Chapter Exam - Arkansas Laws and Rules Questions and Answers 100% Pass

Chapter Exam - Arkansas Laws and Rules Questions and Answers 100% Pass 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? - Correct Answer ️️ -31 days All insurers must be members of what organization, as a condition of their authority to transact insurance in Arkansas - Correct Answer ️️ -Arkansas life and disability insurance guaranty association A producer who sells insurance in Arkansas but resides in another state is called a(n) - Correct Answer ️️ -nonresident producer According to Arkansas Law, commissions may be paid to: - Correct Answer ️️ - Licensed and duly appointed producers Lapsed individual life insurance may be reinstated within? - Correct Answer ️️ -3 years The beneficiary of any life insurance policy or annuity contract is protected from the ___ of the insured - Correct Answer ️️ -creditors 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 ___ - Correct Answer ️️ -immunity An insurance producer must notify the Commissioner within how many days of conviction of a crime - Correct Answer ️️ -thirty (30) Anyone who willfully violates a cease and desist order from the Commissioner is subject to a fine of up to - Correct Answer ️️ -$1,000 which of the following constitutes grounds for suspending an Arkansas producer's license - Correct Answer ️️ -Felony conviction which is the best way to describe controlled business - Correct Answer ️️ -Policies 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? - Correct Answer ️️ -fraud What is arkansas REQUIRED grace period for a life insurance contract? - Correct Answer ️️ -31 days When can a producer share commission with another producer? - Correct Answer ️️ - when 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: - Correct Answer ️️ -is unauthorized to do business in Arkansas an insurer is best described as - Correct Answer ️️ -any person, corporation, or society that writes insurance contracts