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South Carolina Insurance Exam Questions Exam Prep Questions And Answers ()
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South Carolina Health and Life Insurance Exam Prep Questions AndAnswers (202472025)
What are the four elements of an insurance contract? - ✔✔Agreement (offer and acceptance),
consideration, competent parties, and legal purpose
What is insurance underwriting? - ✔✔The process of risk selection and classification
What entities make up the Medical Information Bureau? - ✔✔Insurers
Whose responsibility is it to determine that all the questions on an insurance application are
answered? - ✔✔The agent's
When must the policy summary for a life insurance policy be delivered to the policyowner? -
✔✔At the time of policy delivery
How is the information obtained for an investigative consumer report? - ✔✔Through interviews
with the applicant's associates, friends and neighbors
What are the three main instances when insurable interest exists in life insurance? - ✔✔Insuring
your own life, the life of a family member, or the life of a business partners or someone who has
a financial obligation to the policyowner
Insurance is a contract that protects the insured from what? - ✔✔Loss
What document describes the specific information about a policy? - ✔✔Policy summary
What risk classification would typically qualify for lower premiums? - ✔✔Preferred risk
What type of report provides information about the applicant's hobbies, habits and financial status?
- ✔✔Investigative consumer report
, During which stage in the insurance process do insurers evaluate information that identifies
adverse selection risks? - ✔✔Underwriting
If an applicant for a life insurance policy and the potential insured are two different people, what
would be the underwriter's main concern? - ✔✔The existence of insurable interest between the
applicant and the insured
Who must have insurable interest in the insured? - ✔✔The policyowner
When a change needs to be made on the application for insurance, which is the best method for
correcting the information? - ✔✔Complete a new application or ask the applicant to initial the
correction on the original application
What is the best way to handle incomplete insurance applications? - ✔✔Return the application to
the applicant for completion
What is the purpose of the agent's report during the application process? - ✔✔The agent's report
discusses the agent's personal observations about the proposed insured that may help in the
underwriting process.
When does an insurance policy go into effect? - ✔✔When the policy is delivered and the premium
is paid
What law protects consumers from the circulation of inaccurate or obsolete information? - ✔✔The
Fair Credit Reporting Act
What type of report may be used to assess risks associated with an applicant's lifestyle and
character? - ✔✔Investigative Consumer Report
Agreement - ✔✔offer and acceptance
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