Chapter 5 Insurance
What is a foreign insurer?
An insurer with a home office in another state
When handling premium funds in the conduct of their business, insurance producers are acting in what capacity?
Fiduciary
Nonresident producers notify Director of change of address
30days
someone failed to complete the required continuing ed credit hours for this compliance period. Within what time period after the deadline may the license be reinstated
6 months
defamation
Act of harming or ruining another's reputation
When transacting business in this state an insurer formed under the laws of another country is know as an
Alien insurer
A producer may share commission with
Any licensed producer who is licensed in the same line of insurance
If the director determines that an insurance producer is ineligible for appt, how many days do they have to notify the insurer?
5 days
An insurance producer has not be appointed to an insurance company. Who is the producer considered to represent?
The client
Who is responsible for covering the expenses associated with the exam of domestic insurers?
The examined insurer
How often are producers in SC required to pay the license renewal fee?
every other year (biennially)
Circulating deceptive(false) sales material to the public is what type of unfair trade practice?
false advertising
Rebate
sales promotion techniques in which a consumer receives a specified amount of money for making a single product purchase
Coercion
the practice of persuading someone to do something by bribing etc.
When a producer is suspected of being in violation of an insurance law or regulation, what would require the producer to stop committing the act of violation?
Cease and desist order
When doing business in this state, an insurance company that is formed under the laws of another state is known as which type of insurer?
foreign
How many hours of continuing ed in Ethics are required each compliance period?
3
What must an insurer obtain in order to transact insurance within a given state
Certificate of authority