Arkansas Statutes, Rules, and Regulations Pertinent to Life Insurance 100% Accurate!

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 of Contract - ANSWER States that the policy and the application constitute the entire contract between the parties, and all statements in the applications are considered representations, and not warranties. Alteration of a Contract - ANSWER Agents do not have the power or authority to waive, change, or alter any of the terms of conditions in the policy except that at the option of the insurer. Assignment - ANSWER A policy may assignable or not assignable, as provided by its terms. The beneficiary may be changed upon the insured or policyowner's request, by a pledge or transfer of title. Dividend Provision - ANSWER No later than by the end of the 3rd policy year, the insurer must annually pay the divisible surplus to the insured. Payment of Proceeds - ANSWER Upon the insured's death, the insurer must pay all due benefits within a reasonable time. In no case, can this period exceed 30 days from the date proof of death of the insured has been furnished to the insurer. (including refund of premium) Holding of Proceeds - ANSWER Any life insurer has the power to hold the proceeds of