South Carolina Life Insurance Producer Exam Questions With correct Answers

Producer - ANSWER-Independent Insurance Agents also known as insurance sales agents that typically sell a variety of Insurance and financial products. resident producer - ANSWER-An agent who holds an insurance license in the state in which they live non-resident producer - ANSWER-Agents who hold an insurance license in a different state than the one they live Broker - ANSWER-agents that work on behalf of life insurance companies to help potential customers navigate the process of buying life insurance. Reinstatement - ANSWER-the process of putting the insurance policy back after a lapse. is allowed up to three years after the policy has lapsed. reporting of actions - ANSWER-a producer must report any bankruptcy, felony conviction, and the other administrative action that occurs in South Carolina or another jurisdiction to the insurance department within 30 days. change of address - ANSWER-producer must report to the insurance commissioner within 30 days any changes to legal name or address. assumed names - ANSWER-an insurance producer doing business under any name other than the producers legal name is required to notify the insurance commissioner. continuing education - ANSWER-producers are required to have 24 hours of this training every two years.