Free Insurance Regulation Practice Questions
South Dakota Property & Casualty exam — 134 practice questions.
Subtopics: Licensing exam, Nonresident license, Appointment termination, Surplus lines, Financial examination, Continuing education, Unfair discrimination, Application misrepresentation, License revocation, Premium trust, Cease and desist, Certificate of authority, Form filing, Binder authority, Insurance fraud, Market conduct, Director examinations, Insurer examinations, Cease and desist orders, Monetary penalties, License suspension, Grounds for discipline, License nonrenewal, Director authority, Record keeping, Domestic, foreign, alien, Unauthorized insurers, Admission of insurers, Reciprocal insurers, Fraternal benefit societies, Insurance defined, Regulator, Negotiate defined, License application, Exam exemptions, Lines of authority, License required, License exemptions, Consultants, Change of address, Temporary license, Business entity license, CE extension, CE exemptions, License lapse, Military service, Revocation, License property, Appointment, Unappointed P&C producer, Agency contract termination, Post-termination rights, Referral fees, Trust accounts, Reporting actions, Reporting crimes, Influencing witnesses, Division inquiries, Loans from clients, Guaranty association, Misrepresentation, False advertising, Defamation, Twisting, Boycott and coercion, Coercion by lenders, Rebating, Promotional gifts, Value-added services, Advertising, Illegal inducement, Prohibited charges, False claims, Private remedies, Unfair claims practices, Aftermarket parts, Fraud prevention unit, Reporting fraud, Policy delivery, Application copy, Representations, Rating restrictions, Cancellation notice, Cancellation reasons, Improper cancellation, Nonrenewal notice, Independently procured, Federal fraud statute, Fair Credit Reporting Act, Gramm-Leach-Bliley, Terrorism Risk Insurance Act, Do Not Call, McCarran-Ferguson Act, NAIC role, Unfair claims settlement, Anti-money laundering, Fraud warning statements, Federal Insurance Office, Surplus lines regulation, Risk retention groups, Unfair trade practices, Fiduciary duties, Insurer solvency, Producer licensing, Fraud, Federal regulation
Read the Insurance Regulation study guide
Sample questions & answers
1. Before a South Dakota resident may be licensed to sell property and casualty insurance, the applicant generally must:
Pass the exam for those lines and apply with the fee
SDCL 58-30-145 and 58-30-148 require a resident applicant to pass the examination for the lines applied for, be at least 18, and pay the required fees.
2. A property and casualty producer licensed in another state may obtain a South Dakota nonresident license generally:
Through reciprocity if in good standing in the home state
SDCL 58-30-159 entitles a nonresident in good standing as a resident producer in the home state to a South Dakota nonresident license if the home state grants the same to South Dakota residents.
3. When an insurer ends a South Dakota producer's appointment, the insurer generally must:
Notify the Director within 30 days of the termination
SDCL 58-30-180 requires the insurer to notify the Director within thirty days following the effective date of the termination.
4. Coverage placed with an eligible nonadmitted insurer when admitted insurers will not write the risk is called:
Surplus lines insurance
South Dakota's surplus lines chapter gives access to nonadmitted insurers through licensed surplus line brokers for coverage not procurable from authorized insurers.
All Property & Casualty topics
Practice: Insurance Regulation
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.
