ARKANSAS HEALTH INSURANCE EXAM BUNDLE(COMPLETE PACKAGE)Questions & Answers 100% Correct

Accident - ANSWER An unplanned, unforeseen event which occurs suddenly and at an unspecified place. Accident Insurance - ANSWER A type of insurance that protects the insured against loss due to accidental bodily injury. Accidental Bodily Injury - ANSWER Unplanned, unforeseen traumatic injury t...

Insurance - ANSWER Transfers the risk of loss from an individual or business entity to an insurance company, which spreads the costs of unexpected losses to many individuals Agent/Producer - ANSWER A legal representative of an insurance company Insurance Policy - ANSWER A contract between a po...

what is the purpose of settlement options? - ANSWER They determine how death proceeds will be paid which of the following determines the cash value of a variable life policy? - ANSWER The performance of the policy portfolio An insured owns a life insurance policy. To be able to pay some of her...

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? - ANSWER 31 days All insurers must be members of what organization, as a condition of their author...

What are the 2 different perils of health insurance? - ANSWER Accident and Sickness What is the definition of Accident? - ANSWER Unintentional bodily injury caused by an unforeseen event What is the definition of Sickness? - ANSWER A need for medical care due to a cause other than an accident ...

99no more than $1,000 Maturity Date - ANSWER The date when the final payment on a loan becomes due and payable Nonforfeiture Values - ANSWER Benefits in a life insurance policy that the policyowner cannot lose Participating Policies - ANSWER Policyowners are entitled to return of dividends ...

-Solicitation -Negotiations -Sale -Advising an individual concerning coverage or claims - ANSWER The Term Insurance Transaction includes what? Insurer (principal) - ANSWER The ______ is the company or organization that issues a policy of insurance Domestic - ANSWER A _________ insurer is ...

Reserves - ANSWER Funds held by the company to fullfull future claims. Funds are set by the state department of insurance. Multi-line Insurer - ANSWER An insurance company selling more than one line of insurance. (Ex. Home, auto, health, etc) Stock Companies - ANSWER Owned and controlled by st...

Ordinary Life - ANSWER Individual life insurance that includes many types of temporary and permanent insurance protection plans written as individuals Term Life - ANSWER Provides low cost insurance protection for a specified period (or term) and pays a benefit only if the insured dies during that...

Adverse Selection - ANSWER Insuring of risks that are more prone to losses than the average risk. Death Benefit - ANSWER The amount paid upon the death of the insured in a life insurance policy. Insurance Policy - ANSWER A contract between a policyowner/insured and an insurance company which a...

Twisting - ANSWER Misrepresenting for the purpose of inducing or tending to induce the lapse, forfeiture, exchange, conversion, or surrender of any insurance policy. Unfair Discrimination - ANSWER Permitting individuals of the same class and equal life expectancy to be charged different rates for...

Creditor - ANSWER Lender of funds Debtor - ANSWER Borrower of funds Endowment Contract - ANSWER Type of whole life policy that matures early (before insured's age 100) Industrial Life Policy - ANSWER A life insurance policy written with the face amount of no more than $1,000 Integrity o...

At what point must a life insurance applicant be informed of their right that fall under the Fair Credit Reporting Act? - ANSWER upon completion of the application Who elects the governing body of a mutual insurance company? - ANSWER policyholders An insurance applicant MUST be informed of an ...

Absolute Assignment - ANSWER assignment by the policyholder of all the policy control and rights to a third party Accident and Sickness - ANSWER insurance against bodily injury, death or disability by accident or against disability or expense resulting from sickness Accident Insurance - ANSWER...