claim?
ANS No, because the claim results from copyright infringementand is not in an advertisement
12. When the insured's car was totaled in a recent accident, the ownership ofthe car was
transferred to the insurer. The insurer then sold off the wrecked car to recover some of
the loss it paid to the insured.What is the term for thisaction?
ANS Salvage
13. The reduction, decrease, or disappearance of value of the person or prop-erty insured
in a policy by a peril insured against is known as
ANS loss
14. A plasterer has finished a job.What kind of liability coverage would protecthim if the
plaster falls and hurts someone because he did not do the job correctly?
ANS Completed operations
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15. Which employee fidelity bond pays no more than its limit of liability for each
separate occurrence no matter that several separately identifiable em-ployees were
involved in a single loss?
ANS commercial blanket position
16. If an employee consumes alcohol, becomes intoxicated, and is injured atwork, he/she
is .
ANS Not covered if the consumption of alcohol is provento have caused the injury
17. Under Coverage C of a farm policy, what is the limit payable on businessproperty
located away from the premises?
ANS $500
18. Within how many days of requesting an investigative consumer reportmust an
insurer notify the consumer in writing that the report will be ob- tained?
ANS 5 days
19. What is the purpose of the government crime coverage form?
ANS To providecrime coverage to those who do not qualify in the normal market
20. Which of the following insurance options would be considered a risk-shar-ing
arrangement?
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