Free General Insurance Concepts Practice Questions
South Carolina Casualty exam — 94 practice questions.
Subtopics: Domestic insurer, Foreign insurer, Alien insurer, Admitted insurer, Nonadmitted insurer, Sell, Solicit, Negotiate, Producer license, Pure risk, Hazard, Peril, Methods of handling risk, Retention, Insurable interest, Stock insurer, Reciprocal, Elements of contract, Apparent authority, Express authority, Implied authority, Indemnity, Subrogation, Utmost good faith, Warranty, Representation, Concealment, Adhesion, Aleatory, Waiver, Estoppel, Moral hazard, Law of large numbers, Mutual insurer, Surplus lines, Adverse selection, Physical hazard, Morale hazard, Speculative risk, Risk sharing, Risk reduction, Reinsurance, Fortuitous loss, Insurable risk characteristics, Fiduciary duty, Binder, Unilateral contract, Conditional contract, Personal contract, Declarations, Insuring agreement, Exclusions, Conditions, Endorsement, Material fact, Misrepresentation, Parol evidence rule, Loss exposure, Risk avoidance, Noninsurance transfer, Self-insurance, Captive insurer, Lloyd's, Residual markets, Underwriting sources, Rating methods, Premium components, Premium audit, Producer types, Direct writers, Managing general agent, Binding authority, Doctrine of reasonable expectations, Insurable interest timing, Insurance definition, Loss ratio, Combined ratio, Adjusters, Policy structure, Definitions, Monoline vs package, Interline endorsements, Insurer types, Insurance principles
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Sample questions & answers
1. Under South Carolina law, an insurer incorporated or organized under the laws of South Carolina is a(n):
Domestic insurer
Section 38-1-20 defines a domestic insurer as one incorporated or organized under the laws of this State.
2. A North Carolina-incorporated insurer licensed to write business in South Carolina is, from South Carolina's viewpoint, a(n):
Foreign insurer
Section 38-1-20 defines a foreign insurer as one organized under the laws of the United States or any U.S. jurisdiction other than South Carolina.
3. An insurer organized under the laws of Bermuda that writes coverage on South Carolina risks is classified as a(n):
Alien insurer
Under 38-1-20, an alien insurer is one organized under the laws of a country other than the United States, its states, territories, or possessions.
4. In South Carolina, an "admitted insurer" is an insurer that:
Is licensed to do business in this State
Section 38-1-20 defines an admitted insurer as an insurer licensed to do business in this State; it may be domestic, foreign, or alien.
Practice: General Insurance Concepts
Answer choices are shuffled every time, and every question comes with an explanation.
Practice questions are study aids generated for exam preparation and are not actual exam questions. Content is provided for educational purposes and is not legal advice. Verify current statutes, rules, and exam specifications with the Insurance Department and the exam administrator before relying on it.
