Arkansas Health Insurance Exam Q&A 2024 Verified

Arkansas Health Insurance Exam Q&A 2024 Verified In order for a contract to be valid, it must: - CORRECT ANSWER-Contain an offer & acceptance When does a nondisabled person first qualify for a Medicare Supplement Policy? - CORRECT ANSWER-Age 65 A life insurance company has transferred some of its risk to another insurer. The insurer assuming the risk is called the: - CORRECT ANSWER-Reinsurer A common exclusion with vision plans is: - CORRECT ANSWER-Lasik Surgery What are applicants statements concerning occupation, hobbies and personal health history? - CORRECT ANSWER-Representation States that have "no loss, no gain" laws require a replacing policy to: - CORRECT ANSWER-Pay for ongoing claims under the policy it replaces A rehabilitation benefit is intended to: - CORRECT ANSWER-Prepare the insured to return to employment Which of the following does coordination of benefits allow? - CORRECT ANSWER-The secondary payor to reduce their benefit payments so no more than 100% of the claim is paid An insurer may pay a commission in which of the following scenarios: - CORRECT ANSWER-To a licensed producer who is appointed with the insurer In which of the following situations would the insurer be liable for a loss? - CORRECT ANSWER-The insured suffered an injury during a bank robbery The Fair Credit and Reporting Act's main purpose is to: - CORRECT ANSWER-Protect consumers with guidelines regarding credit reporting and distribution J is a producer who has induced an insured through misrepresentation to surrender an existing insurance policy. What is J guilty of? - CORRECT ANSWER-Twisting What is implied authority defined as? - CORRECT ANSWER-Authority that is not specifically given to an agent contract, but that an agent can reasonably assume to carry out his/her duties A person who is a nonsmoker, average weight, excellent health would fall into what risk classification: - CORRECT ANSWER-Preferred Which of the following is considered to be the period when the accumulated value in an annuity is paid out? - CORRECT ANSWER-Annuitization phase An insurers claim settlement practices are regulated by the: - CORRECT ANSWERState insurance departments