South Carolina Insurance Studienführer, Klassennotizen & Zusammenfassungen

A closed network plan offers a primary physician copay of $25. If a subscriber chooses a primary care physician outside of the network, the subscriber will likely pay 100% of the billed amount What does Coordination of Benefits allow? Allows the secondary payor to reduce their benefit payments so no more than 100% of the claim is paid Brainpower Read More Previous Play Next Rewind 10 seconds Move forward 10 seconds Unmute 0:00 / 0:00 Full screen A waiver of premium ...

Accumulated Depreciation The total decrease in an item's value over a period of time. Formula:(Annual Depreciation x Number ofyears used) 1-J Acreage Reporting Date The 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 Brainpower Read More Previous Play Next Rewind 10 seconds Move forward 10 seconds Unmute 0:00 / 0:15 Full screen Actual Cash Value (A...

6 loss valuation methods actual cash value, replacement value, functional replacement value, market value, stated amount, agreed value waiver & estoppel a person has given up a known or legal right Brainpower Read More Previous Play Next Rewind 10 seconds Move forward 10 seconds Unmute 0:00 / 0:15 Full screen 4 components of a legal contract agreement, consideration, competent parties, legal purpose 6 classes of insurers authorized(admitted), unauthorized(n...

The process an insurer uses to evaluate applications and determine if a policy should be issued and on what terms, conditions, and rate is known as? Underwriting The Director is conducting an examination of a foreign company transacting business in South Carolina. Who is responsible for the cost of the examination? Foreign company Brainpower Read More Previous Play Next Rewind 10 seconds Move forward 10 seconds Unmute 0:00 / 0:00 Full screen Driver A has a personal ...

Part A Hospital Insurance, helps pay for inpatient hospital care, inpatient care in a skilled nursing facility, home health care and hospice care Part B Medical Insurance, financed from monthly premiums paid by insureds and from the general revenues of the federal government Brainpower Read More Previous Play Next Rewind 10 seconds Move forward 10 seconds Unmute 0:00 / 0:15 Full screen Part C Allows people to receive all of their health care services through availa...

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...

The SC Director of Insurance is Appointed The Director must be approved by the South Carolina Senate Brainpower Read More Previous Play Next Rewind 10 seconds Move forward 10 seconds Unmute 0:04 / 0:15 Full screen The Director has the same powers as a Circuit Court Judge, but only in insurance A producer must be working for an insurance company to be licensed? False A producer's license is valid for how long? Indefinitely In order to keep yo...

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...

The branch of dentistry which deals with the replacement of missing parts is called Endodontics Periodontics Orthodontics Prosthodontics Prosthodontics How many months can a life insurance policy normally be backdated from the date of application? 3 6 9 12 6 Brainpower Read More Previous Play Next Rewind 10 seconds Move forward 10 seconds Unmute 0:00 / 0:15 Full screen HIPAA considers which of the following as "individually identifiable health informa...

Annuity Certain Maria would like an annuity that provides a guaranteed accumulation or payout. The type of annuity she is seeking is called Survivorship Life The type of policy which pays on the death of the last person is called Brainpower Read More Previous Play Next Rewind 10 seconds Move forward 10 seconds Unmute 0:01 / 0:15 Full screen Malign another insurer Defamation occurs when a producer makes a false statement intended to A 70 year old NOT eligible...