SC P&C Producer Exam Section 6 Auto Insurance Questions with correct Answers

South Carolina Motor Vehicle Financial Responsibility Act - ANSWER-Requires that all automobile drivers be able to show proof that they can pay for damages done to others up to a minimum amount if involved in an accident Required auto limits - ANSWER-25000/50000 for bodily injury and 25000 for property damage Uninsured Motorist - ANSWER-a driver involved in a vehicle accident who does not have insurance or the coverage is less than the state minimum, required by South carolina Underinsured Motorist - ANSWER-covers injuries or damage to the driver, or the vehicle caused by a driver with insufficient insurance bodily injury liability - ANSWER-insurance that covers physical injuries caused by a vehicle accident for which you are responsible property damage liability - ANSWER-motor vehicle insurance that applies when you damage the property of others, Minimum 25000 per accident with 200 deductible Auto Cancelation - ANSWER-May cancel without cause during the first 90 days of the policy Notice of cancelation - ANSWER-insurer must send notice with written reason for cancelation Named driver exclusion - ANSWER-An endorsement to an auto insurance policy that provides that a policy does not cover accidents when a specifically named person is the driver.