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SC P&C Insurance Exam Study Guide

South Carolina SC P&C Insurance Exam Study Guide 2024 Questions and Answers 2024 / 2025 (Verified Answers by Expert)

The SC Director of Insurance is [elected] [appointed]appointed The Director must be approved by thesenate The Director has the same powers as acircuit court judge A producer must be working for an insurance company to be licensed [true] [false]false A producer's license is valid for how longindefinitely In order to keep your license, it must be ____________ every___________renewed; two years

SC P&C Insurance Exam Study Guide exam questions with 100% correct answers.

SC P&C Insurance Exam Study Guide Exam questions with 100% correct answers 2024

SC Insurance Brokers Exam Questions and Answers

SC Insurance Brokers Exam Questions and Answers

Abandonment - ANSWER the abdication of insured property into the hands of another, or into the possession of no one in particular Absolute Liability - ANSWER Liability that arises from an extremely dangerous situation. Often found in cases involving explosives. Also known as "strict" liability. For example, you are absolutely liable if you keep a wild animal as a pet. Accident - ANSWER an unplanned, unforseen event which occurs suddenly and at a specific place Actual Cash Value - ANSW...

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 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...

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...