South Carolina Code of Laws Title 38, Chapters 55, 57, 59, 63 and part of 65 (second third)

What this document is

South Carolina Code of Laws Title 38, Chapters 55, 57, 59, 63 and part of 65 (second third) is a state statute published by South Carolina Legislative Services Agency, scstatehouse.gov (retrieved via an Internet Archive snapshot of the official site). It is one of the South Carolina documents that insurance license exam questions are written from, including south carolina life & health 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. Title 38 § 38-63-250(e)(3) (Alternative Adjustable Interest Rate: notice of rate changes)

  “send to policyholders with loans at least thirty days' advance notice of any increase in the rate and within due course notify the policyholder of any decrease in the interest rate;”

• S.C. Code Ann. Title 38 § 38-65-210(1) (Group Life Provisions Required in All Policies: Grace Period)

  “A provision that the policyholder is entitled to a grace period of thirty-one days for the payment of any premium due except the first, during which grace period the death benefit coverage continues in force, unless the policyholder has given the insurer written notice of discontinuance in advance...”

• S.C. Code Ann. Title 38 § 38-65-210(2) (Group Life Provisions Required in All Policies: Incontestability)

  “A provision that the validity of the policy may not be contested, except for nonpayment of premiums, after it has been in force for two years from its date of issue and that no statement made by any person insured under the policy relating to his insurability may be used in contesting the validity...”

• S.C. Code Ann. Title 38 § 38-63-250(f) (Alternative Adjustable Interest Rate: effect on termination)

  “The loan value of the policy must be determined in accordance with the provisions of this article but no policy may terminate in a policy year as the sole result of change in the interest rate during that policy year, and the life insurer shall maintain coverage during that policy year until the...”

• S.C. Code Ann. Title 38 § 38-65-10 (Circulation of False or Misleading Information by Life Insurers)

  “No life insurer doing business in this State and no officer, director, or agent of it may issue or circulate or cause or permit to be issued or circulated any estimate, illustration, circular, or statement of any sort misrepresenting the terms of any policy issued by it, the benefits or advantages...”

• S.C. Code Ann. Title 38 § 38-65-210(5) (Group Life Provisions Required in All Policies: Misstatement of Age or Sex)

  “A provision specifying an equitable adjustment of premiums or of benefits, or of both, to be made in the event the age or sex of a person insured has been misstated. The provision shall contain a clear statement of the method of adjustment to be used.”

• S.C. Code Ann. Title 38 § 38-63-520 (Standard Nonforfeiture Law: provisions required in life policies)

  “No policy of life insurance, except as stated in Section 38-63-640, may be delivered or issued for delivery in this State unless it contains in substance the following provisions or corresponding provisions which, in the opinion of the director or his designee, are at least as favorable to the...”

• S.C. Code Ann. Title 38 § 38-71-50 (Alteration of Application)

  “No alteration of any written application for insurance by erasure, insertion, or otherwise may be made by any person other than the applicant without his written consent, and the making of any such alteration without the consent of the applicant is a misdemeanor.”

• S.C. Code Ann. Title 38 § 38-71-200 (Discrimination Forbidden)

  “Discrimination between individuals of the same class in the amount of premiums or rates charged for a policy of insurance covered by this chapter, in the benefits payable on the policy, in terms or conditions of the policy, or in another manner is prohibited except as provided in Sections 38-57-140 and 38-71-1110.”

• S.C. Code Ann. Title 38 § 38-63-640 (Excepted Policies)

  “This article does not apply to: (a) any reinsurance; (b) group insurance; (c) pure endowment; (d) annuity or reversionary annuity contract; (e) any term policy of uniform amount, which provides no guaranteed nonforfeiture or endowment benefits, or renewal thereof, of twenty years or less expiring...”

• S.C. Code Ann. Title 38 § 38-63-580 (Adjusted Premiums and Present Values, Industrial Policies)

  “For insurance issued on a substandard basis, the calculation of adjusted premiums and present values may be based on any other table of mortality as may be specified by the insurer and approved by the Secretary of Commerce or his designee.”

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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 65, 71 and 72 (final third)State statute
• South Carolina Insurance Content OutlinesCandidate handbook or exam outline
• South Carolina Insurance Licensing Candidate HandbookCandidate handbook or exam outline