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Chapter Exam Arkansas Laws and Rules WITH 100- SURE ANSWERS
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Chapter Exam Arkansas Laws and Rules WITH 100- SURE ANSWERS
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EUNICEChapter Exam Arkansas Laws and RulesWITH 100%
CORRECT ANSWERS
The Misstatement of Age provision requires an amount that the premiums paid would have purchased at the current age or ages
that if the age of the insured is misstated,
then any amount payable is
In Arkansas, a domestic insurance company is incorporated and formed in Arkansas
is defined as a company that
What MUST an insurance company use in Its true corporate name
its advertising?
Which of the following is NOT an example allowing premiums to be submitted electronically
of a producer's breach of fiduciary duty?
Which of the following is an example of A brochure including an untrue statement regarding a competitor's ability to pay
defamation? claims
The PRIMARY purpose of the life insurance interests of policyowners
replacement regulation is to protect the
A temporary license is issued by the the personal representative of a deceased producer to provide service to existing
Commissioner to allow policyowners
A stock insurance company is owned by it's stockholders
A producer must have how many hours of 3
ethics per continuing education reporting
period?
Before holding a hearing that may lead to written notice to the producer
suspension or revocation of a producer's
license, the Commissioner MUST give
Which of the following actions by an Denying an insured's claim without indicating the basis of denial under the policy
insurance company is considered an unfair
claims settlement practice?
In Arkansas, the Commissioner may place Filing bankruptcy
on probation, suspend, revoke, refuse to
renew, or deny a license for all of the
following reasons EXCEPT:
To be eligible for a group life policy, a Be formed for a purpose other than obtaining insurance
group MUST meet which of the following
requirements?
Insurance producer licenses normally must two years
be renewed every
1/7
, A foreign company operating in Arkansas is Florida
a company incorporated or organized
under the laws of
Which of the following is an unfair claims Failing to effectuate prompt, fair, and equitable settlements of claims
practice?
An organization that solicits insurance only fraternal benefit society
among its members is known as a
The Commissioner may examine the determine the solvency of the company
records of an insurance company in order
to
Which of the following parties must Producer
provide an insured with proper disclosure
concerning the replacement of an
insurance company
Boycott, coercion, and intimidation that unfair trade practices
result in the unreasonable restraint of trade
are prohibited under the Arkansas
insurance laws covering
One of the stated purposes of the Life and assist in the prevention of insurer insolvencies
Health Insurance Guaranty Association is to
In Arkansas, a producer who moves to a 30 days
new address must notify the Commissioner
of the address change within how many
days?
Arkansas' 10-day free-look period for life date of delivery
insurance policies begins at the
Group Life policies in Arkansas are required to an individual policy for a stated period of time
to contain a conversion privilege that
allows for conversion
Which of the following is an example of returning a portion of a premium as inducement to purchase insurance
rebating?
Unfair discrimination is described as charging different rates for persons in the same class
Replacement is involved in all of the Maintaining an existing policy and applying for a new one
following situations EXCEPT when
Which of the following actions by an Offering a prospect something of value that is not specified in a contract to induce
insurance company or a producer is the purchase of that contract
considered rebating?
One definition of replacement is "the act of closely regulated and requires full disclosure
replacing an existing insurance policy with
another". Replacement is
If a producer knowingly violates a cease $10,000 for each violation not to total more than $50,000
and desist order issued by the Arkansas
Commissioner for unfair trade practices,
the producer may receive which of the
following penalties for each violation?
2/7
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