SOUTH CAROLINA INSURANCE FINAL PAPER 2025/2026
QUESTIONS WITH ANSWERS RATED A+
✔✔30 days of the change - ✔✔change of address- how long do you have to change?
✔✔-fine up to $2500 or $5000 if the act is willful
-license suspension/revocation
-both fine and license removed - ✔✔failure to notify director of a change in
name/address
✔✔24 hours - ✔✔producers who are licensed to transact life and health insurance as
well as property and casualty insurance must complete
✔✔-minimum of 8 hours in each license
-minimum of 3 hours in ethics
-remaining hours in any approved category - ✔✔continuing education must be complete
as follows:
✔✔6 months - ✔✔if license lapses due to not completing cont. education, can reinstate
license within how many months?
✔✔unable to comply with license renewal procedures due to active military service,
disability - ✔✔extenuating circumstance
✔✔30 days in advance of hearing - ✔✔those who have a hearing due to disciplinary
action must be notified
✔✔50,000 for each day of violation
100 per each day of violation - ✔✔violation of cease and desist order
✔✔-impose fine up to $15,000 - ✔✔(penalties) If the violator is an INSURER, director
can
✔✔-impose fine up to $2500 - ✔✔(penalities) If the violator is a PERSON, director can
✔✔-fined up to $2500 - ✔✔A person who is convicted of MISDEMEANOR offense will
be:
✔✔-fined up to $10,000
- - ✔✔A person who transacts insurance WITHOUT A LICENCSE will be:
✔✔after 10 days notice - ✔✔director may place on probation, revoke, or suspend a
producer's license after how many days of notice?
, ✔✔certificate of authority (given producer authority to sell insurance) - ✔✔-insurer is
duly qualified to transact business
-paid all taxes in state
-adequate reserves for the protection of policy holders
-adequate reinsurance arrangements
-have NOT been convicted of a crime
-operations will not be hazardous to the public
✔✔approved by director - ✔✔an insurer cannot issue or sell an insurance policy unless
it has been approved by who?
✔✔director has 30 days to notify insurer whether form has been approved - ✔✔after
policy form is submitted for approval, how many days does director have to notify
insurer about approval?
✔✔NAIC - ✔✔National Association of Insurance Commissioners
✔✔as often as necessary but at least once every 5 years - ✔✔director can examine the
books and records of an insurer how often?
✔✔$40 - ✔✔if Appointment is not renewed by this date fee is:
✔✔Sept 30 of the EVEN-numbered years - ✔✔insurer is required torenew
APPOINTMENT on a Biennial Basis on what date? odd or even months?
✔✔within 30 days of termination - ✔✔When an insurer terminates a producer's
appointment, insurer must notify the department
✔✔within 15 days of termination - ✔✔if producer was terminated for a criminal act,
insurer must notify director
✔✔at least every 5 years - ✔✔producers must keep records of every insurance
transaction for at least how many years?
✔✔fiduciary responsibility - ✔✔to transfer money on behalf of an insured or applicant for
insurance to the appropriate place as required by the agency agreement
✔✔blank forms - ✔✔a producer cannot sign a blank application, contract, or insurance
policy or encourage the applicant to do so
✔✔$200 for each offense - ✔✔a producer who is convicted of signing blank forms will
be fined how much?
QUESTIONS WITH ANSWERS RATED A+
✔✔30 days of the change - ✔✔change of address- how long do you have to change?
✔✔-fine up to $2500 or $5000 if the act is willful
-license suspension/revocation
-both fine and license removed - ✔✔failure to notify director of a change in
name/address
✔✔24 hours - ✔✔producers who are licensed to transact life and health insurance as
well as property and casualty insurance must complete
✔✔-minimum of 8 hours in each license
-minimum of 3 hours in ethics
-remaining hours in any approved category - ✔✔continuing education must be complete
as follows:
✔✔6 months - ✔✔if license lapses due to not completing cont. education, can reinstate
license within how many months?
✔✔unable to comply with license renewal procedures due to active military service,
disability - ✔✔extenuating circumstance
✔✔30 days in advance of hearing - ✔✔those who have a hearing due to disciplinary
action must be notified
✔✔50,000 for each day of violation
100 per each day of violation - ✔✔violation of cease and desist order
✔✔-impose fine up to $15,000 - ✔✔(penalties) If the violator is an INSURER, director
can
✔✔-impose fine up to $2500 - ✔✔(penalities) If the violator is a PERSON, director can
✔✔-fined up to $2500 - ✔✔A person who is convicted of MISDEMEANOR offense will
be:
✔✔-fined up to $10,000
- - ✔✔A person who transacts insurance WITHOUT A LICENCSE will be:
✔✔after 10 days notice - ✔✔director may place on probation, revoke, or suspend a
producer's license after how many days of notice?
, ✔✔certificate of authority (given producer authority to sell insurance) - ✔✔-insurer is
duly qualified to transact business
-paid all taxes in state
-adequate reserves for the protection of policy holders
-adequate reinsurance arrangements
-have NOT been convicted of a crime
-operations will not be hazardous to the public
✔✔approved by director - ✔✔an insurer cannot issue or sell an insurance policy unless
it has been approved by who?
✔✔director has 30 days to notify insurer whether form has been approved - ✔✔after
policy form is submitted for approval, how many days does director have to notify
insurer about approval?
✔✔NAIC - ✔✔National Association of Insurance Commissioners
✔✔as often as necessary but at least once every 5 years - ✔✔director can examine the
books and records of an insurer how often?
✔✔$40 - ✔✔if Appointment is not renewed by this date fee is:
✔✔Sept 30 of the EVEN-numbered years - ✔✔insurer is required torenew
APPOINTMENT on a Biennial Basis on what date? odd or even months?
✔✔within 30 days of termination - ✔✔When an insurer terminates a producer's
appointment, insurer must notify the department
✔✔within 15 days of termination - ✔✔if producer was terminated for a criminal act,
insurer must notify director
✔✔at least every 5 years - ✔✔producers must keep records of every insurance
transaction for at least how many years?
✔✔fiduciary responsibility - ✔✔to transfer money on behalf of an insured or applicant for
insurance to the appropriate place as required by the agency agreement
✔✔blank forms - ✔✔a producer cannot sign a blank application, contract, or insurance
policy or encourage the applicant to do so
✔✔$200 for each offense - ✔✔a producer who is convicted of signing blank forms will
be fined how much?
