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Chapter Exam Arkansas Laws and Rules Questions and Answers 100% Solved
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Chapter Exam Arkansas Laws and Rules
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Chapter Exam Arkansas Laws and RulesThe Misstatement of Age provision requires that if the age of the insured is misstated,
then any amount payable is - answer an amount that the premiums paid would have
purchased at the current age or ages
In Arkansas, a domestic insurance company is defined as a company that - answer is
incorporated and formed in Arkansas
What MUST an insurance company use in its advertising? - answerIts true corporate
name
Which of the following is NOT an example of a producer's breach of fiduciary duty? -
answer allowing premiums to be submitted electronically
Which of the following is an example of defamation? - answerA brochure including an
untrue statement regarding a competitor's ability to pay claims
The PRIMARY purpose of the life insurance replacement regulation is to protect the -
answerinterests of policyowners
A temporary license is issued by the Commissioner to allow - answerthe personal
representative of a deceased producer to provide service to existing policyowners
A stock insurance company is owned by it's - answerstockholders
A producer must have how many hours of ethics per continuing education reporting
period? - answer3
Before holding a hearing that may lead to suspension or revocation of a producer's
license, the Commissioner MUST give - answerwritten notice to the producer
Which of the following actions by an insurance company is considered an unfair claims
settlement practice? - answerDenying an insured's claim without indicating the basis of
denial under the policy
In Arkansas, the Commissioner may place on probation, suspend, revoke, refuse to
renew, or deny a license for all of the following reasons EXCEPT: - answerFiling
bankruptcy
To be eligible for a group life policy, a group MUST meet which of the following
requirements? - answerBe formed for a purpose other than obtaining insurance
, Insurance producer licenses normally must be renewed every - answertwo years
A foreign company operating in Arkansas is a company incorporated or organized under
the laws of - answerFlorida
Which of the following is an unfair claims practice? - answerFailing to effectuate prompt,
fair, and equitable settlements of claims
An organization that solicits insurance only among its members is known as a -
answerfraternal benefit society
The Commissioner may examine the records of an insurance company in order to -
answerdetermine the solvency of the company
Which of the following parties must provide an insured with proper disclosure
concerning the replacement of an insurance company - answerProducer
Boycott, coercion, and intimidation that result in the unreasonable restraint of trade are
prohibited under the Arkansas insurance laws covering - answerunfair trade practices
One of the stated purposes of the Life and Health Insurance Guaranty Association is to
- answerassist in the prevention of insurer insolvencies
In Arkansas, a producer who moves to a new address must notify the Commissioner of
the address change within how many days? - answer30 days
Arkansas' 10-day free-look period for life insurance policies begins at the - answerdate
of delivery
Group Life policies in Arkansas are required to contain a conversion privilege that
allows for conversion - answerto an individual policy for a stated period of time
Which of the following is an example of rebating? - answerreturning a portion of a
premium as inducement to purchase insurance
Unfair discrimination is described as - answercharging different rates for persons in the
same class
Replacement is involved in all of the following situations EXCEPT when -
answerMaintaining an existing policy and applying for a new one
Which of the following actions by an insurance company or a producer is considered
rebating? - answerOffering a prospect something of value that is not specified in a
contract to induce the purchase of that contract
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