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This chapter will make up roughly 30%, 15 questions, of the required examination.

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Chapter 1 Quiz

Question 1 of 40

1

In order to gain a surety producer license in South Carolina the prospective agent must?

Select one of the following:

  • Be at least 18 years of age

  • Of good moral character

  • Pass the state mandated PSI examination

  • All of the above

Explanation

Question 2 of 40

1

All prospective limited lines surety insurance producers must take a pre-licensing class.

Select one of the following:

  • True
  • False

Explanation

Question 3 of 40

1

A producer may do all of the following except:

Select one of the following:

  • sell, solicit, or negotiate insurance on behalf of an insurer

  • provide false information in an attempt to deceive the insured

  • receives or delivers a policy of insurance of an insurer

  • receive, transmit, or collect any insurance premium

Explanation

Question 4 of 40

1

Any person whom requests a surety insurance producer license in South Carolina, but resides in another state may be granted licensure as a _______ producer.

Select one of the following:

  • Nonresident

  • Resident

  • Foreign

  • Domestic

Explanation

Question 5 of 40

1

The director may issue a _________ producer license to an individual if it best serves the public interest when such instances as death or military service occur to the original producer?

Select one of the following:

  • Domestic

  • Permanent

  • Temporary

  • Resident

Explanation

Question 6 of 40

1

How long may the director issue a temporary producer license in South Carolina?

Select one of the following:

  • 30 days

  • 180 days

  • 90 days

  • 60 days

Explanation

Question 7 of 40

1

An insurance broker must be a property casualty license holder, pass a separate examination, and be bonded in order to prevent loss by the insured due to negligent actions.

Select one of the following:

  • True
  • False

Explanation

Question 8 of 40

1

In order to obtain a surety insurance producer, limited lines, license a person must be:

Select one of the following:

  • At least 18 years old

  • Resident of South Carolina

  • Of good Moral Character

  • Not convicted of a crime of moral turpitude in the previous 10 years

  • All of the above

Explanation

Question 9 of 40

1

Types of surety insurance producer, limited lines, licenses:

Select one of the following:

  • Producer

  • Nonresident Producer

  • Temporary Producer

  • Broker

  • All of the above

Explanation

Question 10 of 40

1

An insurance producer must renew their producer license biannually.

Select one of the following:

  • True
  • False

Explanation

Question 11 of 40

1

An individual producer license holder must complete 24 hours of continuing education biannually.

Select one of the following:

  • True
  • False

Explanation

Question 12 of 40

1

An individual producer license must be renewed by ___________.

Select one of the following:

  • June 30th

  • May 1st

  • January 1st

  • Last day of the producers birth month

Explanation

Question 13 of 40

1

An individual producer license may be renewed if the biennial license renewal fee has not been paid.

Select one of the following:

  • True
  • False

Explanation

Question 14 of 40

1

Any surety insurance producer license holder in the state of South Carolina must report any administrative or criminal action taken against them to the director or his designee.

Select one of the following:

  • True
  • False

Explanation

Question 15 of 40

1

All administrative actions must be reported to the director within _______ days of the cases disposition, along with a copy of the court order.

Select one of the following:

  • 15

  • 20

  • 30

  • 45

Explanation

Question 16 of 40

1

All criminal accusations must be provided to the director within _______ days of the initial pretrial hearing

Select one of the following:

  • 30

  • 45

  • 60

  • 90

Explanation

Question 17 of 40

1

A surety insurance producer that is licensed for limited lines insurance is exempt from continuing education.

Select one of the following:

  • True
  • False

Explanation

Question 18 of 40

1

A limited lines surety insurance producer for the purpose of bail bonding must complete _____ hours of continuing education annually.

Select one of the following:

  • 4

  • 6

  • 8

  • 24

Explanation

Question 19 of 40

1

An individual producer of property and casualty must complete ______ hours of continuing education biannually.

Select one of the following:

  • 24

  • 12

  • 8

  • 6

Explanation

Question 20 of 40

1

All license holders must supply the department with:

Select one of the following:

  • Business name

  • Email

  • Mailing address

  • Residential address

  • All of the above

Explanation

Question 21 of 40

1

A surety insurance producer has _______ days to notify the director of any change of address.

Select one of the following:

  • 10

  • 30

  • 45

  • 60

Explanation

Question 22 of 40

1

If a producer is served with a cease and desist order they may be fined _____ per day if they continue to operate unwillingly.

Select one of the following:

  • $50

  • $100

  • $150

  • $200

Explanation

Question 23 of 40

1

If a producer is served with a cease and desist order they may be fined _____ per day if they continue to operate willingly.

Select one of the following:

  • $50

  • $100

  • $150

  • $200

Explanation

Question 24 of 40

1

The director must notify the individual producer of any disciplinary hearing either in writing or by certified mail 30 days prior to the hearing being held.

Select one of the following:

  • True
  • False

Explanation

Question 25 of 40

1

Producers are not required to make and keep a full and correct record of the business done by them, showing the number, date, term, amount insured, premiums, and the person to whom issued of every policy or certificate of renewal.

Select one of the following:

  • True
  • False

Explanation

Question 26 of 40

1

All records must be kept for _______ years, for the purpose of audit by the director or his designee.

Select one of the following:

  • 0

  • 1

  • 5

  • 10

Explanation

Question 27 of 40

1

It is unlawful for a producer to act as fiduciary in which of the following cases:

Select one of the following:

  • a. undertake or pretend to represent an insurer licensed to do business in this State, or to collect or do business for the insurer without the authority of the insurer

  • secure cash advances by false statements

  • fail to turn over or satisfactorily account for all collections of the insurer when required

  • All of the above

Explanation

Question 28 of 40

1

No producer may sign any blank application, contract, or policy of insurance.

Select one of the following:

  • True
  • False

Explanation

Question 29 of 40

1

If a producer is found to be signing blank forms they may be fined _______ per form signed.

Select one of the following:

  • $25

  • $50

  • $150

  • $200

Explanation

Question 30 of 40

1

A producer may share commission with any person whom does not hold the necessary licensure to conduct business

Select one of the following:

  • True
  • False

Explanation

Question 31 of 40

1

Any licensed producer whom conducts any business in the capacity of insurance for a company not recognized by the state of South Carolina is guilty of a misdemeanor, and will be personally responsible for any business conducted.

Select one of the following:

  • True
  • False

Explanation

Question 32 of 40

1

No producer may do any of the following:

Select one of the following:

  • Misrepresentation

  • False advertising

  • Defamation

  • All of the above

Explanation

Question 33 of 40

1

No producer may give or promise to give a _______, or an offer to forgo the insureds obligation for payment of premium owed outlined in the policy.

Select one of the following:

  • Twisting

  • Rebate

  • Free Insurance

  • Inducement

Explanation

Question 34 of 40

1

_________ is a false or misleading claim against another insurer in an attempt to lead the consumer to lapse, forfeit, surrender, terminate, retain, or convert an insurance policy or to take out a policy with another insurer.

Select one of the following:

  • Twisting

  • Rebate

  • Free Insurance

  • Inducement

Explanation

Question 35 of 40

1

A producer shall not advertise insurance in anyway using the word "free"

Select one of the following:

  • True
  • False

Explanation

Question 36 of 40

1

No producer may enter into a policy promising the insured which of the following:

Select one of the following:

  • Paying, allowing, giving, or offering any paid employment or contract for services of any kind

  • Giving, selling, or purchasing or offering or agreeing to give, sell, purchase, allow, or provide for any agreement promising returns and profits, or any stock, bonds, or other securities, including trading stamps or other properties or present or contingent interest therein of any insurer or other corporation, association, partnership, or person, or any dividends or profits accrued thereon

  • Giving, allowing, arranging for, or offering any advisory board contract, or similar contract, promising returns and profits

  • Any of the above

Explanation

Question 37 of 40

1

A producer may not make or permit any discrimination in favor of individuals between insureds of the same class and risk involving the same hazards in the amount of the payment of premium. This act would be considered?

Select one of the following:

  • Misrepresentation

  • False advertising

  • Defamation

  • Unfair discrimination

Explanation

Question 38 of 40

1

The director of insurance is appointed by the:

Select one of the following:

  • Governor

  • House of Representatives

  • Senate

  • None of the above

Explanation

Question 39 of 40

1

The director of insurance must be at minimum _________ years old at the time of appointment

Select one of the following:

  • 60

  • 45

  • 30

  • 50

Explanation

Question 40 of 40

1

The Fair Credit Reporting act is utilized to protect the information and integrity of the __________.

Select one of the following:

  • Producer

  • Insurer

  • Consumer

  • SCDOI

Explanation

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