PACKAGE DEA LFOR SOUTH CAROLINA INSURANCE 2024!!

What is the purpose for having an accelerated death benefit on a life insurance policy? - ANSWERSIt allows for cash advances to be paid Premium for a modified whole life policy is - ANSWERSlower then typical during first few years then higher then typical for the remainder An eligible employee...

Which of the following is Medicare Part B also known as? - ANSWERSMedical Insurance If the annuitant dies before the annuity start date - ANSWERSthe premiums paid plus interest earned will be given to the beneficiary An insured individual and the policy's beneficiary die from the same acciden...

What are the minimum requirements to become a licensed producer in South Carolina? -ANSWERS- at least 18 years old - good moral character - clean SLED background check - passed LAH exam - completed DOI registration application and paid fee What documentation is requested by the SC Departmen...

Resident Licensing Requirements - ANSWERS1. Be licensed as a resident property and casualty insurance producer. 2. Pass the SC broker licensing examination with 70% or better. 3. Pay a biennial fee of $200 4. File surety bond in favor of SC in amount of $10,000. Nonresident Licensing Requireme...

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 - ANSWERS100% of the billed amount What does Coordination of Benefits allow? - ANSWERSAllows the secondary payor to reduce their b...

Annuity Certain - ANSWERSMaria would like an annuity that provides a guaranteed accumulation or payout. The type of annuity she is seeking is called Survivorship Life - ANSWERSThe type of policy which pays on the death of the last person is called Malign another insurer - ANSWERSDefamation occ...

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 - ANSWERSGrace period A person who is a nonsmoker, of average weight, and i...

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

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

An insurer is REQUIRED to offer which of the following to each long-term care applicant at the time of purchase? - ANSWERSInflation protection Which of these riders will pay a death benefit if the insured's spouse dies? - ANSWERSFamily term insurance rider Disability income plans which requir...

Jonas has disability insurance through his employer . The employer pays 75 % of the premium , and Jonas pays the other 25 % . What is Jonas's tax liability for any benefits paid from the disability plan ? O Taxes must be paid on all benefits received O No taxes are payable on any benefits recei...

What is considered the purpose of the Guaranty Association? -ANSWER "Protect insureds from insolvent insurers" An insurance company that has qualified and received a Certificate of Authority from the Department of Insurance to sell insurance in this state is called a(n): -ANSWER "Authorized in...

P is a producer who notices 5 questions on a life application were not answered. What actions should P take? -ANSWER Set up a meeting with the applicant to answer the remaining questions Which of the following does Social Security NOT provide benefits for? -ANSWER Dismemberment An Accident/Hea...

The Do Not Call Registry offers exemptions for calls placed from all of the following EXCEPT -ANSWER insurance sales calls Charities, political organizations, and surveys are all offered exemptions from The Do Not Call Registry The type of policy where the insurer can send a notice to the insure...

A policy with an impairment rider, the policy won't be considered delivered until: - ANSWERImpairment rider has been explained and the applicant's signature has been obtained A preexisting condition waiting period for a small employer may not be longer than... - ANSWER12 months A preexisting...

Reciprocal Agreement -ANSWER Two states allowing for non resident license What two brokers dont need a license -ANSWER Surplus and Excess Fine for selling ins without license? -ANSWER $10,000 Who examines foreign and alien insurers? -ANSWER Regulatory authority What is the biennial appoi...