2/15/25, 10:14 AM South Carolina Life Insurance Producer 2025 update|comprehensive questions and verified answers (complete solutions) A+ …
South Carolina Life Insurance Producer 2025
update|comprehensive questions and verified
answers (complete solutions) A+ GRADE!!
Save
Terms in this set (270)
Independent Insurance Agents also known as
Producer insurance sales agents that typically sell a variety of
Insurance and financial products.
An agent who holds an insurance license in the state
resident producer
in which they live
Agents who hold an insurance license in a different
non-resident producer
state than the one they live
agents that work on behalf of life insurance
Broker companies to help potential customers navigate the
process of buying life insurance.
the process of putting the insurance policy back
Reinstatement after a lapse. is allowed up to three years after the
policy has lapsed.
a producer must report any bankruptcy, felony
conviction, and the other administrative action that
reporting of actions
occurs in South Carolina or another jurisdiction to
the insurance department within 30 days.
producer must report to the insurance
change of address commissioner within 30 days any changes to legal
name or address.
https://quizlet.com/1006189347/south-carolina-life-insurance-producer-2025-updatecomprehensive-questions-and-verified-answers-complete-sol… 1/30
,2/15/25, 10:14 AM South Carolina Life Insurance Producer 2025 update|comprehensive questions and verified answers (complete solutions) A+ …
an insurance producer doing business under any
assumed names name other than the producers legal name is
required to notify the insurance commissioner.
producers are required to have 24 hours of this
continuing education
training every two years.
this order is given by a government administrative
cease and desist order agency or the courts to stop any suspicious or
illegal activity.
the director make call and hold a ________ for any
purpose deemed necessary. The notice must be
notice of hearings
given to a person cited at least 30 days prior to the
designated date.
any person who performs an act without a license is
guilty of a misdemeanor and upon conviction must
penalties
be fine not more than $10,000 or in prison for two
years or both.
the director must follow the general policies and
broad objectives enacted by the general assembly
director's duties and
regarding the operation of insurance industry in this
powers
state. C-section 38 - 3 - 110 and the code for more
info.
a license issued by the state to an insurance
certificate of authority company that allows the company to conduct its
business.
a financial state that occurs if liabilities are greater
than assets. the director will suspend the Certificate
insolvency
of Authority for any insurer that falls into this
category or is delinquent in claims payment.
life insurance cost usually paid as a premium for a
rates set amount of time. this is regulated by the director
of insurance.
State insurance commissioners have the authority to
policy forms approve or disapprove new contracts or certificates
before they are sold to the public.
https://quizlet.com/1006189347/south-carolina-life-insurance-producer-2025-updatecomprehensive-questions-and-verified-answers-complete-sol… 2/30
, 2/15/25, 10:14 AM South Carolina Life Insurance Producer 2025 update|comprehensive questions and verified answers (complete solutions) A+ …
Failing to approve or deny coverage of a claim
Unfair Claims Settlement within a reasonable period after a proof-of-loss
practices statement has been completed or attempting to
reduce the size of the claim.
The director may examine books and records for
any insurer, any pension fund, retirement system, or
inspection
organization authorized in the state of SC every 5
years.
authorized insurers have the right to appoint any
number of producers to take risk for transact any
appointment
business of insurance in the state. Notice of
appointments must be filed within 15 days.
when a contract of a producer is canceled by the
termination of represented insurer, that insurer shall notify the
appointment department of the cancellation within the guidelines
and time period listed in section 38 - 43 - 55.
all companies doing any kind of insurance business
in this state shall make and keep a full and correct
records maintenance
record of the business done by them for a minimum
of five years.
misappropriation of the use of money for a purpose other than that for
funds which it was intended or legally required to be used
unless otherwise stated, no producer may sign any
blank forms
blank application, contract, or policy of insurance
an option for splitting income with another
sharing commissions producer only when the other producer is licensed
in the same line of business.
considered a misdemeanor, producers are
representing an personally liable for transacting business on behalf
unauthorized insurer of an insurer that is not licensed to do business in
the state of South Carolina.
it is an illegal practice to do this for any facts about
an insurance policy such as a policy, terms, benefits,
misrepresentation
value, cost, effective date, or existence of a contract
of insurance
https://quizlet.com/1006189347/south-carolina-life-insurance-producer-2025-updatecomprehensive-questions-and-verified-answers-complete-sol… 3/30
South Carolina Life Insurance Producer 2025
update|comprehensive questions and verified
answers (complete solutions) A+ GRADE!!
Save
Terms in this set (270)
Independent Insurance Agents also known as
Producer insurance sales agents that typically sell a variety of
Insurance and financial products.
An agent who holds an insurance license in the state
resident producer
in which they live
Agents who hold an insurance license in a different
non-resident producer
state than the one they live
agents that work on behalf of life insurance
Broker companies to help potential customers navigate the
process of buying life insurance.
the process of putting the insurance policy back
Reinstatement after a lapse. is allowed up to three years after the
policy has lapsed.
a producer must report any bankruptcy, felony
conviction, and the other administrative action that
reporting of actions
occurs in South Carolina or another jurisdiction to
the insurance department within 30 days.
producer must report to the insurance
change of address commissioner within 30 days any changes to legal
name or address.
https://quizlet.com/1006189347/south-carolina-life-insurance-producer-2025-updatecomprehensive-questions-and-verified-answers-complete-sol… 1/30
,2/15/25, 10:14 AM South Carolina Life Insurance Producer 2025 update|comprehensive questions and verified answers (complete solutions) A+ …
an insurance producer doing business under any
assumed names name other than the producers legal name is
required to notify the insurance commissioner.
producers are required to have 24 hours of this
continuing education
training every two years.
this order is given by a government administrative
cease and desist order agency or the courts to stop any suspicious or
illegal activity.
the director make call and hold a ________ for any
purpose deemed necessary. The notice must be
notice of hearings
given to a person cited at least 30 days prior to the
designated date.
any person who performs an act without a license is
guilty of a misdemeanor and upon conviction must
penalties
be fine not more than $10,000 or in prison for two
years or both.
the director must follow the general policies and
broad objectives enacted by the general assembly
director's duties and
regarding the operation of insurance industry in this
powers
state. C-section 38 - 3 - 110 and the code for more
info.
a license issued by the state to an insurance
certificate of authority company that allows the company to conduct its
business.
a financial state that occurs if liabilities are greater
than assets. the director will suspend the Certificate
insolvency
of Authority for any insurer that falls into this
category or is delinquent in claims payment.
life insurance cost usually paid as a premium for a
rates set amount of time. this is regulated by the director
of insurance.
State insurance commissioners have the authority to
policy forms approve or disapprove new contracts or certificates
before they are sold to the public.
https://quizlet.com/1006189347/south-carolina-life-insurance-producer-2025-updatecomprehensive-questions-and-verified-answers-complete-sol… 2/30
, 2/15/25, 10:14 AM South Carolina Life Insurance Producer 2025 update|comprehensive questions and verified answers (complete solutions) A+ …
Failing to approve or deny coverage of a claim
Unfair Claims Settlement within a reasonable period after a proof-of-loss
practices statement has been completed or attempting to
reduce the size of the claim.
The director may examine books and records for
any insurer, any pension fund, retirement system, or
inspection
organization authorized in the state of SC every 5
years.
authorized insurers have the right to appoint any
number of producers to take risk for transact any
appointment
business of insurance in the state. Notice of
appointments must be filed within 15 days.
when a contract of a producer is canceled by the
termination of represented insurer, that insurer shall notify the
appointment department of the cancellation within the guidelines
and time period listed in section 38 - 43 - 55.
all companies doing any kind of insurance business
in this state shall make and keep a full and correct
records maintenance
record of the business done by them for a minimum
of five years.
misappropriation of the use of money for a purpose other than that for
funds which it was intended or legally required to be used
unless otherwise stated, no producer may sign any
blank forms
blank application, contract, or policy of insurance
an option for splitting income with another
sharing commissions producer only when the other producer is licensed
in the same line of business.
considered a misdemeanor, producers are
representing an personally liable for transacting business on behalf
unauthorized insurer of an insurer that is not licensed to do business in
the state of South Carolina.
it is an illegal practice to do this for any facts about
an insurance policy such as a policy, terms, benefits,
misrepresentation
value, cost, effective date, or existence of a contract
of insurance
https://quizlet.com/1006189347/south-carolina-life-insurance-producer-2025-updatecomprehensive-questions-and-verified-answers-complete-sol… 3/30
