SC LAH Insurance Exam questions with 100% correct answers 2024

The SC Director of Insurance is Appointed The Director must be approved by the South Carolina Senate Brainpower Read More Previous Play Next Rewind 10 seconds Move forward 10 seconds Unmute 0:04 / 0:15 Full screen The Director has the same powers as a Circuit Court Judge, but only in insurance A producer must be working for an insurance company to be licensed? False A producer's license is valid for how long? Indefinitely In order to keep your license, it must be renewed every 2 years After passing your license exam you have ______ to apply for your license 1 year The licenses which do not require passing an exam are Temporary and Non-Resident A temporary license is valid for how many days? 180 A temporary license is obtained to handle the insurance business of a producer who Dies or is disabled In order to obtain a Non-Resident license the applicant must be 1. Licensed in their home state 2. Apply at the NIPR 3. A reciprocal agreement between SC and your State A licensed individual who represents the citizens of the state in placing their insurance is a Broker In addition to renewing your license you must also complete 24 hours of continuing education every 2 years - At least 8 hours in each line of insurance - At least 3 hours of ethics If a producer is charged with violating the SC insurance laws he is entitled to a __________ and must be notified in writing of time and place at least __________ in advance Hearing 30 days If he is found guilty at the hearing, he can be fined up to _______ , unless it is deemed to be _________ , in which case it could be as much as _______ $2,500 Willfull $5,000 If a producer violates a cease and desist order, he could be fined up to __________ , unless it is willfull, in which case it could be ________ $50 per day $100 per day A person transacting insurance business without a license is guilty of a ___________ , and will be fined up to ________ and/or imprisoned for up to ________ Misdemeanor $10,000 2 years If the Director finds that a producer has obtained a license by fraud or misrepresentation, he may revoke the license _________ , otherwise he must give the producer ________ days notice Immediately 10 days If fined of misrepresentation, the producer must pay the fine within 30 days Insurers are licensed to transact insurance business. Their license is called a ___________ Certificate of Authority For an insurer to be licensed, the Director must make sure the company is _______ and ________ Safe and solvent An insurer cannot sell any insurance policy until it has been _________ by _______ Approved The Director A Director has ___________ within which to approve a policy, or can ask for an additional __________ 30 days 60 days Knowingly misrepresenting to insureds or claimants the facts or policy provisions relevant to coverage or failing to promptly acknowledge communications about claims is considered to be an Unfair Claims Settlement Practice