Arkansas Laws And Rules Exam. 102 Questions
With 100% Correct Answers 2024.
The Misstatement of Age provision requires that if the age of the insured is misstated, then any
amount payable is
an amount that the premiums paid would have purchased at the current age or ages
In Arkansas, a domestic insurance company is defined as a company that
is incorporated and formed in Arkansas
What MUST an insurance company use in its advertising?
Its true corporate name
Which of the following is NOT an example of a producer's breach of fiduciary duty?
allowing premiums to be submitted electronically
Which of the following is an example of defamation?
A brochure including an untrue statement regarding a competitor's ability to pay claims
The PRIMARY purpose of the life insurance replacement regulation is to protect the
interests of policyowners
A temporary license is issued by the Commissioner to allow
the personal representative of a deceased producer to provide service to existing policyowners
A stock insurance company is owned by it's
stockholders
A producer must have how many hours of ethics per continuing education reporting period?
3
Before holding a hearing that may lead to suspension or revocation of a producer's license, the
Commissioner MUST give
written notice to the producer
Which of the following actions by an insurance company is considered an unfair claims settlement
practice?
Denying an insured's claim without indicating the basis of denial under the policy
In Arkansas, the Commissioner may place on probation, suspend, revoke, refuse to renew, or deny a
license for all of the following reasons EXCEPT:
, Filing bankruptcy
To be eligible for a group life policy, a group MUST meet which of the following requirements?
Be formed for a purpose other than obtaining insurance
Insurance producer licenses normally must be renewed every
two years
A foreign company operating in Arkansas is a company incorporated or organized under the laws of
Florida
Which of the following is an unfair claims practice?
Failing to effectuate prompt, fair, and equitable settlements of claims
An organization that solicits insurance only among its members is known as a
fraternal benefit society
The Commissioner may examine the records of an insurance company in order to
determine the solvency of the company
Which of the following parties must provide an insured with proper disclosure concerning the
replacement of an insurance company
Producer
Boycott, coercion, and intimidation that result in the unreasonable restraint of trade are prohibited
under the Arkansas insurance laws covering
unfair trade practices
One of the stated purposes of the Life and Health Insurance Guaranty Association is to
assist in the prevention of insurer insolvencies
In Arkansas, a producer who moves to a new address must notify the Commissioner of the address
change within how many days?
30 days
Arkansas' 10-day free-look period for life insurance policies begins at the
date of delivery
Group Life policies in Arkansas are required to contain a conversion privilege that allows for
conversion
to an individual policy for a stated period of time
Which of the following is an example of rebating?
With 100% Correct Answers 2024.
The Misstatement of Age provision requires that if the age of the insured is misstated, then any
amount payable is
an amount that the premiums paid would have purchased at the current age or ages
In Arkansas, a domestic insurance company is defined as a company that
is incorporated and formed in Arkansas
What MUST an insurance company use in its advertising?
Its true corporate name
Which of the following is NOT an example of a producer's breach of fiduciary duty?
allowing premiums to be submitted electronically
Which of the following is an example of defamation?
A brochure including an untrue statement regarding a competitor's ability to pay claims
The PRIMARY purpose of the life insurance replacement regulation is to protect the
interests of policyowners
A temporary license is issued by the Commissioner to allow
the personal representative of a deceased producer to provide service to existing policyowners
A stock insurance company is owned by it's
stockholders
A producer must have how many hours of ethics per continuing education reporting period?
3
Before holding a hearing that may lead to suspension or revocation of a producer's license, the
Commissioner MUST give
written notice to the producer
Which of the following actions by an insurance company is considered an unfair claims settlement
practice?
Denying an insured's claim without indicating the basis of denial under the policy
In Arkansas, the Commissioner may place on probation, suspend, revoke, refuse to renew, or deny a
license for all of the following reasons EXCEPT:
, Filing bankruptcy
To be eligible for a group life policy, a group MUST meet which of the following requirements?
Be formed for a purpose other than obtaining insurance
Insurance producer licenses normally must be renewed every
two years
A foreign company operating in Arkansas is a company incorporated or organized under the laws of
Florida
Which of the following is an unfair claims practice?
Failing to effectuate prompt, fair, and equitable settlements of claims
An organization that solicits insurance only among its members is known as a
fraternal benefit society
The Commissioner may examine the records of an insurance company in order to
determine the solvency of the company
Which of the following parties must provide an insured with proper disclosure concerning the
replacement of an insurance company
Producer
Boycott, coercion, and intimidation that result in the unreasonable restraint of trade are prohibited
under the Arkansas insurance laws covering
unfair trade practices
One of the stated purposes of the Life and Health Insurance Guaranty Association is to
assist in the prevention of insurer insolvencies
In Arkansas, a producer who moves to a new address must notify the Commissioner of the address
change within how many days?
30 days
Arkansas' 10-day free-look period for life insurance policies begins at the
date of delivery
Group Life policies in Arkansas are required to contain a conversion privilege that allows for
conversion
to an individual policy for a stated period of time
Which of the following is an example of rebating?
