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Exam (elaborations)

South Carolina Property and Casualty Insurance Exam
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South Carolina Property and Casualty Insurance Exam South Carolina Property and Casualty Insurance Exam South Carolina Property and Casualty Insurance Exam

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Document information

  • October 15, 2024
  • 18
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

  • south carolina property and casualty insurance exa

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  • South Carolina Property and Casualty Insurance
  • South Carolina Property and Casualty Insurance

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lectjoseph

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South Carolina Property and Casualty
Insurance Exam
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? - ANS Underwriting



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



Driver A has a personal auto policy with Part C: UM/UIM limits of 100/300. He is injured by Driver B who
has Part A: Bodily Injury Liability Limits of 50/100. It is determined that Driver B is at fault for the
accident . Driver A has $125,000 in medical expenses. How much will Part C: UM/UIM coverage will pay?
- ANS 50,000



A premium discount is the term that describes when an insured owes a total standard premium greater
than? - ANS 5,000



According to SC law, comprehensive deductibles do not apply to - ANS safety glass



Who is an insurance producer? - ANS Any person licensed to sell, solicit or negotiate insurance



Employee fidelity may be written in all the following ways EXCEPT - ANS Location schedule



Section 1 of boatowners policy covers - ANS Physical Damage



Which type of losses are covered by the South Carolina Wind and Hail Underwriting Association? - ANS
Both Direct and Indirect losses

,Before granting a Certificate of Authority to a company, the Director must be satisfied by proper
evidence that all of the following are true EXCEPT - ANS The insurer does not have a Certificate of
Authority in any other state



Erroneous Publishing copied all the material from Angels Inc.'s book. The only changes made by
Erroneous were to rename the title and chapters, put a different cover on it, and distribute it as its own.
Angels Inc. files a claim against Erroneous and seeks damages. Will a commercial general liability policy
cover the claim? - ANS No, because the claim results from copyright infringement and is not in an
advertisement



When the insured's car was totaled in a recent accident, the ownership of the car was transferred to the
insurer. The insurer then sold off the wrecked car to recover some of the loss it paid to the insured.
What is the term for this action? - ANS Salvage



The reduction, decrease, or disappearance of value of the person or property insured in a policy by a
peril insured against is known as - ANS loss



A plasterer has finished a job. What kind of liability coverage would protect him if the plaster falls and
hurts someone because he did not do the job correctly? - ANS Completed operations



Which employee fidelity bond pays no more than its limit of liability for each separate occurrence no
matter that several separately identifiable employees were involved in a single loss? - ANS commercial
blanket position



If an employee consumes alcohol, becomes intoxicated, and is injured at work, he/she is __________. -
ANS Not covered if the consumption of alcohol is proven to have caused the injury



Under Coverage C of a farm policy, what is the limit payable on business property located away from the
premises? - ANS $500

, Within how many days of requesting an investigative consumer report must an insurer notify the
consumer in writing that the report will be obtained? - ANS 5 days



What is the purpose of the government crime coverage form? - ANS To provide crime coverage to those
who do not qualify in the normal market



Which of the following insurance options would be considered a risk-sharing arrangement? - ANS
Reciprocal



According to the loss payment condition in HO policies, losses must be paid within how many days of
the insurer receiving proof of loss? - ANS 60 days



Which of the following is true of dwelling policy coverage? - ANS Exclusion apply to all three policy forms



The individual named insured endorsement under a commercial auto policy provides coverage for which
of the following? - ANS The sole proprietor of the business and his or hers family members



The type of crime policy under which coverage is triggered by a loss that happens during the policy
period but is not necessarily discovered during the policy period is the _____________. - ANS Loss
sustained form



What type of coverage protects the insured in an accident caused by a driver with insufficient coverage?
- ANS Underinsured Motorist



In which of the following sections of a commercial auto policy will you find specific information about
the policy period? - ANS Conditions



Faulty wiring in a home is an example of a _______. - ANS Hazard

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