Insurance Licensing - Chapter 15: Arkansas
State Law Exam Questions And Correct
Answers 2024.
The Commissioner of insurance has all of the following duties and powers, except:
a. The insurance Commissioner may update the insurance code (law) as needed
b. The Commissioner regulates premium rates
c. The Commissioner may institute court proceedings to enforce the Insurance Code
d. The Commissioner has the authority to make necessary rules and regulations
a. The insurance Commissioner may update the insurance code (law) as needed
After a hearing before the Commissioner, Oscar's insurance license was suspended because:
a. He failed to respond to a written inquiry from the Commissioner within 30 days
b. His state income tax return was audited
c. He was subpoenaed to appear before the insurance commissioner of another state
d. He was a accused of committing a misdemeanor
a. He failed to respond to a written inquiry from the Commissioner within 30 days
According to Arkansas law, a resident insurance agent in the state of Arkansas:
a. Must maintain client records for at least 1 year
b. Must be at least 20 years old
c. Must have a place of business in Arkansas
d. Must notify the Commissioner of a change of address within 30 days
c. Must have a place of business in Arkansas
The sale of surplus lines insurance is:
a. Done through surplus lines brokers working with eligible nonadmitted insurers
, b. Another name for insurance sold through unauthorized insurers
c. Allowed when insurance is cheaper through a non-admitted carrier
d. Done through any agent with a property and casualty license
b. Another name for insurance sold through unauthorized insurers
What is the maximum financial penalty the Commissioner may impose upon a licensee who knowingly
engages in unfair trade practice violations within a 6-month period?
a. $5,000
b. $10,000
c. $1,000
d. $50,000
d. $50,000
Which of the following statements regarding Arkansas definitions applicable to insurance is correct?
a. The valued property law applies to real and personal property
b. Insurers must provide 60 days notice of nonrenewal, except in cases of nonpayment
c. Commercial liability insurance policies sold in Arkansas may not limit defense costs
d. Boiler and machinery insurance is considered to be property insurance
b. Insurers must provide 60 days notice of nonrenewal, except in cases of nonpayment
Which of the following policy standards is false according to Arkansas law?
a. Insureds must be notified of any premium increases 30 days in advance
b. Giving notice of claim to an authorized agent is the same as giving it to the insurer
c. The insured must sign and accept any endorsements that restrict coverage, which the insurer adds
after the inception date
d. Insurance policies may be issued for a term that is greater than 12 months
a. Insureds must be notified of any premium increases 30 days in advance
Licensees must complete:
State Law Exam Questions And Correct
Answers 2024.
The Commissioner of insurance has all of the following duties and powers, except:
a. The insurance Commissioner may update the insurance code (law) as needed
b. The Commissioner regulates premium rates
c. The Commissioner may institute court proceedings to enforce the Insurance Code
d. The Commissioner has the authority to make necessary rules and regulations
a. The insurance Commissioner may update the insurance code (law) as needed
After a hearing before the Commissioner, Oscar's insurance license was suspended because:
a. He failed to respond to a written inquiry from the Commissioner within 30 days
b. His state income tax return was audited
c. He was subpoenaed to appear before the insurance commissioner of another state
d. He was a accused of committing a misdemeanor
a. He failed to respond to a written inquiry from the Commissioner within 30 days
According to Arkansas law, a resident insurance agent in the state of Arkansas:
a. Must maintain client records for at least 1 year
b. Must be at least 20 years old
c. Must have a place of business in Arkansas
d. Must notify the Commissioner of a change of address within 30 days
c. Must have a place of business in Arkansas
The sale of surplus lines insurance is:
a. Done through surplus lines brokers working with eligible nonadmitted insurers
, b. Another name for insurance sold through unauthorized insurers
c. Allowed when insurance is cheaper through a non-admitted carrier
d. Done through any agent with a property and casualty license
b. Another name for insurance sold through unauthorized insurers
What is the maximum financial penalty the Commissioner may impose upon a licensee who knowingly
engages in unfair trade practice violations within a 6-month period?
a. $5,000
b. $10,000
c. $1,000
d. $50,000
d. $50,000
Which of the following statements regarding Arkansas definitions applicable to insurance is correct?
a. The valued property law applies to real and personal property
b. Insurers must provide 60 days notice of nonrenewal, except in cases of nonpayment
c. Commercial liability insurance policies sold in Arkansas may not limit defense costs
d. Boiler and machinery insurance is considered to be property insurance
b. Insurers must provide 60 days notice of nonrenewal, except in cases of nonpayment
Which of the following policy standards is false according to Arkansas law?
a. Insureds must be notified of any premium increases 30 days in advance
b. Giving notice of claim to an authorized agent is the same as giving it to the insurer
c. The insured must sign and accept any endorsements that restrict coverage, which the insurer adds
after the inception date
d. Insurance policies may be issued for a term that is greater than 12 months
a. Insureds must be notified of any premium increases 30 days in advance
Licensees must complete:
