South Carolina Property and Casualty Insurance Exam Test 2024

South Carolina Property and Casualty Insurance Exam Test 2024 The process an insurer uses to evaluate applications and determine if a policy should be issued and on what terms, conditions, and rate is known as? - CORRECT ANSWERUnderwriting The Director is conducting an examination of a foreign company transacting business in South Carolina. Who is responsible for the cost of the examination? - CORRECT ANSWER-Foreign company Driver A has a personal auto policy with Part C: UM/UIM limits of 100/300. He is injured by Driver B who has Part A: Bodily Injury Liability Limits of 50/100. It is determined that Driver B is at fault for the accident . Driver A has $125,000 in medical expenses. How much will Part C: UM/UIM coverage will pay? - CORRECT ANSWER-50,000 A premium discount is the term that describes when an insured owes a total standard premium greater than? - CORRECT ANSWER-5,000 According to SC law, comprehensive deductibles do not apply to - CORRECT ANSWER-safety glass Who is an insurance producer? - CORRECT ANSWER-Any person licensed to sell, solicit or negotiate insurance Employee fidelity may be written in all the following ways EXCEPT - CORRECT ANSWER-Location schedule Section 1 of boatowners policy covers - CORRECT ANSWER-Physical Damage Which type of losses are covered by the South Carolina Wind and Hail Underwriting Association? - CORRECT ANSWER-Both Direct and Indirect losses Before granting a Certificate of Authority to a company, the Director must be satisfied by proper evidence that all of the following are true EXCEPT - CORRECT ANSWER-The insurer does not have a Certificate of Authority in any other state Erroneous Publishing copied all the material from Angels Inc.'s book. The only changes made by Erroneous were to rename the title and chapters, put a different cover on it, and distribute it as its own. Angels Inc. files a claim against Erroneous and seeks damages. Will a commercial general liability policy cover the claim? - CORRECT ANSWER-No, because the claim results from copyright infringement and is not in an advertisement When the insured's car was totaled in a recent accident, the ownership of the car was transferred to the insurer. The insurer then sold off the wrecked car to recover some of the loss it paid to the insured. What is the term for this action? - CORRECT ANSWERSalvage The reduction, decrease, or disappearance of value of the person or property insured in a policy by a peril insured against is known as - CORRECT ANSWER-loss A plasterer has finished a job. What kind of liability coverage would protect him if the plaster falls and hurts someone because he did not do the job correctly? - CORRECT ANSWER-Completed operations Which employee fidelity bond pays no more than its limit of liability for each separate occurrence no matter that several separately identifiable employees were involved in a single loss? - CORRECT ANSWER-commercial blanket position If an employee consumes alcohol, becomes intoxicated, and is injured at work, he/she is __________. - CORRECT ANSWER-Not covered if the consumption of alcohol is proven to have caused the injury Under Coverage C of a farm policy, what is the limit payable on business property located away from the premises? - CORRECT ANSWER-$500 Within how many days of requesting an investigative consumer report must an insurer notify the consumer in writing that the report will be obtained? - CORRECT ANSWER-5 days What is the purpose of the government crime cove