insurance regulation

how long must a licensee keep records of insurance transactions on file, available for inspection by the director?

5 years

which report will provide the underwriter with the info about an insurance applicants credit

consumer report

in order to transact insurance business in this state, an agency must meet all of the following requirements EXCEPT:

obtain an insurance agency license

what type of licensee represents the insurance company?

producer

an insurance producer has not been appointed to an insurance company. who is the producer considered to represent?

the client

in comparison to consumer reports, which of the following describes a unique characteristic of investigative consumer reports?

the consumers associates, friends, and neighbors provide the report's data

all of the following are true of the Insurance Fraud Act EXCEPT: A requires investigation of alleged fraud by the state law enforcement division B established the insurance fraud division in the office of the attorney general C set penalties for fraud and requires full restitution for fraud D requires reports of insurance fraud to be available for public inspection

D requires reports of insurance fraud to be available for public inspection any info furnished concerning fraud is privileged and cannot be of any public record

an applicant is denied insurance because of info found on a consumer report. which of the following requires that the insurance company supply the applicant with the name and address of the consumer reporting company?

fair credit reporting act

which of the following is an example of a producer being involved in an unfair trade practice of rebating?

telling a client that their first premium will be waived if he purchases the insurance policy that day

within how many days of requesting an investigative consumer report must an insurer notify the consumer in writing that the report will be obtained?

3 days

according to the fair credit reporting act, all of the following would be considered negative info about a consumer EXCEPT A failure to pay off a loan B disputes regarding consumer report info C tax delinquencies D late payments

B disputes regarding consumer report info

the director of insurance has all of the following duties EXCEPT A supervise and regulate the rates and services of every insurer in this state B make laws relating to the business of insurance in this state C make regulations to carry out the laws relating to the business of insurance in this state D report to the attorney general or other appropriate law enforcement official any criminal violations of the laws relating to the business of insurance in this state

B make laws relating to the business of insurance in this state the SC Legislature makes all laws including those regarding insurance

how many hours of CE in ethics are required each compliance period

3

what is the maximum duration of a temporary license

180 days

how many hours of continuing education (CE) must be completed every 2 years

24 total hours, including 8 hours approved for the line of license that the producer holds

which of the following is NOT true regarding the director of insurance in this state A the director is elected for a term of 4 years B the director is appointed by the governor C the director must have a surety bond paid for by the state D the director's is a full time, salaried position

A the director is elected for the term of 4 years there is no set term for director appointment

An insurer publishes intimidating brochures that portray the insurer's competition as financially and professionally unstable. which of the following best describes this act?

illegal under any circumstances

under the fair credit reporting act, if the consumer challenges the accuracy of the info contained in their report, the reporting agency must:

respond to the consumers complaint

which statement regarding singing of blank forms by a producer is true?

signing blank applications or insurance policies is PROHIBITED

the director is conducting an examination of a foreign company transacting business in SC. who is responsible for the cost of the exam?

the foreign company