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  2. South Carolina
  3. Property & Casualty
  4. General Insurance Concepts

Free General Insurance Concepts Practice Questions

South Carolina Property & Casualty exam — 39 practice questions.

Subtopics: Mutual insurer, Stock insurer, Domestic insurer, Foreign insurer, Alien insurer, Risk transfer, Handling risk, Insurer classifications, Adverse selection, Elements of a contract, Insurable risk, Hazards, Definitions, Authority of producers, Legal interpretations, Law of large numbers, Principle of indemnity, Utmost good faith, Concealment, Warranty, Waiver and estoppel, Subrogation, Reinsurance, Admitted vs nonadmitted, Domestic foreign alien, Aleatory contract, Contract of adhesion, Unilateral contract, Apparent authority, Rebating, Risk pooling, Pro-rata cancellation

Read the General Insurance Concepts study guide

Sample questions & answers

1. A mutual insurance company is owned by its:

Policyowners

A mutual insurer is owned by its policyowners, who may receive dividends, rather than by stockholders.

2. A stock insurance company is owned by its:

Stockholders

A stock insurer is owned by its stockholders, who provide capital and may receive dividends on their shares.

3. An insurer domiciled in South Carolina and doing business in South Carolina is considered a:

Domestic insurer

From a state's viewpoint, an insurer incorporated and domiciled in that state is a domestic insurer.

4. From South Carolina's perspective, an insurer incorporated in another U.S. state is a:

Foreign insurer

An insurer incorporated in another U.S. state is a foreign insurer from the perspective of South Carolina.

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Practice: General Insurance Concepts

Take a randomized, timed-style practice test. Answer choices are shuffled and your results are scored instantly with an explanation for every question.

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.