South Carolina Life Insurance Producer Questions & Answers 100% Correct!

Producer - ANSWERSIndependent Insurance Agents also known as insurance sales agents that typically sell a variety of Insurance and financial products. resident producer - ANSWERSAn agent who holds an insurance license in the state in which they live non-resident producer - ANSWERSAgents who hold an insurance license in a different state than the one they live Broker - ANSWERSagents that work on behalf of life insurance companies to help potential customers navigate the process of buying life insurance. Reinstatement - ANSWERSthe process of putting the insurance policy back after a lapse. is allowed up to three years after the policy has lapsed. reporting of actions - ANSWERSa 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 - ANSWERSproducer must report to the insurance commissioner within 30 days any changes to legal name or address. assumed names - ANSWERSan insurance producer doing business under any name other than the producers legal name is required to notify the insurance commissioner. continuing education - ANSWERSproducers are required to have 24 hours of this training every two years. cease and desist order - ANSWERSthis order is given by a government administrative agency or the courts to stop any suspicious or illegal activity. notice of hearings - ANSWERSthe director make call and hold a ________ for any purpose deemed necessary. The notice must be given to a person cited at least 30 days prior to the designated date. penalties - ANSWERSany person who performs an act without a license is guilty of a misdemeanor and upon conviction must be fine not more than $10,000 or in prison for two years or both.