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Chapter Exam - Arkansas Laws and Rules Questions and Answers
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Chapter Exam - Arkansas Laws and Rules
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Chapter Exam - Arkansas Laws andRules
Greg had recently been terminated from his job that covered him for group life
insurance. How long does he have to convert his coverage to an individual policy
without needing to prove insurability? - answer31 days
All insurers must be members of what organization, as a condition of their authority to
transact insurance in Arkansas - answerArkansas life and disability insurance guaranty
association
A producer who sells insurance in Arkansas but resides in another state is called a(n) -
answernonresident producer
According to Arkansas Law, commissions may be paid to: - answerLicensed and duly
appointed producers
Lapsed individual life insurance may be reinstated within? - answer3 years
The beneficiary of any life insurance policy or annuity contract is protected from the ___
of the insured - answercreditors
During hearing proceedings, if a person files a waiver of immunity or privilege, and the
testimony is produced before court or jury, the person loses their ___ - answerimmunity
An insurance producer must notify the Commissioner within how many days of
conviction of a crime - answerthirty (30)
Anyone who willfully violates a cease and desist order from the Commissioner is subject
to a fine of up to - answer$1,000
which of the following constitutes grounds for suspending an Arkansas producer's
license - answerFelony conviction
which is the best way to describe controlled business - answerPolicies written on people
that a producer has influences over
Maria the insurance producer completes a sale by collecting the required signatures on
the applications and obtaining the initial premium. Afterwards, she deposits the checks
into her personal checking account. Maria has committed what crime? - answerfraud
, What is arkansas REQUIRED grace period for a life insurance contract? - answer31
days
When can a producer share commission with another producer? - answerwhen the
other producer is licensed in the same line of business
no one is allowed to act as a producer for any insurance company in Arkansas that: -
answeris unauthorized to do business in Arkansas
an insurer is best described as - answerany person, corporation, or society that writes
insurance contracts
the standard free-look (right to examine) period in arkansas is - answer10 days
The standard grace period for a life insurance policy sold in Arkansas is - answer31
days
which of the following is NOT a reason for commissioner to deny or refuse a producer
license application?
- Recently convicted of a felony
- Engaged in a fraudulent insurance practices
- unintentionally misrepresented a material fact on the application
- intentionally violate state insurance laws - answerunintentionally misrepresented a
material fact on the application
a producer's license CANNOT be revoked without - answera hearing given to the
producer
if dividends are illustrated, the advertisement MUST state that the dividends are: -
answernot guaranteed
A licensed Producer must report any administrative action taken against the licensee in
another jurisdiction or by another agency department in Pennsylvania within how many
days of the final disposition? - answer30 days
The Arkansas Life and Disability Insurance Guaranty Association assures payment of
benefits - answerliability insurance
a producer who sells insurance in Arkansas but resides in another state is called a(n) -
answerNonresident producer
a producer replaced a client's insurance policy when it was not in the client's best
interest. The producer could be found guilty of - answertwisting
providing incorrect, mislead, incomplete, or materially, untrue information in the license
application is - answermisrepresentation
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