Life- Chapter 15 (AR State Law) Exam Questions and Answers 100% Pass

Life- Chapter 15 (AR State Law) Exam Questions and Answers 100% Pass LIFE AND HEALTH LAWS Insurance Commissioner - Correct Answer ️️ -Appointed by the Governor with the advice and consent of the Senate. - Correct Answer ️️ -Must be resident of this state and be at least 30 years of age. - Correct Answer ️️ -Shall execute a $50,000 bond to the State of Arkansas. General Duties & Powers of Commissioner - Correct Answer ️️ -General supervision, control, regulation or persons and companies authorized to transact the business of insurance in Arkansas. - Correct Answer ️️ -Regulates premium rates, policy forms, insurer solvency. - Correct Answer ️️ -Issues proper insurance license for agents, brokers, and Certificates of Authority for the insurers who qualify to conduct business in the state. - Correct Answer ️️ -May institute audits, exams, investigations, etc. Examinations of Records - Correct Answer ️️ -Can exam as often as he/she wants. - Correct Answer ️️ -Must examine each insurer at least once every 5 years. - Correct Answer ️️ -May examine each insurer applying for a Certificate of Authority. - Correct Answer ️️ -May subpoena witnesses, administer oaths, and require the disclosure of books and records with respect to an exam. - Correct Answer ️️ -Self Incrimination- any person who asks to be excused from attending, testifying, or producing any documents in connection with any exam. Hearings/Notice of Hearings/Orders - Correct Answer ️️ -May hold hearing for any purpose within scope of the Insurance. - Correct Answer ️️ -Must hold hearing within 30 days of its demand and give notice of date, time, location 10 days in advance. - Correct Answer ️️ -Will make his/her order within 30 days after the end of the hearing. - Correct Answer ️️ -Appeal will take place within 30 days after the notice of appeal has been received by commissioner. Penalties - Correct Answer ️️ -Refusal, suspension or revocation of license or Certificate of Authority. - Correct Answer ️️ -Fine of up to $1,000 for each violation. - Correct Answer ️️ -Order for restitution of actual losses to affected persons. State-Specific Definitions - Correct Answer ️️ - Insurance Transaction - Correct Answer ️️ -Solicitation, preliminar