Chapter 1 & 2; Health Accident and Life Insurance Test (South Carolina) questions with 100% correct answers 2024

What are the minimum requirements to a licensed producer in South Carolina? 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? SC DOI application, SLED criminal background check, exam status report Brainpower Read More Previous Play Next Rewind 10 seconds Move forward 10 seconds Unmute 0:01 / 0:15 Full screen How does a producer become an agent? By getting appointed by insurance carriers Name the 3 types of Individual Licenses issued by the Director? Producer, Non-Resident, Broker Who does a Broker represent? They represent the customer How long is your insurance license good for? Indefinitely Describe how the Director of Insurance gets the job? Is appointed by the Governor The Director can examine the books and records of an insurer as often ______________, but must do so at least _______ every _______ years. as necessary, once, 5 When an insurer terminates a producer's appointment, the insurer must notify the DOI _______ of the termination. For business reasons: within 30 days. For criminal reasons: within 15 days. Producers must maintain records of every insurance transaction for _______, and the director may examine them ________. 5 years, anytime What are the requirements for a company to be licensed in our state? Must have a certificate of authority, which means they are safe and solvent in addition to...qualified, paid taxes, adequate reserves, adequate reinsurance, no criminal charges, operations aren't hazardous. How long is a producer required to keep records regarding the insurance contracts they sell? 5 years Under what circumstances may a producer share commissions? A producer can share commissions with any licensed agent. What is the primary purpose of the Insurance Fraud Act? Address the problem of insurance fraud in the state of South Carolina. Under what circumstance may a producer share a commission? In determining whether an applicant is eligible for insurance. When does the producer get an opportunity to reply to their appointment being terminated? Can't with a business decision. For a criminal reason, its within 30 days after receiving the original or additional notification the producer may file. To qualify for a producer license, a person must be _______ old, have ________ ________ character, pass the license exam, and pay the required fees. 18, good moral A temporary license is valid for how long? 180 days A producer's license is valid for ______. Indefinitely, but must be renewed every 2 years. To maintain a license, a producer must complete _______ of continuing insurance education every _____ years. 24 hours, 2 A producer must notify the DOI of any change in legal name or _____ within ______ days of the change. address change, 30 A person charged with violating insurance laws is entitled to a ______ and at least ______ advance noticed of the hearing. Hearing, 30 Licenses can be suspended for up to ______ years. 2