CHAPTER 1 & 2; HEALTH ACCIDENT AND LIFE INSURANCE TEST (SOUTH CAROLINA) 2024
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CHAPTER 1 & 2; HEALTH ACCIDENT
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CHAPTER 1 & 2; HEALTH ACCIDENT
CHAPTER 1 & 2; HEALTH ACCIDENT AND LIFE INSURANCE TEST (SOUTH CAROLINA) 2024
What are the minimum requirements to a licensed producer in South Carolina? - correct answer Be 18 years old, good morale character, not been convicted of a felony, pay required licensing fees, pass state exam
What...
CHAPTER 1 & 2; HEALTH ACCIDENT AND LIFE INSURANCE
TEST (SOUTH CAROLINA) 2024
What are the minimum requirements to a licensed producer in South Carolina? - correct answer✔✔ Be
18 years old, good morale character, not been convicted of a felony, pay required licensing fees, pass
state exam
What documentation is requested by the SC Department of Insurance to process your application? -
correct answer✔✔ SC DOI application, SLED criminal background check, exam status report
How does a producer become an agent? - correct answer✔✔ By getting appointed by insurance carriers
Name the 3 types of Individual Licenses issued by the Director? - correct answer✔✔ Producer, Non-
Resident, Broker
Who does a Broker represent? - correct answer✔✔ They represent the customer
How long is your insurance license good for? - correct answer✔✔ Indefinitely
Describe how the Director of Insurance gets the job? - correct answer✔✔ Is appointed by the Governor
The Director can examine the books and records of an insurer as often ______________, but must do so
at least _______ every _______ years. - correct answer✔✔ as necessary, once, 5
When an insurer terminates a producer's appointment, the insurer must notify the DOI _______ of the
termination. - correct answer✔✔ For business reasons: within 30 days. For criminal reasons: within 15
days.
Producers must maintain records of every insurance transaction for _______, and the director may
examine them ________. - correct answer✔✔ 5 years, anytime
, What are the requirements for a company to be licensed in our state? - correct answer✔✔ Must have a
certificate of authority, which means they are safe and solvent in addition to...qualified, paid taxes,
adequate reserves, adequate reinsurance, no criminal charges, operations aren't hazardous.
How long is a producer required to keep records regarding the insurance contracts they sell? - correct
answer✔✔ 5 years
Under what circumstances may a producer share commissions? - correct answer✔✔ A producer can
share commissions with any licensed agent.
What is the primary purpose of the Insurance Fraud Act? - correct answer✔✔ Address the problem of
insurance fraud in the state of South Carolina.
Under what circumstance may a producer share a commission? - correct answer✔✔ In determining
whether an applicant is eligible for insurance.
When does the producer get an opportunity to reply to their appointment being terminated? - correct
answer✔✔ Can't with a business decision. For a criminal reason, its within 30 days after receiving the
original or additional notification the producer may file.
To qualify for a producer license, a person must be _______ old, have ________ ________ character,
pass the license exam, and pay the required fees. - correct answer✔✔ 18, good moral
A temporary license is valid for how long? - correct answer✔✔ 180 days
A producer's license is valid for ______. - correct answer✔✔ Indefinitely, but must be renewed every 2
years.
To maintain a license, a producer must complete _______ of continuing insurance education every
_____ years. - correct answer✔✔ 24 hours, 2
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