In order to gain a surety producer license in South Carolina the prospective agent must?
Be at least 18 years of age
Of good moral character
Pass the state mandated PSI examination
All of the above
All prospective limited lines surety insurance producers must take a pre-licensing class.
A producer may do all of the following except:
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
Any person whom requests a surety insurance producer license in South Carolina, but resides in another state may be granted licensure as a _______ producer.
Nonresident
Resident
Foreign
Domestic
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?
Permanent
Temporary
How long may the director issue a temporary producer license in South Carolina?
30 days
180 days
90 days
60 days
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.
In order to obtain a surety insurance producer, limited lines, license a person must be:
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
Types of surety insurance producer, limited lines, licenses:
Producer
Nonresident Producer
Temporary Producer
Broker
An insurance producer must renew their producer license biannually.
An individual producer license holder must complete 24 hours of continuing education biannually.
An individual producer license must be renewed by ___________.
June 30th
May 1st
January 1st
Last day of the producers birth month
An individual producer license may be renewed if the biennial license renewal fee has not been paid.
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.
All administrative actions must be reported to the director within _______ days of the cases disposition, along with a copy of the court order.
15
20
30
45
All criminal accusations must be provided to the director within _______ days of the initial pretrial hearing
60
90
A surety insurance producer that is licensed for limited lines insurance is exempt from continuing education.
A limited lines surety insurance producer for the purpose of bail bonding must complete _____ hours of continuing education annually.
4
6
8
24
An individual producer of property and casualty must complete ______ hours of continuing education biannually.
12
All license holders must supply the department with:
Business name
Email
Mailing address
Residential address
A surety insurance producer has _______ days to notify the director of any change of address.
10
If a producer is served with a cease and desist order they may be fined _____ per day if they continue to operate unwillingly.
$50
$100
$150
$200
If a producer is served with a cease and desist order they may be fined _____ per day if they continue to operate willingly.
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.
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.
All records must be kept for _______ years, for the purpose of audit by the director or his designee.
0
1
5
It is unlawful for a producer to act as fiduciary in which of the following cases:
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
No producer may sign any blank application, contract, or policy of insurance.
If a producer is found to be signing blank forms they may be fined _______ per form signed.
$25
A producer may share commission with any person whom does not hold the necessary licensure to conduct business
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.
No producer may do any of the following:
Misrepresentation
False advertising
Defamation
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.
Twisting
Rebate
Free Insurance
Inducement
_________ 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.
A producer shall not advertise insurance in anyway using the word "free"
No producer may enter into a policy promising the insured which 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
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?
Unfair discrimination
The director of insurance is appointed by the:
Governor
House of Representatives
Senate
None of the above
The director of insurance must be at minimum _________ years old at the time of appointment
50
The Fair Credit Reporting act is utilized to protect the information and integrity of the __________.
Insurer
Consumer
SCDOI
