Insurance Regulation SC Exam Questions and Answers Latest Updated

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 home state to sc director. Home state grants nonresident producer's license. Temporary License - ANSWER-*valid for up to 180 days *surviving spouse or court appointed to represent a licensed producer who dies or mentally or physically disabled. Broker license - ANSWER-*licensed in the same line of insurance they want to be a broker in. *pass state broker license exam *pay license fee every two years *post a $10,000 bond with the department to cover injures made by error or omission, violation of laws, breach of fiduciary duties. *pay broker premium tax rate on surplus lines policies. Maintenance and duration of sc licenses - ANSWER-*license is valid for two years *renewable by the last day of producers birth month *satisfy continuing education requirement *pay renewal fee Reinstatement - ANSWER-have 6 months to reinstated license, satisfy continuing education and pay reinstatement fee. Reporting of Actions - ANSWER-Producer has 30 days before pretrail to report to sc director any criminal prosecution taken against them