Arkansas Life Insurance Practice Exam |
Study Questions and Correct Answers |
Latest 2025 Guide
The human life value approach
- Correct Answer - is a capitalized value of an individuals net future
earnings. Required for on going support of the bread winners death
The needs approach
- Correct Answer - is used when the amount of life insurance needed is
based upon the individual's (or family's) financial goals and objectives.
Therefore, education fund goals, emergency funds, bequests, charitable
gifting, or retirement income goals of a spouse will influence the amount
of coverage needed.
Estate conservation
- Correct Answer - provides money to pay any estate taxes or loans
which must be satisfied upon the death of the estate owner preserving
the insured's estate
Arkansas Commissioner
- Correct Answer - Administer all laws relating to insurance, insurance
companies, and fraternal benefit societies doing business in Arkansas•
Supervise all persons authorized to transact the business of insurance,
,indemnity, or reimbursement in Arkansas• Make rules and regulations to
help carry out the Arkansas insurance code• Conduct hearings
The Commissioner or a designated examiner may conduct an
examination of any domestic insurance company at the discretion of the
Commissioner and must conduct a financial examination of every
insurance company licensed in Arkansas at least once every
- Correct Answer - 5 years. Exams are given to determine the solvency
of the company. All examination fees and expenses are the responsibility
of the company being examined.
The Commissioner must schedule a hearing within
- Correct Answer - 30 days of receiving a request, unless both parties
agree to postpone the matter.
The commissioner must give a how many days notice of a hearing
- Correct Answer - 10
the Commissioner must give a copy of the hearing to the parties involved
how many days after completing the hearing?
- Correct Answer - 30
A producer who holds a resident license in a different state may apply for
a nonresident license in this state, as long as both states have
, - Correct Answer - a reciprocal agreement
Licensed agents moving to this state must apply for a resident license in
Arkansas within how many days
- Correct Answer - 90
A person whose license has been suspended may reapply for their
license after how many months
- Correct Answer - 36
Producers/businesses must report a change in address, email address,
or name to the Commissioner within how many days of the change?
- Correct Answer - 30 days
Producers must report a felony conviction to the Commissioner within
how many days of the entry date of the judgement?
- Correct Answer - 30
Producers must provide applicants and prospects with the approved
NAIC and
- Correct Answer - buyers guide and policy summary
Study Questions and Correct Answers |
Latest 2025 Guide
The human life value approach
- Correct Answer - is a capitalized value of an individuals net future
earnings. Required for on going support of the bread winners death
The needs approach
- Correct Answer - is used when the amount of life insurance needed is
based upon the individual's (or family's) financial goals and objectives.
Therefore, education fund goals, emergency funds, bequests, charitable
gifting, or retirement income goals of a spouse will influence the amount
of coverage needed.
Estate conservation
- Correct Answer - provides money to pay any estate taxes or loans
which must be satisfied upon the death of the estate owner preserving
the insured's estate
Arkansas Commissioner
- Correct Answer - Administer all laws relating to insurance, insurance
companies, and fraternal benefit societies doing business in Arkansas•
Supervise all persons authorized to transact the business of insurance,
,indemnity, or reimbursement in Arkansas• Make rules and regulations to
help carry out the Arkansas insurance code• Conduct hearings
The Commissioner or a designated examiner may conduct an
examination of any domestic insurance company at the discretion of the
Commissioner and must conduct a financial examination of every
insurance company licensed in Arkansas at least once every
- Correct Answer - 5 years. Exams are given to determine the solvency
of the company. All examination fees and expenses are the responsibility
of the company being examined.
The Commissioner must schedule a hearing within
- Correct Answer - 30 days of receiving a request, unless both parties
agree to postpone the matter.
The commissioner must give a how many days notice of a hearing
- Correct Answer - 10
the Commissioner must give a copy of the hearing to the parties involved
how many days after completing the hearing?
- Correct Answer - 30
A producer who holds a resident license in a different state may apply for
a nonresident license in this state, as long as both states have
, - Correct Answer - a reciprocal agreement
Licensed agents moving to this state must apply for a resident license in
Arkansas within how many days
- Correct Answer - 90
A person whose license has been suspended may reapply for their
license after how many months
- Correct Answer - 36
Producers/businesses must report a change in address, email address,
or name to the Commissioner within how many days of the change?
- Correct Answer - 30 days
Producers must report a felony conviction to the Commissioner within
how many days of the entry date of the judgement?
- Correct Answer - 30
Producers must provide applicants and prospects with the approved
NAIC and
- Correct Answer - buyers guide and policy summary
