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South Carolina Life & Health Exam Practice questions and complete correct answers 2024
What is the purpose for having an accelerated death benefit on a life insurance policy? - correct answer It allows for cash advances to be paid 
 
Premium for a modified whole life policy is - correct answer lower then typical during first few years then higher then typical for the remainder 
 
An eligible employee can be excluded from group health coverage for up to (blank) months if he/she is considered a late enrollee - correct answer 18 months 
 
Kurt is an active duty serviceman who was rec...
- Exam (elaborations)
- • 6 pages •
What is the purpose for having an accelerated death benefit on a life insurance policy? - correct answer It allows for cash advances to be paid 
 
Premium for a modified whole life policy is - correct answer lower then typical during first few years then higher then typical for the remainder 
 
An eligible employee can be excluded from group health coverage for up to (blank) months if he/she is considered a late enrollee - correct answer 18 months 
 
Kurt is an active duty serviceman who was rec...
SC Personal Lines exam questions and 100% correct answers
6 loss valuation methods - correct answer actual cash value, replacement value, functional replacement value, market value, stated amount, agreed value 
 
waiver & estoppel - correct answer a person has given up a known or legal right 
 
4 components of a legal contract - correct answer agreement, consideration, competent parties, legal purpose 
 
6 classes of insurers - correct answer authorized(admitted), unauthorized(nonadmitted), domestic, foreign, alien, independent rating services 
 
5 mar...
- Exam (elaborations)
- • 11 pages •
6 loss valuation methods - correct answer actual cash value, replacement value, functional replacement value, market value, stated amount, agreed value 
 
waiver & estoppel - correct answer a person has given up a known or legal right 
 
4 components of a legal contract - correct answer agreement, consideration, competent parties, legal purpose 
 
6 classes of insurers - correct answer authorized(admitted), unauthorized(nonadmitted), domestic, foreign, alien, independent rating services 
 
5 mar...
SC LIFE INSURANCE exam questions and verified correct answers 2024
An insurer's ability to make unpredictable payouts to policy owners is called - correct answer Liquidity 
 
Fraternal Benefit Society has each of the following characteristics EXCEPT - correct answer Exist for Profit. FBS are non-profit entities that exist for the benefit of their members 
 
An insurer's claim settlement practices are regulated by the: - correct answer State insurance departments 
 
Why are dividends from a mutual insurer not subject to taxation? - correct answer Dividends are...
- Exam (elaborations)
- • 20 pages •
An insurer's ability to make unpredictable payouts to policy owners is called - correct answer Liquidity 
 
Fraternal Benefit Society has each of the following characteristics EXCEPT - correct answer Exist for Profit. FBS are non-profit entities that exist for the benefit of their members 
 
An insurer's claim settlement practices are regulated by the: - correct answer State insurance departments 
 
Why are dividends from a mutual insurer not subject to taxation? - correct answer Dividends are...
SC P&C PSI Exam questions and verified correct answers 2024
What are the minimum requirements to become a licensed producer in SC? - correct answer At least 18, good moral character, clean SLED background, passed the LAH test, completed DOI license registration application sand paid the fee 
 
What documentation is requested by the SC Department of Insurance to process your application? - correct answer DOI application confirmation page including evidence of $25 fee paid, clean criminal background check, psi original exam score report with score of 70% o...
- Exam (elaborations)
- • 22 pages •
What are the minimum requirements to become a licensed producer in SC? - correct answer At least 18, good moral character, clean SLED background, passed the LAH test, completed DOI license registration application sand paid the fee 
 
What documentation is requested by the SC Department of Insurance to process your application? - correct answer DOI application confirmation page including evidence of $25 fee paid, clean criminal background check, psi original exam score report with score of 70% o...
South Carolina Adjuster Licensing Exam questions and complete correct answers 2024
Abandonment Condition - correct answer A condition often contained in property insurance policies that states that the insured cannot abandon damaged property to the insurer and demand to be reimbursed for its full value. 
 
Absolute Liability - correct answer Type of liability imposed by law on those participating in certain activities that are coered particularly hazardous; person may be held liabile even though they were not negligent. 
 
Accident - correct answer A loss that occurs at a spec...
- Exam (elaborations)
- • 21 pages •
Abandonment Condition - correct answer A condition often contained in property insurance policies that states that the insured cannot abandon damaged property to the insurer and demand to be reimbursed for its full value. 
 
Absolute Liability - correct answer Type of liability imposed by law on those participating in certain activities that are coered particularly hazardous; person may be held liabile even though they were not negligent. 
 
Accident - correct answer A loss that occurs at a spec...
SC INSURANCE FINAL exam questions and complete correct answers 2024
all of the following are typically included in a life insurance policy illustration EXCEPT: 
 
A. premium of the policy 
B. names of the beneficiaries 
C. interest charged for policy loans 
D. cash surrender value in 20 years - correct answer B. names of the beneficiaries 
 
during the course of an insurance transaction, which of the following is NOT a duty of the producer? 
A. highlight the protections guaranteed by the guaranty association 
B. be fair and honest 
C. do not misrepresent the pro...
- Exam (elaborations)
- • 10 pages •
all of the following are typically included in a life insurance policy illustration EXCEPT: 
 
A. premium of the policy 
B. names of the beneficiaries 
C. interest charged for policy loans 
D. cash surrender value in 20 years - correct answer B. names of the beneficiaries 
 
during the course of an insurance transaction, which of the following is NOT a duty of the producer? 
A. highlight the protections guaranteed by the guaranty association 
B. be fair and honest 
C. do not misrepresent the pro...
South Carolina Insurance Regulations exam questions and verified correct answers 2024
-be at least 18 years of age 
-be of good moral character 
-not have been convicted of a felony or crime 
-pay the required licensing fee 
-pass the state exam - correct answer to qualify for a license, applicant must 
 
- take and pass state exam 
-acquire and submit SLED criminal background check 
-apply for license and pay required fees - correct answer the process for acquiring license from SC is easy, you must 
 
within 90 days - correct answer SLED background check application must be rec...
- Exam (elaborations)
- • 7 pages •
-be at least 18 years of age 
-be of good moral character 
-not have been convicted of a felony or crime 
-pay the required licensing fee 
-pass the state exam - correct answer to qualify for a license, applicant must 
 
- take and pass state exam 
-acquire and submit SLED criminal background check 
-apply for license and pay required fees - correct answer the process for acquiring license from SC is easy, you must 
 
within 90 days - correct answer SLED background check application must be rec...
Chapter 1 & 2; Health Accident and Life Insurance Test (South Carolina) exam questions and verified correct answers 2024
What are the minimum requirements to a licensed producer in South Carolina? - correct answer Be 18 years old, good morale character, not been convicted of a felony, pay required licensing fees, pass state exam 
 
What documentation is requested by the SC Department of Insurance to process your application? - correct answer SC DOI application, SLED criminal background check, exam status report 
 
How does a producer become an agent? - correct answer By getting appointed by insurance carriers 
 
N...
- Exam (elaborations)
- • 6 pages •
What are the minimum requirements to a licensed producer in South Carolina? - correct answer Be 18 years old, good morale character, not been convicted of a felony, pay required licensing fees, pass state exam 
 
What documentation is requested by the SC Department of Insurance to process your application? - correct answer SC DOI application, SLED criminal background check, exam status report 
 
How does a producer become an agent? - correct answer By getting appointed by insurance carriers 
 
N...
SC Health, Life, Accident Insurance Exam questions and complete correct answers 2024
Part A - correct answer Hospital Insurance, helps pay for inpatient hospital care, inpatient care in a skilled nursing facility, home health care and hospice care 
 
Part B - correct answer Medical Insurance, financed from monthly premiums paid by insureds and from the general revenues of the federal government 
 
Part C - correct answer Allows people to receive all of their health care services through available provider organizations 
 
Part D - correct answer Prescription Drug coverage 
 
Par...
- Exam (elaborations)
- • 5 pages •
Part A - correct answer Hospital Insurance, helps pay for inpatient hospital care, inpatient care in a skilled nursing facility, home health care and hospice care 
 
Part B - correct answer Medical Insurance, financed from monthly premiums paid by insureds and from the general revenues of the federal government 
 
Part C - correct answer Allows people to receive all of their health care services through available provider organizations 
 
Part D - correct answer Prescription Drug coverage 
 
Par...
South Carolina Life Insurance Producer exam questions and complete correct answers 2024
Producer - correct answer Independent Insurance Agents also known as insurance sales agents that typically sell a variety of Insurance and financial products. 
 
resident producer - correct answer An agent who holds an insurance license in the state in which they live 
 
non-resident producer - correct answer Agents who hold an insurance license in a different state than the one they live 
 
Broker - correct answer agents that work on behalf of life insurance companies to help potential customer...
- Exam (elaborations)
- • 28 pages •
Producer - correct answer Independent Insurance Agents also known as insurance sales agents that typically sell a variety of Insurance and financial products. 
 
resident producer - correct answer An agent who holds an insurance license in the state in which they live 
 
non-resident producer - correct answer Agents who hold an insurance license in a different state than the one they live 
 
Broker - correct answer agents that work on behalf of life insurance companies to help potential customer...
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