Sc insurance - Study guides, Class notes & Summaries

Abandonment - the abdication of insured property into the hands of another, or into the possession of no one in particular Absolute Liability - 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 - an unplanned, unforseen event which occurs suddenly and at a specific place Actual Cash Value - the required amount to pa...

South Carolina Real Estate Exam (State Portion Only) Questions and Answers The creditor should ascertain the preference of the _____ as to legal counsel relating to closing the loan and insurance agent. A) lender B) seller C) real estate agent D) borrower - Correct Answer ️️ -D) borrower The assumption fee when assuming a loan in SC may not exceed _____. A) 1% of the loan or $400, whichever is greater B) 1/2% of the loan C) $500 D) 1% of the loan or $400, whichever is less - Corr...

SC Property, Casualty, Surety, Marine Exam Questions and Answers 100% Answered!!Accumulated Depreciation - ANSWERSThe total decrease in an item's value over a period of time. Formula:(Annual Depreciation x Number ofyears used) 1-J Acreage Reporting Date - ANSWERSThe deadline for providing the insurer with an acreage report, which is used to determine the amount of coverage needed and the premium charged for a particular crop. 3-E Actual Cash Value (ACV) - ANSWERSA valuation method used by...

SC Insurance License Exam with correct Answers

Abandonment the abdication of insured property into the hands of another, or into the possession of no one in particular Absolute Liability 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. Brainpower Read More Previous Play Next Rewind 10 seconds Move forward 10 seconds Unmute 0:00 / 0:15 Full screen Ac...

Abandonment the abdication of insured property into the hands of another, or into the possession of no one in particular Absolute Liability 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. 6 Ways to Show Appreciation for Your Child's Teacher Previous Play Next Rewind 10 seconds Move forward 10 seconds Unmute...

SC INSURANCE FINAL EXAM

SC INSURANCE FINAL EXAM

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...