South Carolina Property and Casualty Questions and Answers with Verified Solutions

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South Carolina Property and Casualty Questions and Answers with Verified Solutions ISO ✔✔Insurance Service Office To be licensed as a insurance producer in this state an individual must meet t... he following minimum qualifications: ✔✔be at least 18 years old; Be of good moral character; have not been convicted of any felony or crime for the last 10 years that can be a ground for denial,suspension, or revocation of a license; Pass the required license examination; Pay the license fee of $25.00 Agency license must contain ✔✔the licensee's name, address, personal identification number, and the date of issuance, and any other information the Director deems necessary Unlimited Lines ✔✔Property, Casualty, Surety, Marine, Accident and Health, Life, Variable Contracts. Limited Lines ✔✔Credit Health, credit Property, Credit Life, Travel Baggage, Any other credit insurance, Auto Physical Damage, Automobile Liability, Crop Hail, Industrial Fire, Mortgage Guaranty, Title, Pre-need Burial NIPR ✔✔National Insurance Producer Registry Producer Appointment ✔✔the applicant must be appointed by a authorized representative of the insurer. Producer ✔✔sell, solicit, negotiate, or receive and deliver insurance policies on behalf of the insurer. Individual Producer ✔✔(Agent) Person who is authorized by an insurer to represent it and to offer to the public insurance policies or contracts. General Producer ✔✔has the authority to supervise producers and local producers Special Producer(or State Producer) ✔✔No authority to solicit from the public, countersign policies, or receive commission, assist General Producer. Travel Accident ✔✔Sells only transportation ticket policies of accident and health insurance or baggage insurance on personal effects. NonResident ✔✔Currently licensed as a resident and in good standing in his or her home state; Applying for the same line of authority as held in the home state; Proper requests for licensure have been submitted and required fees have been paid; the producer's home state awards nonresident insurance producer licenses to residents of this state on the same basis. Temporary License ✔✔Maximum period of 180 days; to the surviving spouse or court-appointed personal representative of a licensed producer who dies or becomes mentally or physically disabled; to a member or employee of a business entity licensed as an insurance producer, upon the death or disability of an individual designated in the business entity application or the license; to the designee of a licensed insurance producer entering active service in the US armed forces; Except for continuing education purposes, in any other circumstance that the Director deems necessary. Insurance Broker ✔✔may place insurance either with an eligible surplus lines insurer or with a licensed insurance agent with an insurance carrier licensed in this State (Insurance Shopper) SLED report fee ✔✔$25.00 SLED report expires ✔✔90 days Notice of hearing ✔✔30 days Director will examine each authorized insurer ✔✔5 years Examiner files report with DOI regarding examination ✔✔60 days After examination report received by insurer, time to respond to DOI to request a hearing. ✔✔30 days Director must give notice for hearing to insurer after examination ✔✔20 days Age to apply for license ✔✔18 years old Temporary license is valid ✔✔180 days To file with Director a producer's appointment ✔✔15 days Director MUST verify the insurance producer is ELIGIBLE for appointment ✔✔30 days Director must notify the agency the producer is INELIGIBLE for appointment ✔✔5 days Insurer to notify producer of a [Show More]

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