Chapter 1 Quiz

L S
Quiz by L S, updated 4 months ago
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This chapter will make up roughly 30%, 15 questions, of the required examination.
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Question 1

Question
In order to gain a surety producer license in South Carolina the prospective agent must?
Answer
  • Be at least 18 years of age
  • Of good moral character
  • Pass the state mandated PSI examination
  • All of the above

Question 2

Question
All prospective limited lines surety insurance producers must take a pre-licensing class.
Answer
  • True
  • False

Question 3

Question
A producer may do all of the following except:
Answer
  • 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

Question 4

Question
Any person whom requests a surety insurance producer license in South Carolina, but resides in another state may be granted licensure as a _______ producer.
Answer
  • Nonresident
  • Resident
  • Foreign
  • Domestic

Question 5

Question
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?
Answer
  • Domestic
  • Permanent
  • Temporary
  • Resident

Question 6

Question
How long may the director issue a temporary producer license in South Carolina?
Answer
  • 30 days
  • 180 days
  • 90 days
  • 60 days

Question 7

Question
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.
Answer
  • True
  • False

Question 8

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

Question 9

Question
Types of surety insurance producer, limited lines, licenses:
Answer
  • Producer
  • Nonresident Producer
  • Temporary Producer
  • Broker
  • All of the above

Question 10

Question
An insurance producer must renew their producer license biannually.
Answer
  • True
  • False

Question 11

Question
An individual producer license holder must complete 24 hours of continuing education biannually.
Answer
  • True
  • False

Question 12

Question
An individual producer license must be renewed by ___________.
Answer
  • June 30th
  • May 1st
  • January 1st
  • Last day of the producers birth month

Question 13

Question
An individual producer license may be renewed if the biennial license renewal fee has not been paid.
Answer
  • True
  • False

Question 14

Question
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.
Answer
  • True
  • False

Question 15

Question
All administrative actions must be reported to the director within _______ days of the cases disposition, along with a copy of the court order.
Answer
  • 15
  • 20
  • 30
  • 45

Question 16

Question
All criminal accusations must be provided to the director within _______ days of the initial pretrial hearing
Answer
  • 30
  • 45
  • 60
  • 90

Question 17

Question
A surety insurance producer that is licensed for limited lines insurance is exempt from continuing education.
Answer
  • True
  • False

Question 18

Question
A limited lines surety insurance producer for the purpose of bail bonding must complete _____ hours of continuing education annually.
Answer
  • 4
  • 6
  • 8
  • 24

Question 19

Question
An individual producer of property and casualty must complete ______ hours of continuing education biannually.
Answer
  • 24
  • 12
  • 8
  • 6

Question 20

Question
All license holders must supply the department with:
Answer
  • Business name
  • Email
  • Mailing address
  • Residential address
  • All of the above

Question 21

Question
A surety insurance producer has _______ days to notify the director of any change of address.
Answer
  • 10
  • 30
  • 45
  • 60

Question 22

Question
If a producer is served with a cease and desist order they may be fined _____ per day if they continue to operate unwillingly.
Answer
  • $50
  • $100
  • $150
  • $200

Question 23

Question
If a producer is served with a cease and desist order they may be fined _____ per day if they continue to operate willingly.
Answer
  • $50
  • $100
  • $150
  • $200

Question 24

Question
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.
Answer
  • True
  • False

Question 25

Question
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.
Answer
  • True
  • False

Question 26

Question
All records must be kept for _______ years, for the purpose of audit by the director or his designee.
Answer
  • 0
  • 1
  • 5
  • 10

Question 27

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

Question 28

Question
No producer may sign any blank application, contract, or policy of insurance.
Answer
  • True
  • False

Question 29

Question
If a producer is found to be signing blank forms they may be fined _______ per form signed.
Answer
  • $25
  • $50
  • $150
  • $200

Question 30

Question
A producer may share commission with any person whom does not hold the necessary licensure to conduct business
Answer
  • True
  • False

Question 31

Question
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.
Answer
  • True
  • False

Question 32

Question
No producer may do any of the following:
Answer
  • Misrepresentation
  • False advertising
  • Defamation
  • All of the above

Question 33

Question
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.
Answer
  • Twisting
  • Rebate
  • Free Insurance
  • Inducement

Question 34

Question
_________ 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.
Answer
  • Twisting
  • Rebate
  • Free Insurance
  • Inducement

Question 35

Question
A producer shall not advertise insurance in anyway using the word "free"
Answer
  • True
  • False

Question 36

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

Question 37

Question
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?
Answer
  • Misrepresentation
  • False advertising
  • Defamation
  • Unfair discrimination

Question 38

Question
The director of insurance is appointed by the:
Answer
  • Governor
  • House of Representatives
  • Senate
  • None of the above

Question 39

Question
The director of insurance must be at minimum _________ years old at the time of appointment
Answer
  • 60
  • 45
  • 30
  • 50

Question 40

Question
The Fair Credit Reporting act is utilized to protect the information and integrity of the __________.
Answer
  • Producer
  • Insurer
  • Consumer
  • SCDOI
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