Sc insurance licensing - Study guides, Class notes & Summaries

Mechanical failure including rupture/bursting caused by centrifugal force (In an equipment breakdown policy, "breakdown" has very specific definitions of a direct covered loss such as failure of pressure/vaccuum equipment, mechanical failure by centrifugal force and electric failure [unless excluded])Which of the following is found under the definition of a "Breakdown" under an Equipment Breakdown Policy? a. Mechanical failure including rupture/bursting caused by centrifugal force b...

Mechanical failure including rupture/bursting caused by centrifugal force (In an equipment breakdown policy, "breakdown" has very specific definitions of a direct covered loss such as failure of pressure/vaccuum equipment, mechanical failure by centrifugal force and electric failure [unless excluded]) - ANSWER-Which of the following is found under the definition of a "Breakdown" under an Equipment Breakdown Policy? a. Mechanical failure including rupture/bursting caused by centrifugal ...

RiskIs the possibility that a loss will occur. InsuranceIs a contract that transfers the risk of financial loss from a individual or business to an insurance company Speculative riskA possibility of loss and gain. Insurance does not cover this. Pure riska risk that presents the chance of loss but no opportunity for gain Exposurethe potential for accidents and other losses UnderwritersInsurance companies use to determine premium rates and decide whether or not they will offer insurance

Resident Licensing Requirements - ANSWERS1. 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 - ANSWERS1. File application on form prescribed by the director. 2. File affidavit stating insurance on a risk in this state will only be placed with licensed agents of insurers licensed to opera...

SC Insurance Brokers Exam Questions & Answers 100% accurate Resident Licensing Requirements - ANSWERS1. 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 - ANSWERS1. File application on form prescribed by the director. 2. File affidavit stating insurance on a risk in this state will on...

©BRAINBARTER 2024/2025 SC Insurance Brokers Exam Surplus Lines Insurance Broker - Series 19-26 Questions With 100% Verified Answers Resident Licensing Requirements - answer1. 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 - answer1. File application on form prescribed by the direct...

Resident Licensing Requirements - ANSWERS1. 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 - ANSWERS1. File application on form prescribed by the director. 2. File affidavit stating insurance on a risk in this state will only be placed with licensed agents of insurers licensed to opera...

NASCLA Business Law and Management EXAM SC Latest Update Graded A+ Sole Proprietorship a business owned and managed by a single individual Simplest form to set up unlimited Liability Partnerships Business organizations in which two or more persons share responsibilities, costs, profits, and losses. C Corporations Corporations that have no restrictions on who owns their shares or the number of shareholders; they cannot qualify for subchapter S tax treatment and are subject to direct taxation S...

SC Life Insurance Exam Questions and Answers 100% Pass If a policy has a automatic loan provision, what happens if the insured dies before the loan is paid back? The balance of the loan will be taken out of the death benefit An insurer receives a report regarding potential insured that includes financial status, hobbies, and habits. What type of report is that? Inspection Report The clause that protects the proceeds of a life insurance policy from creditors after the death of the ...

Resident Licensing Requirements o :## 1. Be licensed as a resident property and casualty insurance producer. o 2. Pass the SC broker licensing examination with 70% or better. o 3. Pay a biennial fee of $200 o 4. File surety bond in favor of SC in amount of $10,000. Nonresident Licensing Requirements o :## 1. File application on form prescribed by the director. o 2. File affidavit stating insurance on a risk in this state will only be placed with licensed agents of insurers licensed to o...