Property, Casualty, and Title Insurance Generally (incl. Valued Policy Law and South Carolina Wind and Hail Underwriting Association)

What this document is

S.C. Code Ann. ch. 38-75: Property, Casualty, and Title Insurance Generally (incl. Valued Policy Law and South Carolina Wind and Hail Underwriting Association) is a state statute published by South Carolina Legislature (scstatehouse.gov). It is one of the South Carolina documents that insurance license exam questions are written from, including south carolina property & casualty, south carolina personal lines practice questions. This page summarizes it and points to the official version, which is the text to rely on.

Sections cited in practice questions

Each practice answer shows the exact passage it comes from. These are sections of this document that questions cite, with a short excerpt from the source text.

• S.C. Code Ann. § 38-75-730(a) (Restrictions on cancellation of policies and renewals; notice of cancellation; exceptions)

  “No insurance policy or renewal thereof may be canceled by the insurer prior to the expiration of the term stated in the policy, except for one of the following reasons: (1) nonpayment of premium; (2) material misrepresentation of fact which, if known to the company, would have caused the company...”

• S.C. Code Ann. § 38-75-730(b) (Restrictions on cancellation of policies and renewals; notice of cancellation; exceptions)

  “Cancellation under subsection (a)(1) of this section is not effective unless written notice of cancellation has been delivered or mailed to the insured and the agent of record, if any, not less than ten days prior to the proposed effective date of cancellation. Cancellation under subsection (a)(2)...”

• S.C. Code Ann. § 38-75-740(b) (Restrictions on nonrenewal of policies)

  “A policy written for a term of one year or less may be nonrenewed by the insurer at its expiration date by giving or mailing written notice of nonrenewal to the insured and the agent of record, if any, not less than sixty days prior to the expiration date of the policy.”

• S.C. Code Ann. § 38-75-750(d) (Requirements for renewal of policies)

  “The insurer may satisfy its obligation to furnish renewal terms and statement of premium or estimated premium due by either of the following methods: (1) mailing or delivering renewal terms and statement to the insured at his address shown in the policy or, if not reflected therein, at his last...”

• S.C. Code Ann. § 38-75-1220(A) (Prohibited grounds for refusal to renew policy; immunity from liability; review by director of cancellation or refusal; penalties)

  “(A)(1) An insurer may not refuse to renew an insurance policy covered in this article because of any one or more of the following factors: (a) age; (b) sex; (c) race; (d) color; (e) creed; (f) national origin; (g) ancestry; (h) marital status; or (i) income level. (2) An insurer may not refuse to...”

• S.C. Code Ann. § 38-75-20 (Maximum amounts of fire insurance policies; stated values; contributions by coinsurers)

  “No insurer doing business in this State may issue a fire insurance policy for more than the value stated in the policy or the value of the property to be insured. The amount of insurance must be fixed by the insurer and insured at or before the time of issuing the policy. In case of total loss by...”

• S.C. Code Ann. § 38-75-220 (Restrictions on amount of insurance that may be written)

  “If two or more such policies are written upon the same property and covering the same interests, they are considered to be contributive insurance, and, if the aggregate sum of all such insurance exceeds the insurable value of the property, as agreed by the insured and insurer, each insurer, in the...”

• S.C. Code Ann. § 38-75-330(B) (South Carolina Wind and Hail Underwriting Association created; members)

  “The association consists of all private insurers authorized to write and engage in writing property insurance within this State on a direct and statewide basis, but excluding insurers whose writings are limited to property wholly owned by parent, subsidiary, or allied organizations, or insurers...”

• S.C. Code Ann. § 38-75-400(B) (Rates)

  “As a residual market mechanism, the association is not intended to offer rates competitive with the admitted market. Rates for policies issued by the association must be adequate and established at a level that permits the association to operate as a self-sustaining mechanism.”

• S.C. Code Ann. § 38-75-410(A) (Appeals; hearings upon appeal)

  “A person insured pursuant to this article or his representative or a member company who is aggrieved by an act, ruling, or decision of the association: (1) regarding rates, classification of risks, assessments, voluntary credits, cancellation or termination of policies, or underwriting shall appeal...”

• S.C. Code Ann. § 38-75-40 (Validity of additional or coinsurance clause)

  “No insurer or agency licensed to do business in this State may issue any policy or contract of insurance covering property in this State which contains any clause or provision requiring the insured to take or maintain a larger amount of insurance than that expressed in the policy or in any way...”

• S.C. Code Ann. § 38-75-60 (Cause of action by insurer against tenant)

  “Notwithstanding any other provision of law, no insurer has a cause of action against a tenant who causes damage to real or personal property leased by the landlord to the tenant when the insurer is liable to the landlord for the damages under an insurance contract between the landlord and the...”

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More South Carolina sources

• S.C. Code Ann. ch. 38-57: Unfair trade practices in the business of insuranceState statute
• S.C. Code Ann. ch. 38-43: Producers (licensing, appointment, discipline)State statute
• S.C. Code Ann. ch. 38-63: Life insurance policy provisionsState statute
• S.C. Code Ann. ch. 38-71: Accident and health insurance policy provisionsState statute
• South Carolina Code of Laws Title 38, Chapters 5, 43 and part of 55 (first third)State statute
• South Carolina Code of Laws Title 38, Chapters 55, 57, 59, 63 and part of 65 (second third)State statute
• South Carolina Code of Laws Title 38, Chapters 65, 71 and 72 (final third)State statute
• South Carolina Insurance Content OutlinesCandidate handbook or exam outline