SOUTH CAROLINA EXAMS COMPILATION BUNDLE 2024/2025

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 h...

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...

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 Brainpower Read More Previous Play Next Rewind ...

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 Brainpowe...

Resident Licensing Requirements 1. 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 Requirements ...

The SC Director of Insurance is Appointed The Director must be approved by the South Carolina Senate Brainpower Read More Previous Play Next Rewind 10 seconds Move forward 10 seconds Unmute 0:04 / 0:15 Full screen The Director has the same powers as a Circuit Court Jud...

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...

Part A Hospital Insurance, helps pay for inpatient hospital care, inpatient care in a skilled nursing facility, home health care and hospice care Part B Medical Insurance, financed from monthly premiums paid by insureds and from the general revenues of the federal government Brainp...

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 ...

6 loss valuation methods actual cash value, replacement value, functional replacement value, market value, stated amount, agreed value waiver & estoppel a person has given up a known or legal right Brainpower Read More Previous Play Next Rewind 10 seconds Move forward 10 seco...

Accumulated Depreciation The total decrease in an item's value over a period of time. Formula:(Annual Depreciation x Number ofyears used) 1-J Acreage Reporting Date The deadline for providing the insurer with an acreage report, which is used to determine the amount of coverage needed and t...

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 payme...

Abandonment Condition A condition often contained in property insurance policies that states that the insured cannot abandon damaged property to the insurer and demand to be reimbursed for its full value. Absolute Liability Type of liability imposed by law on those participating in certain ...

South Carolina Motor Vehicle Financial Responsibility Act Requires that all automobile drivers be able to show proof that they can pay for damages done to others up to a minimum amount if involved in an accident Required auto limits 25000/50000 for bodily injury and 25000 for property damag...