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South Carolina Life Insurance Producer 2024 with 100% correct answers
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South Carolina Life Insurance Producer 2024 with 100% correct answers
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South Carolina Life Insurance Producer.pdf file:///C:/Users/HP/Desktop/TYPA%20NEW/South%20Carolina%20South Carolina Life Insurance Producer
1. Producer
ANS Independent Insurance Agents also known as insurance sales agents that typically sell a
variety of Insurance and financial products.
2. resident producer
ANS An agent who holds an insurance license in the state in which they live
3. non-resident producer
ANS Agents who hold an insurance license in a different state than the one they live
4. Broker
ANS agents that work on behalf of life insurance companies to help potential customers
navigate the process of buying life insurance.
5. Reinstatement
ANS the process of putting the insurance policy back after a lapse. is allowed up to three years
after the policy has lapsed.
6. reporting of actions
ANS a producer must report any bankruptcy, felony conviction, and the other administrative
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action that occurs in South Carolina or another jurisdic- tion to the insurance department within
30 days.
7. change of address
ANS producer must report to the insurance commissioner within 30 days any changes to legal
name or address.
8. assumed names
ANS an insurance producer doing business under any name other than the producers legal
name is required to notify the insurance commissioner.
9. continuing education
ANS producers are required to have 24 hours of this training every two years.
10. cease and desist order
ANS this order is given by a government administrative agency or the courts to stop any
suspicious or illegal activity.
11. notice of hearings
ANS the director make call and hold a for any purpose
deemed necessary. The notice must be given to a person cited at least 30 days prior to the
designated date.
12. penalties
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ANS any person who performs an act without a license is guilty of a misdemeanor and upon
conviction must be fine not more than $10,000 or in prison for two years or both.
13. director's duties and powers
ANS the director must follow the general policies and broad objectives enacted by the general
assembly regarding the operation of insurance industry in this state. C-section 38 - 3 - 110 and
the code for more info.
14. certificate of authority
ANS a license issued by the state to an insurance company that allows the company to conduct
its business.
15. insolvency
ANS a financial state that occurs if liabilities are greater than assets. the director will suspend the
Certificate of Authority for any insurer that falls into this category or is delinquent in claims
payment.
16. rates
ANS life insurance cost usually paid as a premium for a set amount of time. this is regulated by the
director of insurance.
17. policy forms
ANS State insurance commissioners have the authority to approve or disapprove new contracts
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or certificates before they are sold to the public.
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