Study guides, Class notes & Summaries

An insurer is REQUIRED to offer which of the following to each long-term care applicant at the time of purchase? - correct answer Inflation protection Which of these riders will pay a death benefit if the insured's spouse dies? - correct answer Family term insurance rider Disability income plans which require that the insurer can NEVER change or alter premium rates are usually considered - correct answer Nonconcellable What is the required action to be taken by a South Carolina li...

An insurer is REQUIRED to offer which of the following to each long-term care applicant at the time of purchase? - Inflation protection Which of these riders will pay a death benefit if the insured's spouse dies? - Family term insurance rider Disability income plans which require that the insurer can NEVER change or alter premium rates are usually considered - Nonconcellable What is the required action to be taken by a South Carolina licensee before operating under an assumed business nam...

SOUTH CAROLINA INSURANCE EXAM 2024 WITH 100% CORRECT ANSWERS An insurer is REQUIRED to offer which of the following to each long-term care applicant at the time of purchase? - correct answer Inflation protection Which of these riders will pay a death benefit if the insured's spouse dies? - correct answer Family term insurance rider Disability income plans which require that the insurer can NEVER change or alter premium rates are usually considered - correct answer Nonconcellable Wh...

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...

Producer Independent Insurance Agents also known as insurance sales agents that typically sell a variety of Insurance and financial products. resident producer An agent who holds an insurance license in the state in which they live Brainpower Read More Previous Play Next Rewind 10 seconds Move forward 10 seconds Unmute 0:02 / 0:15 Full screen non-resident producer Agents who hold an insurance license in a different state than the one they live Broker agents...

Assisted Living Bill requires some nursing care and supervision but NOT full-time care. Which of these nursing home options would best serve him? $4,000 ($100,000 x.04) Ron has a life insurance policy with a face value of $100,000 and a cost of living rider. If the consumer price index has gone up 4%, how much may Ron increase the face value of the policy? Brainpower Read More Previous Play Next Rewind 10 seconds Move forward 10 seconds Unmute 0:00 / 0:00 Full screen...

South Carolina Motor Vehicle Financial Responsibility Act Requires that all automobile drivers be able to show proof that they can pay for damages done to others up to a minimum amount if involved in an accident Required auto limits 25000/50000 for bodily injury and 25000 for property damage Brainpower Read More Previous Play Next Rewind 10 seconds Move forward 10 seconds Unmute 0:00 / 0:00 Full screen Uninsured Motorist a driver involved in a vehicle accident who ...

Abandonment Condition A condition often contained in property insurance policies that states that the insured cannot abandon damaged property to the insurer and demand to be reimbursed for its full value. Absolute Liability Type of liability imposed by law on those participating in certain activities that are coered particularly hazardous; person may be held liabile even though they were not negligent. 6 Ways to Show Appreciation for Your Child's Teacher 0:14 / 0:54 Accide...

A closed network plan offers a primary physician copay of $25. If a subscriber chooses a primary care physician outside of the network, the subscriber will likely pay 100% of the billed amount What does Coordination of Benefits allow? Allows the secondary payor to reduce their benefit payments so no more than 100% of the claim is paid Brainpower Read More Previous Play Next Rewind 10 seconds Move forward 10 seconds Unmute 0:00 / 0:00 Full screen A waiver of premium ...

Accumulated Depreciation The total decrease in an item's value over a period of time. Formula:(Annual Depreciation x Number ofyears used) 1-J Acreage Reporting Date The deadline for providing the insurer with an acreage report, which is used to determine the amount of coverage needed and the premium charged for a particular crop. 3-E Brainpower Read More Previous Play Next Rewind 10 seconds Move forward 10 seconds Unmute 0:00 / 0:15 Full screen Actual Cash Value (A...

6 loss valuation methods actual cash value, replacement value, functional replacement value, market value, stated amount, agreed value waiver & estoppel a person has given up a known or legal right Brainpower Read More Previous Play Next Rewind 10 seconds Move forward 10 seconds Unmute 0:00 / 0:15 Full screen 4 components of a legal contract agreement, consideration, competent parties, legal purpose 6 classes of insurers authorized(admitted), unauthorized(n...