South Carolina Life & Health EXAM BUNDLE(COMPLETE PACKAGE) Practice Questions & Answers 100% Correct!

The balance of the loan will be taken out of the death benefit - ANSWERSIf a policy has a automatic loan provision, what happens if the insured dies before the loan is paid back? Inspection Report - ANSWERSAn insurer receives a report regarding potential insured that includes financial status, ho...

The process an insurer uses to evaluate applications and determine if a policy should be issued and on what terms, conditions, and rate is known as? - ANSWERSUnderwriting The Director is conducting an examination of a foreign company transacting business in South Carolina. Who is responsible for ...

An insurer will accept a premium from the insured and continue theicoverage in full force as though it was NOT late during which time period? Incontestable period Probation period Reinstatement period Grace period - ANSWERSGrace period A person who is a nonsmoker, of average weight, and i...

Annuity Certain - ANSWERSMaria would like an annuity that provides a guaranteed accumulation or payout. The type of annuity she is seeking is called Survivorship Life - ANSWERSThe type of policy which pays on the death of the last person is called Malign another insurer - ANSWERSDefamation occ...

A closed network plan offers a primary physician copay of $25. If a subscriber chooses a primary care physician outside of the network, the subscriber will likely pay - ANSWERS100% of the billed amount What does Coordination of Benefits allow? - ANSWERSAllows the secondary payor to reduce their b...

Resident Licensing Requirements - ANSWERS1. Be licensed as a resident property and casualty insurance producer. 2. Pass the SC broker licensing examination with 70% or better. 3. Pay a biennial fee of $200 4. File surety bond in favor of SC in amount of $10,000. Nonresident Licensing Requireme...

What are the minimum requirements to become a licensed producer in South Carolina? -ANSWERS- at least 18 years old - good moral character - clean SLED background check - passed LAH exam - completed DOI registration application and paid fee What documentation is requested by the SC Departmen...

Which of the following is Medicare Part B also known as? - ANSWERSMedical Insurance If the annuitant dies before the annuity start date - ANSWERSthe premiums paid plus interest earned will be given to the beneficiary An insured individual and the policy's beneficiary die from the same acciden...

What is the purpose for having an accelerated death benefit on a life insurance policy? - ANSWERSIt allows for cash advances to be paid Premium for a modified whole life policy is - ANSWERSlower then typical during first few years then higher then typical for the remainder An eligible employee...

What are the minimum requirements to become a licensed producer in SC? - ANSWERSAt least 18, good moral character, clean SLED background, passed the LAH test, completed DOI license registration application sand paid the fee What documentation is requested by the SC Department of Insurance to proc...

The Director is empowered to - ANSWERSenforce state laws relating to insurance The PRIMARY purpose of the Fair Credit and Reporting Act is to - ANSWERSprotect consumers with guidelines regarding credit reporting and distribution Someone who sells, solicits, or negotiates insurance contracts fo...

be at least 18 years of age -be of good moral character -not have been convicted of a felony or crime -pay the required licensing fee -pass the state exam - ANSWERSto qualify for a license, applicant must - take and pass state exam -acquire and submit SLED criminal background check -apply ...

What are the minimum requirements to become a licensed producer in SC? - ANSWERS18 years of age good morale (character) not been convicted of felony pay fees pass state exam What documentation is requested by the SC Department of Insurance to process your application? - ANSWERSSC DOI applicat...

Producer - ANSWERSIndependent Insurance Agents also known as insurance sales agents that typically sell a variety of Insurance and financial products. resident producer - ANSWERSAn agent who holds an insurance license in the state in which they live non-resident producer - ANSWERSAgents who ho...