Arkansas Life and Health Exam Questions and Answers(RATED A+)
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Course
Arkansas Life and Health
Institution
Arkansas Life And Health
Which of the following Annuities would potentially be the most negatively impacted by the overall stock market falling in value? - ANSWER-Variable
According to Arkansas law, a resident insurance agent in the state of Arkansas: - ANSWER-Must be at least 18 years old
Which provision is an Optio...
Arkansas Life and Health Exam
Questions and Answers(RATED A+)
All of the following are parties to a life insurance contract, except: - ANSWER-The
beneficiary
Which of the following Annuities would potentially be the most negatively impacted
by the overall stock market falling in value? - ANSWER-Variable
According to Arkansas law, a resident insurance agent in the state of Arkansas: -
ANSWER-Must be at least 18 years old
Which provision is an Optional Uniform Provision? - ANSWER-Relation of Earnings
to Insurance
ERISA sets ________ standards for pension plans in private industry. - ANSWER-
Minimum
An application for health insurance was submitted on November 1 with the initial
premium and a conditional receipt was provided. Due to an existing medical
condition, the underwriter requested an Attending Physician Statement, medical
exam, and MIB report. After reviewing all sources of insurability, the insurer issued
the policy as substandard with a surcharge. The policy was delivered by the
producer on December 1 after explaining the coverage and surcharge, obtaining the
statement of good health, and collecting the premium. Coverage became effective as
of the date the: - ANSWER-Agent explained the policy coverage, surcharge, and
collected the additional premium
Regarding COBRA, which of the following is not true? - ANSWER-It covers
participants who have resigned for 36 months following the date of their resignation
All of the following about Universal Life are true, except: - ANSWER-Increases in
face amount do not require proof of insurability if under $100,000
Which of the following term policies cost the least all other factors being the same? -
ANSWER-Nonrenewable and non-convertible
_______________ is the process of selection, classification and rating, and
determining if someone is insurable. - ANSWER-Home office underwriting
Why are dividends not taxable as income when paid out to a participating
policyholder? - ANSWER-They represent a return of a portion of the premium paid
All of the following are examples of an absolute assignment, except: - ANSWER-
Using a Life Insurance policy as collateral for a loan
, In which of the following circumstances was the small business owner able to deduct
the premiums they paid for insurance? - ANSWER-The sole proprietor of a small firm
buys an overhead expense policy
Accident and Health policies provide coverages for all, except: - ANSWER-Workers'
Compensation claims
A partial withdrawal is permitted on which of the following policies? - ANSWER-
Universal Life
In a replacement transaction, all of the following are insurer duties and
responsibilities, except: - ANSWER-Contact the client to assure that they understand
the transaction
The following are all normally excluded from dental coverage, except: - ANSWER-
Braces
All of the following are risks to the life settlement purchaser, except: - ANSWER-The
insured dies sooner than expected
The Commissioner of insurance has all of the following duties and powers, except: -
ANSWER-The insurance Commissioner may update the insurance code (law) as
needed
All of the following are Dividend Options, except: - ANSWER-Reduced paid-up
An applicant completes the application and submits it to the insurer along with a
premium check. When is the applicant's offer considered accepted? - ANSWER-
When the insurer issues a policy
All the following are unfair claims practices, except: - ANSWER-Making claim
payments without conducting an investigation
When, Peter, an independent contractor, purchased his own personal medical and
dental insurance, he discovered that: - ANSWER-Self-employed persons may
deduct up to 100% of the cost of health insurance for themselves and their
dependents
All the following qualify for Medicare Part A, except: - ANSWER-Healthy individuals
who are under age 65 and not covered by Social Security, but are willing to pay the
Part A premium
Which statement is FALSE regarding Nonforfeiture Options? - ANSWER-They are
used when the insured lives to the endowment date of the policy or at the insured's
death
Which of the following statements describing the fiduciary and contractual
relationships between producers, clients, and insurers is accurate? - ANSWER-All
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