In South Carolina, a resident producer license generally continues in force on which basis, absent revocation, suspension, or surrender?
A. It never needs to be renewed once issued
B. It renews annually on January 1 for all licensees
C. It continues on a biennial basis, with renewal due by the last day of the licensee's birth month
D. It must be reissued every 90 days
Source: S.C. Code Ann. § 38-43-110
Which type of life insurance provides coverage for a specified period, builds no cash value, and generally offers the lowest initial premium for a given death benefit?
A. Whole life insurance
B. Term life insurance
C. Universal life insurance
D. Variable life insurance
Source: General insurance principle
A permanent life policy that lets the policyowner adjust premium amount and timing, and adjust the death benefit within limits, while crediting interest to an unbundled cash value account, is best described as which product?
A. Term life insurance
B. Traditional whole life insurance
C. Universal life insurance
D. Credit life insurance
Source: General insurance principle
In a variable life insurance policy, the cash value and, potentially, the death benefit fluctuate primarily based on which factor?
A. The insurer's dividend scale approved by the board of directors
B. The performance of separate account investment subaccounts chosen by the policyowner
C. The SCDOI's annual interest rate bulletin
D. The insured's health status at each policy anniversary
Source: General insurance principle
Which statement correctly distinguishes participating from non-participating life insurance policies?
A. Participating policies are always term insurance; non-participating policies are always permanent
B. Participating policies may pay policyowner dividends from divisible surplus; non-participating policies do not pay dividends
C. Only non-participating policies may be sold to South Carolina residents
D. Participating policies cannot build cash value
Source: General insurance principle
