South Carolina Life and Health Exam Bundle Questions and Answers Latest Updadted

Inspection Report - ANSWER-An insurer receives a report regarding potential insured that includes financial status, hobbies, and habits. What type of report is that? Spendthrift Clause - ANSWER-The clause that protects the proceeds of a life insurance policy from creditors after the death of the ...

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

Incontestable period Probation period Reinstatement period Grace period - ANSWER_Grace period A person who is a nonsmoker, of average weight, and in excellent health would most likely be in which risk classification? Standard Substandard Acceptable Preferred - ANSWER_Preferred Which...

If the annuitant dies before the annuity start date -ANSWER -the premiums paid plus interest earned will be given to the beneficiary An insured individual and the policy's beneficiary die from the same accident. The common disaster provision states the insurer will continue as if -ANSWER -the in...

What does Coordination of Benefits allow? - ANSWER_Allows the secondary payor to reduce their benefit payments so no more than 100% of the claim is paid A waiver of premium rider allows an insured to waive premium payments if the insured is - ANSWER_completely and permanently disabled Under th...

What factors are considered in determining rates? - ANSWER-Age Medical history Occupation Sex and Gender What's shown by the use of deductible, co pays and self assurance - ANSWER-Risk Retention A negative more proned to losses method used as protection to decline an applicant - ANSWER-Advers...

Survivorship Life -ANSWER -The type of policy which pays on the death of the last person is called Malign another insurer -ANSWER -Defamation occurs when a producer makes a false statement intended to A 70 year old NOT eligible for Social Security *You are not eligible to receive Medicare ...

Producer license - ANSWER-an licensed producer who is appointed by an insurer to sell, advertise, take application and deliver insurance policies. Nonresident license - ANSWER-must be in good standing in home state, apply and pay for licenses, provide certified copy of license application from ho...

resident producer - ANSWER-An agent who holds an insurance license in the state in which they live non-resident producer - ANSWER-Agents who hold an insurance license in a different state than the one they live Broker - ANSWER-agents that work on behalf of life insurance companies to help pote...

Nonresident Licensing Requirements -ANSWER- 1. 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 operate in SC. 3. File an affidavit stating he is a licensed broker in an...

Absolute Liability - ANSWER-A tort law concept in which an individual can be found legally responsible without being negligent. Accident - ANSWER-An unexpected and unintended chance happening occurring at a known time and place. Acceptance - ANSWER-An element of contract law under which one p...

What does Coordination of Benefits allow? - ANSWER-Allows the secondary payor to reduce their benefit payments so no more than 100% of the claim is paid A waiver of premium rider allows an insured to waive premium payments if the insured is - ANSWER-completely and permanently disabled Under th...

a cash surrender value of an annuity? - ANSWER-6 months Which of these is affected by the frequency of an insurance policy's premium payments? - ANSWER-Cost In an insurance contract, the insurer is the only party legally obligated to perform. Because of this, an insurance contract is considered -...