Complete Package Deal For South Carolina Insurance Exam Questions and Answers Graded A 2024

The balance of the loan will be taken out of the death benefit - If a policy has a automatic loan provision, what happens if the insured dies before the loan is paid back? Inspection Report - An insurer receives a report regarding potential insured that includes financial status, hobbies, and hab...

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? - Underwriting The Director is conducting an examination of a foreign company transacting business in South Carolina. Who is responsible for the cos...

Annual Renewable Term (ART) - Type of term insurance that permits the policyholder to purchase term insurance in subsequent years without evidence of insurability, but premiums on the policy increase each year to reflect the increasing mortality risk being undertaken by the insurer. Annuity - Per...

Bill requires some nursing care and supervision but NOT full-time care. Which of these nursing home options would best serve him? - Assisted Living Ron has a life insurance policy with a face value of $100,000 and a cost of living rider. If the consumer price index has gone up 4%, how much may Ro...

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

Insured that faces a liability loss expected? - Provide prompt notification Promptly forward to the insurer any loss notice, demand, summons, or other legal process. Assist the insurer in making a settlement. Attend the trial or other proceedings, if requested. Provide witnesses information As...

Abandonment - the abdication of insured property into the hands of another, or into the possession of no one in particular Absolute Liability - Liability that arises from an extremely dangerous situation. Often found in cases involving explosives. Also known as "strict" liability. For example, ...

The branch of dentistry which deals with the replacement of missing parts is called Endodontics Periodontics Orthodontics Prosthodontics - Prosthodontics How many months can a life insurance policy normally be backdated from the date of application? 3 6 9 12 - 6 HIPAA con...

An insurer will accept a premium from the insured and continue theicoverage in full force as though it was NOT late during which time period? Incontestable period Probation period Reinstatement period Grace period - Grace period A person who is a nonsmoker, of average weight, and in excel...

A closed network plan offers a primary physician copay of $25. If a subscriber chooses a primary care physician outside of the network, the subscriber will likely pay - 100% of the billed amount What does Coordination of Benefits allow? - Allows the secondary payor to reduce their benefit payment...

Annuity Certain - Maria would like an annuity that provides a guaranteed accumulation or payout. The type of annuity she is seeking is called Survivorship Life - The type of policy which pays on the death of the last person is called Malign another insurer - Defamation occurs when a producer m...