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SC P&C PSI EXAM | 212 QUESTIONS | WITH COMPLETE SOLUTIONS!!
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SC P&C PSI EXAM | 212 QUESTIONS | WITH COMPLETE SOLUTIONS!!
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SC P&C PSI EXAM | 212 QUESTIONS | WITHCOMPLETE SOLUTIONS!!
What are the minimum requirements to become a licensed producer in SC?
Answer - At least 18, good moral character, clean SLED background, passed the
LAH test, completed DOI license registration application sand paid the fee
What documentation is requested by the SC Department of Insurance to
process your application? Answer - DOI application confirmation page
including evidence of $25 fee paid, clean criminal background check, psi
original exam score report with score of 70% or higher
How does a Producer become an Agent? Answer - Once a person has
Producer's license from the DOI, individual insurers appoint that producer to
be their agent, can be appointed by multiple carriers
Name the 3 types of Individual Licenses issued by the Director Answer -
Individual producer, nonresident producer, temporary lisence
Who does a Broker represent? Answer - the citizens of the state in placing
their insurance
Describe how the director of insurance gets the job? Answer - appointed by
the governor with the senate's approval and consent
The Director can examine the books and records of an insurer as often
____________, but most do so at least ________ every ________ years.
Answer - as necessary, once, five
,When an insurer terminates a producer's appointment, the insurer must notify
the DOI ________ of the termination. Answer - within 30 days
Producers must maintain records of every insurance transaction for ________,
and the Director may examine them _________. Answer - 5 years after last
contact, at any time.
What are the requirements for a company to be licensed in our state? Answer
- The insurer is safe and solvent, qualified to transact business, pays all taxes,
has adequate reserves and reinsurance arrangements, none of the officers or
directors have been guilty of fraud or violation of the insurance laws, and the
company's operations must not be hazardous to the public or policyholders.
Under what circumstances may a producer share a commission? Answer - if
they both are legally licensed in the same line of insurance
What is the primary purpose of the Insurance Fraud Act Answer - encouraging
reports of fraud with immunity for truthful testimony, restitution for victims,
coordination with SLED and Attorney General for aggressive prosecution and
stiff civil and criminal penalties for fraud.
When does the producer get an opportunity to reply to their appointment
being terminated? Answer - within 30 days of receiving the notice of
termination, they may file written comments with the director or his designee
and send a copy to the insurer
What method does the Director use to prevent a producer from performing
certain acts associated with the business of insurance? Answer - issue a cease
and desist order to stop an agent from continuing to commit an unfair trade
practice or dealing unjustly with the citizens of the state
, A temporary producer's license is valid for _________ and requires no
examination. Answer - 180 days or until the business is disposed of
To maintain a license, a producer must complete at _________ of continuing
education every _____ years. Answer - least 24 hours, two
How long is your insurance license good for? Answer - valid indefinitely, but
must be renewed biennially
A producer must notify the Department of any change in legal name or _____
within _________ of the change. Answer - address, 30 days
A person charged with violating the insurance laws is entitled to a ______ and
at least _____ advance notice of the hearing. Answer - hearing, 30 days
Licenses can be suspended for up to ______ years. Answer - 2
Persons whose license have been revoked cannot ___________ for another
license for at ___________ years. Answer - reapply, 2
A "risk" can be person, _______, or _________ that is insured. Answer -
property, or activity
There are two types of risks. They are ____________ and __________. Answer
- Pure and speculative
Insurance companies will only insure which type of risk? Answer - Pure
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