ARKANSAS LIFE INSURANCE EXAM QUESTIONS AND ANSWERS 100% PASS
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Course
Arkansas Life Insurance
Institution
Arkansas Life Insurance
ARKANSAS LIFE INSURANCE EXAM QUESTIONS
AND ANSWERS 100% PASS
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 ️️ -Auth...
ARKANSAS LIFE INSURANCE EXAM QUESTIONS AND ANSWERS 100% PASS J is a producer wh o 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 age nt 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 Answer ✔️✔️-State insurance departments An insurers ability to make unpred ictable payouts to policy owners is called: - Correct Answer ✔️✔️-Liquidity Which of the following pertains to the analysis of an applicants personal information and determining whether insurance should be issued or declined? - Correct Answer ✔️✔️-
Underwri ting What does the Group Life underwriting risk selection process help protect insurance companies from? - Correct Answer ✔️✔️-Adverse Selection The Arkansas Life & Disability Insurance Guaranty Association assures payment of benefits from insurance polici es for insolvent insurers, and covers all of the following insured policies, EXCEPT: - Correct Answer ✔️✔️-Liability Insurance What would happen if a life insurance applicant is given a conditional receipt from an insurance agent and then dies the next day ? - Correct Answer ✔️✔️-Claim will be paid if application is approved A life insurance policy owner does NOT have the right to: - Correct Answer ✔️✔️-Revoke an absolute assignment An employee under a group insurance policy has the right to name a beneficia ry and the right to: - Correct Answer ✔️✔️-Convert to an individual policy in the event of employment termination The two major actions required for a policyholder to comply with the Reinstatement Clause are - Correct Answer ✔️✔️-Provide evidence of insura bility, past due premiums Pat owns a 20 -pay life policy with a paid -up dividend option. Which of the following statements is true? - Correct Answer ✔️✔️-The policy may be paid up early by using policy dividends Ron has a life insurance policy with a face v alue of $100,000 and a cost of living rider. If the consumer price index has gone up 4%, how much may Ron increase the face value of the policy? - Correct Answer ✔️✔️-$4,000 ($100,000 X .04 = $4,000) Krissa purchases a 10 -year level term life insurance po licy that has a death benefit of $200,000. Which of these statements is true? - Correct Answer ✔️✔️-The face amount and premium will remain constant over the 10 -year period What is Arkansas' REQUIRED grace period for a life insurance contract? - Correct Answer ✔️✔️-31 days A domestic insurance company in Arkansas MUST - Correct Answer ✔️✔️-Be organized under Arkansas Insurance laws Simon has purchased a fixed immediate annuity. His payment amount will be dependent upon principal, interest, and the contract' s - Correct Answer ✔️✔️-Income period What kind of life insurance policy issued by a mutual insurer provides a return of divisible surplus? - Correct Answer ✔️✔️-Participating life insurance policy No one is allowed to act as a producer for any insurance company in Arkansas that - Correct Answer ✔️✔️-Is unauthorized to do business in Arkansas What MUST the company do prior to conducting an HIV related test? - Correct Answer ✔️✔️-Obtain a written cons ent from the proposed insured Which approach predicts a person's earning potential and determines how much of that amount would be devoted to dependents? - Correct Answer ✔️✔️-Human life value approach If the annuitant dies before the annuity start date, - Correct Answer ✔️✔️-The premiums paid plus interest earned will be given to the beneficiary
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