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Property & Casualty (Arkansas) Abandonment Condition - correct answer States that the insured cannot abandon damaged property to the insurer and demand to be reimbursed for its full value. Absolute Liability - correct answer Imposed by law on those participating in certain activities that are co...

Arkansas State Police Rules for LicensingApplicant - correct answer Any person who has submitted a properly completed application Rule 2.0 Penalty for false response/document - correct answer a. Criminal Penalty: Class A misdemeanor b. Non-criminal penalty: Denial, suspension, revocation or fine...

Arkansas Real Estate Exam - Arkansas Licensing OverviewArkansas law charges the Commission with the responsibility of administering... - correct answer 1. Real Estate License Law 2. Real Estate Recovery Fund 3. Continuing Education Program 4. Time-Share Law Who provides educational materials f...

Arkansas RE License Law Enforcementf a licensee has their license revoked or suspended, it does not cause the principal broker to suffer the same punishment as the licensee if the principal broker - correct answer did not participate or have knowledge of the licensee's acts. Each active status l...

Arkansas Property and CasualtyPure Risk PART 1 - correct answer Loss only no financial gain, insurable Speculative Risk - correct answer A chance of loss, no loss, or gain. Ex: Gambling Hazard - correct answer Something that increases the chance of loss Physical Hazard - correct answer ind...

Arkansas Property and casualty pt2when would theft of property of guest and residence employees be covered under the HO8 form? - correct answer Only while on the insured premises In general, what do homeowner’s policies cover? - correct answer Dwellings used primarily as private residences W...

Arkansas Property and Casualty License ExamThe National Association of Insurance Commissioners (NAIC) - correct answer Consists of all State and territorial insurance commissioners or regulators. The NAIC provides resources, research, legislative and regulatory recommendations and interpretations fo...

Arkansas Property and Casualty Insurance Exam Before workers comp laws, employers had 3 common law defenses to avoid paying claims- - correct answer Assumption of Risk - This defense placed all the risk on the employee as being responsible for knowing the work conditions prior to employment. F...

Arkansas Property and Casualty Insurance ExamCustomer's property whether or not the insured has been negligent An unique feature in a bailee form is that it covers intentional tort Which of the following would NOT be covered by HO liability insurance? 6 Ways to Show Appreciation for Y...

Arkansas Property and Casualty Insurance Chapter 1Insurance - correct answer 1. Sharing, spreading, or transferring risk through the accumulation of funds of large numbers of individuals 2. Giving up a known certain loss (the clients premium) in order to avoid a larger potential loss 3. A contract...

Arkansas Property and Casualty ExamNationwide marine insurance - correct answer . All property must contain an element of transportation to be eligible under inland marine coverage forms. Specifically, it must be in transit, be moveable, bear a relationship to transportation or communication, or be ...

Arkansas Property and Casualty Exam Personal Auto Policy - correct answer Part A: Liability Coverage Part B: Medical Payments Coverage Part C: Uninsured Motorists Coverage Part D: Coverage for Damage to Your Auto Part E: Duties After an Accident or Loss Part F: General Provisions You and Yo...

Arkansas Property & CasualtyAccident - correct answer A sudden & unexpected event which occurs at a specific time & place. In easy-to-read policies, also includes loss which occurs over a period of time. Actual Cash Value (ACV) - correct answer The cost to replace an item of property at the time ...

Arkansas Property & Casualty Practice ExamPay the claims covered under the policy. - correct answer A primary obligation of an insurance company is to: Accumulating Risk - correct answer Which of the following is not a reaction to risk? An increase in the possibility that a loss may occur. - c...