Licensing
What is the minimum age to obtain a license?
18
What is a captive insurer?
An insurer formed to transact business for its parent companies and affiliates.
After a Hearing what can a director impose on a HMO?
Director will fine the violator up to $15,000, suspend or revoke the violator’s authority to do business in this State, or both. If the violation is willful, the Director will fine the violator up to $30,000, suspend or revoke the violator’s authority to do business in this State, or both
How much continuing education must be completed every two years?
24 hours, every two years
Charging different premium rates between individuals of the same class and risk, involving the same hazards. What is this called?
Unfair Discrimination
How long do I have to notify the state of a change of address?
30 days
What is a alien insurer?
An insurer formed to write insurance business for its parents and affiliates and licensed according to the laws of an alien jurisdiction.
How does the director regulate advertising?
All advertising must be approved by the director
How much continuing education must be on ethics?
At least three hours
Issuing or circulating any misstatements a policy’s terms, benefits, or dividends. Is called what?
Misrepresentation
What kind of person must you be to sell insurance?
Person of good moral character
How often should a insurance company’s books be examined?
as often as needed but every 5 years at the least.
How long can I director place a license in suspension for?
For no longer than 2 years
If my license is going to be revoked how much notice must I receive?
At least 30 days of notice
Offering any valuable consideration not stated in an insurance contract in order to induce a person to buy or renew that contract. Is called what?
Rebating
After passing the test and paying fees, what else must a candidate do to obtain a license?
Fingerprinting
Who pays for the cost of investigations on insurance companies?
the insurance company
Who enacts the insurance laws?
The general assembly
If my insurance license is going to be revoked, what do I also have the right to?
A hearing
What does “Giving, selling, or purchasing or offering or agreeing to give, sell, purchase, allow, or provide for any agreement that promises returns and profits, or any stock, bonds, or other securities” relate to?
Prohibited Inducements
How are unpaid premiums settled?
On a prorate basis.
How does the director regulate insurance?
Rules and fines
In order to have appointment what three qualities must I possess?
- Trustworthy
- Qualified to act as its producer
- Intending to act in good faith as an insurance producer
False or maliciously derogatory statement about an insurer’s financial condition with the intent to injure any person in the insurance business. What is this called?
Defamation
Who is eligible to receive a temporary license?
To the spouse or representative of a deceased or mentally or physically disabled producer to allow for the sale of the business
How are unpaid premiums settled?
on a prorated basis
Resides in a state that issues nonresident producer licenses to residents of South Carolina on the same basis what is this principal called?
Reciprocity
If a insured is insured while committing a crime, how is the insurance company able to respond?
illegal occupation
A plan whose benefits for a person’s health care coverage must be determined without taking the existence of any other plan into consideration. There may be more than one primary plan. What is a small employer in South Carolina?
employer medical plans refer to any health insurance plan that provides group coverage to groups of 2-50 people
Who can issue a temporary license and for how long?
The director and for 180 days.
My company is found guilty of insurance fraud. The first time I had a benefit of 34,000 dollars, the second time of only 500 dollars. Now I’m found guilty of insurance fraud again, this time for a 7,000 dollar benefit. What are the consequences for this third offence only?
$20,000-$10,000 ten years in prison and a second fine of $10,000-$15,000
I am 23 years old. I do not have a collage degree but I do have a 11 years ago I was convicted of a felony. I have passed the exam. I have paid a fee, but have tried to get it refunded. I have submitted my papers. Am I eligible for a license?
Yes. You don’t need a degree, and as long as it's been 10 or more years felonies don’t count.