South Carolina Life Insurance Producer Questions With Guaranteed Accurate Answers

Producer - correct answer Independent Insurance Agents also known as insurance sales agents that typically sell a variety of Insurance and financial products. resident producer - correct answer An agent who holds an insurance license in the state in which they live non-resident producer - correct answer Agents who hold an insurance license in a different state than the one they live Broker - correct answer agents that work on behalf of life insurance companies to help potential customers navigate the process of buying life insurance. Reinstatement - correct answer the process of putting the insurance policy back after a lapse. is allowed up to three years after the policy has lapsed. reporting of actions - correct answer a 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 - correct answer producer must report to the insurance commissioner within 30 days any changes to legal name or address. assumed names - correct answer an insurance producer doing business under any name other than the producers legal name is required to notify the insurance commissioner. continuing education - correct answer producers are required to have 24 hours of this training every two years. cease and desist order - correct answer this order is given by a government administrative agency or the courts to stop any suspicious or illegal activity. notice of hearings - correct answer the 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 - correct answer any 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.