Arkansas Laws And Rules Exam Questions
With 100% Correct Answers 2024.
Greg had recently been terminated from his job that covered him for group life insurance. How long
does he have to convert his coverage to an individual policy without needing to prove insurability?
31 days
All insurers must be members of what organization, as a condition of their authority to transact
insurance in Arkansas
Arkansas life and disability insurance guaranty association
A producer who sells insurance in Arkansas but resides in another state is called a(n)
nonresident producer
According to Arkansas Law, commissions may be paid to:
Licensed and duly appointed producers
Lapsed individual life insurance may be reinstated within?
3 years
The beneficiary of any life insurance policy or annuity contract is protected from the ___ of the insured
creditors
During hearing proceedings, if a person files a waiver of immunity or privilege, and the testimony is
produced before court or jury, the person loses their ___
immunity
An insurance producer must notify the Commissioner within how many days of conviction of a crime
thirty (30)
Anyone who willfully violates a cease and desist order from the Commissioner is subject to a fine of up
to
$1,000
which of the following constitutes grounds for suspending an Arkansas producer's license
Felony conviction
which is the best way to describe controlled business
Policies written on people that a producer has influences over
, Maria the insurance producer completes a sale by collecting the required signatures on the
applications and obtaining the initial premium. Afterwards, she deposits the checks into her personal
checking account. Maria has committed what crime?
fraud
What is arkansas REQUIRED grace period for a life insurance contract?
31 days
When can a producer share commission with another producer?
when the other producer is licensed in the same line of business
no one is allowed to act as a producer for any insurance company in Arkansas that:
is unauthorized to do business in Arkansas
an insurer is best described as
any person, corporation, or society that writes insurance contracts
the standard free-look (right to examine) period in arkansas is
10 days
The standard grace period for a life insurance policy sold in Arkansas is
31 days
which of the following is NOT a reason for commissioner to deny or refuse a producer license
application?
- Recently convicted of a felony
- Engaged in a fraudulent insurance practices
- unintentionally misrepresented a material fact on the application
- intentionally violate state insurance laws
unintentionally misrepresented a material fact on the application
a producer's license CANNOT be revoked without
a hearing given to the producer
if dividends are illustrated, the advertisement MUST state that the dividends are:
not guaranteed
A licensed Producer must report any administrative action taken against the licensee in another
jurisdiction or by another agency department in Pennsylvania within how many days of the final
disposition?
30 days
The Arkansas Life and Disability Insurance Guaranty Association assures payment of benefits
With 100% Correct Answers 2024.
Greg had recently been terminated from his job that covered him for group life insurance. How long
does he have to convert his coverage to an individual policy without needing to prove insurability?
31 days
All insurers must be members of what organization, as a condition of their authority to transact
insurance in Arkansas
Arkansas life and disability insurance guaranty association
A producer who sells insurance in Arkansas but resides in another state is called a(n)
nonresident producer
According to Arkansas Law, commissions may be paid to:
Licensed and duly appointed producers
Lapsed individual life insurance may be reinstated within?
3 years
The beneficiary of any life insurance policy or annuity contract is protected from the ___ of the insured
creditors
During hearing proceedings, if a person files a waiver of immunity or privilege, and the testimony is
produced before court or jury, the person loses their ___
immunity
An insurance producer must notify the Commissioner within how many days of conviction of a crime
thirty (30)
Anyone who willfully violates a cease and desist order from the Commissioner is subject to a fine of up
to
$1,000
which of the following constitutes grounds for suspending an Arkansas producer's license
Felony conviction
which is the best way to describe controlled business
Policies written on people that a producer has influences over
, Maria the insurance producer completes a sale by collecting the required signatures on the
applications and obtaining the initial premium. Afterwards, she deposits the checks into her personal
checking account. Maria has committed what crime?
fraud
What is arkansas REQUIRED grace period for a life insurance contract?
31 days
When can a producer share commission with another producer?
when the other producer is licensed in the same line of business
no one is allowed to act as a producer for any insurance company in Arkansas that:
is unauthorized to do business in Arkansas
an insurer is best described as
any person, corporation, or society that writes insurance contracts
the standard free-look (right to examine) period in arkansas is
10 days
The standard grace period for a life insurance policy sold in Arkansas is
31 days
which of the following is NOT a reason for commissioner to deny or refuse a producer license
application?
- Recently convicted of a felony
- Engaged in a fraudulent insurance practices
- unintentionally misrepresented a material fact on the application
- intentionally violate state insurance laws
unintentionally misrepresented a material fact on the application
a producer's license CANNOT be revoked without
a hearing given to the producer
if dividends are illustrated, the advertisement MUST state that the dividends are:
not guaranteed
A licensed Producer must report any administrative action taken against the licensee in another
jurisdiction or by another agency department in Pennsylvania within how many days of the final
disposition?
30 days
The Arkansas Life and Disability Insurance Guaranty Association assures payment of benefits
