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ARKANSAS HEALTH INSURANCE EXAM Questions And Answers
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In order for a contract to be valid, it must: - ANSContain an offer & acceptance When does a nondisabled person first qualify for a Medicare Supplement Policy? - ANSAge 65 A life insurance company has transferred some of its risk to another insurer. The insurer assuming the risk is called the...

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  • February 12, 2025
  • 17
  • 2024/2025
  • Exam (elaborations)
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ARKANSAS HEALTH INSURANCE
EXAM Questions And Answers




A
R
U
LA
C
O
D

,In order for a contract to be valid, it must: - ANSContain an offer & acceptance

When does a nondisabled person first qualify for a Medicare Supplement Policy? - ANSAge 65

A life insurance company has transferred some of its risk to another insurer. The insurer




A
assuming the risk is called the: - ANSReinsurer

A common exclusion with vision plans is: - ANSLasik Surgery




R
What are applicants statements concerning occupation, hobbies and personal health history? -
ANSRepresentation




U
States that have "no loss, no gain" laws require a replacing policy to: - ANSPay for ongoing
claims under the policy it replaces
LA
A rehabilitation benefit is intended to: - ANSPrepare the insured to return to employment

Which of the following does coordination of benefits allow? - ANSThe secondary payor to
reduce their benefit payments so no more than 100% of the claim is paid

An insurer may pay a commission in which of the following scenarios: - ANSTo a licensed
C

producer who is appointed with the insurer

In which of the following situations would the insurer be liable for a loss? - ANSThe insured
suffered an injury during a bank robbery
O


The Fair Credit and Reporting Act's main purpose is to: - ANSProtect consumers with guidelines
regarding credit reporting and distribution
D



J is a producer who has induced an insured through misrepresentation to surrender an existing
insurance policy. What is J guilty of? - ANSTwisting

What is implied authority defined as? - ANSAuthority that is not specifically given to an agent
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: - ANSPreferred

, Which of the following is considered to be the period when the accumulated value in an annuity
is paid out? - ANSAnnuitization phase

An insurers claim settlement practices are regulated by the: - ANSState insurance departments

The two major actions required for a policyholder to comply with the Reinstatement Clause are:
- ANSprovide evidence of insurability, pay past due premiums

An insurers ability to make unpredictable payouts to policy owners is called: - ANSLiquidity

Which of the following pertains to the analysis of an applicants personal information and




A
determining whether insurance should be issued or declined? - ANSUnderwriting

What does the Group Life underwriting risk selection process help protect insurance companies




R
from? - ANSAdverse Selection

The Arkansas Life & Disability Insurance Guaranty Association assures payment of benefits
from insurance policies for insolvent insurers, and covers all of the following insured policies,



U
EXCEPT: - ANSLiability Insurance

Pat owns a 20-pay life policy with a paid-up dividend option. Which is true? - ANSThe policy
LA
may be paid up early by using policy dividends?

What would happen if a life insurance applicant is given a conditional receipt from an insurance
agent and then dies the next day? - ANSClaim will be paid if application is approved

A policy owner can receive a percentage payment of the death benefits prior to death by using
C

what kind of contract? - ANSViatical Settlement agreement

A life insurance policy owner does NOT have the right to: - ANSRevoke an absolute assignment
O


An employee under a group insurance policy has the right to name a beneficiary and the right
to: - ANSConvert to an individual policy in the event of employment termination
D



Ron has a life insurance policy with a face value 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? - ANS$4,000

Krissa purchases a 10-year level term life insurance policy that has a death benefit of $200,000.
Which of these statements is true? - ANSThe face amount and premium will remain constant
over the 10-year period

What is Arkansas required grace period for a life insurance contract? - ANS31 days

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