South Carolina laws and rules
Which of the following statements regarding the fair credit reporting act is true
An insurer does not need to discuss any credit history inconsistencies with the applicant
Twisting Is a
Replacing an insurance policy from one insurer to another based on misrepresentation
An insurance producer is BEST described as someone who
Sells, solicits , negotiates on the behalf of an insurer
Which of the following actions is required by a producer who is replacing an existing life insurance policy
Submit to the replacing insurer a list of the policies to be replaced
The typical free look period for life insurance policies sold in South Carolina is
10 days
An insurer must send a notice of appointment of a producer within how many days
15
A temporary producer license issue in South Carolina is valued for up to
180 days
Insurance policy may not be canceled by the insurer after
2
A producers license must be renewed every
2 years
A life insurance replacement transaction gives the policy owner the right to return the policy for 100% refund within
30 days
The standard grace period for a life insurance policy sold in South Carolina is
31 days
A producer must maintain an insurance transaction records for
5 years
The Director must examine the financial affairs of each admitted insurer operating in South Carolina at least once every
5 years
Insurer may legally defer payment of a cash surrender value for up to
6 months
Which of the following is NOT a circumstance to which a temporary producer license can be issued
A prospective agent who is waiting to take the state exam
Insurer form according to the legal requirements of another country is considered a
Alien insurer
A Buyers Guide MUST
Have it's content approved by the director
A licensed producer must be blank Buy an insurance to be eligible for soliciting insurance contracts
Appointed
Which entity is responsible for regulating continuing education requirements in South Carolina
Department of insurance
All of the following are considered an example of illegal inducement EXCEPT
Giving a gift or less than $25 in value to a client
Defamation occurs when a producer makes a false statement intended to
Malign another insurer
When the director is examining an insurers books and records the insurer
Must not Impede an examination
A producer who sells individual life insurance policy in South Carolina must deliver to the policy owner
Policy summary and buyers guide
A producer does NOT have a fiduciary responsibility to
The South Carolina guaranty association
A licensee MUST notify the department of a legal name change
Upon changing the name