SOUTH CAROLINA INSURANCE REGULATIONS (SURETY PRODUCER) EXAM QUESTIONS WITH CORRECT ANSWERS

REQUIREMENTS - ANSWER-1. Must be 18 years or older 2. Person of good moral character 3. Has paid fees 4. Must have passed exam PRODUCER LICENSE - ANSWER-Ground person; out working with people; represents the company NONRESIDENT LICENSE - ANSWER-Means you live out of state, and if you want to write a Surety/Civil Bond in different bordered state. TEMPORARY LICENSE - ANSWER-Director may issue a ___?_____ Insurance Producer for a period not to exceed 180 days. TERM OF LICENSE - ANSWER-A Producers license is for an indefinite term and continues on a "biennial basis" (every 2 years) on the last day of the licensee's birthday month. If it lapses for failure to comply may have a penalty fee and suspension and has 6 months to reinstate. WHAT 3 THINGS DO YOU HAVE 30 DAYS TO DO? - ANSWER-1. Reporting actions- report any administrative action taken against the producer in another jurisdiction or by another governmental agency in this State.