Arkansas Life Insurance Exam |
Correctly Answered and Graded A+ |
2024/2025 Guide
What should a producer do if the policy applied for is issued at a higher
rate than was expected?
- Correct Answer - Personally deliver the policy, explain the rating, and
reinforce the value of the policy
In a policy summary all of the following must be shown as being
guaranteed, except:
- Correct Answer - dividends
Part 2 of the application consists of all of the following information,
except:
- Correct Answer - Date of birth, gender
The person who has ownership rights over the insurance policy is known
as the ____________.
- Correct Answer - Policyowner
,The mortality rate is based on mortality tables which show life
expectancy and the death rate per _______ people living in the U.S.
- Correct Answer - 1,000
individual who has the ownership rights of a policy is called the:
- Correct Answer - Policyowner
All of the following signatures would be required on a life insurance
application for an adult, except that of the:
- Correct Answer - beneficiary
A typical life insurance application contains how many parts?
- Correct Answer - 2
A typical life insurance application contains two parts, part 1 is general
information and part 2 is medical information.
If after a policy has been issued and delivered, the insurer discovers
unanswered questions on the application, what can the insurer legally do
at this point?
- Correct Answer - Nothing, the insurer has waived its right to that
information
,The HIV Consent Form specifies which types of individuals may receive
__________.
- Correct Answer - The test results
Confidential information shared by the producer to the insurer and does
not become part of the policy is the __________.
- Correct Answer - agent's report
Which underwriting source is primarily used when an application reveals
conditions for which more medical information is required?
- Correct Answer - Attending Physician's Statement
In a replacement transaction, all of the following are insurer duties and
responsibilities, except:
- Correct Answer - Contact the client to assure that they understand the
transaction
All of the following are true of a substandard risk, except:
- Correct Answer - The premium would be discounted
_______________ is the process of selection, classification and rating,
and determining if someone is insurable.
- Correct Answer - Home office underwriting
, When an insurer requires that an insured be subjected to a medical
examination, who pays for the medical exam?
- Correct Answer - insurer
Under what circumstances should the producer obtain a Statement of
Good Health? - Correct Answer - If no premium was paid at time of
application and the policy is now being delivered
In a replacement transaction, the insurer that is having its policy
replaced is known as the _______ insurer.
- Correct Answer - Existing
The existing insurer is the insurer who has a policy subject to
replacement.
The Attending Physician's Statement (APS) is completed by:
- Correct Answer - An applicant's physician to provide information about
the applicant's medical history
In life insurance, which of these is the earliest point in time at which the
Buyer's Guide is required?
- Correct Answer - application
Correctly Answered and Graded A+ |
2024/2025 Guide
What should a producer do if the policy applied for is issued at a higher
rate than was expected?
- Correct Answer - Personally deliver the policy, explain the rating, and
reinforce the value of the policy
In a policy summary all of the following must be shown as being
guaranteed, except:
- Correct Answer - dividends
Part 2 of the application consists of all of the following information,
except:
- Correct Answer - Date of birth, gender
The person who has ownership rights over the insurance policy is known
as the ____________.
- Correct Answer - Policyowner
,The mortality rate is based on mortality tables which show life
expectancy and the death rate per _______ people living in the U.S.
- Correct Answer - 1,000
individual who has the ownership rights of a policy is called the:
- Correct Answer - Policyowner
All of the following signatures would be required on a life insurance
application for an adult, except that of the:
- Correct Answer - beneficiary
A typical life insurance application contains how many parts?
- Correct Answer - 2
A typical life insurance application contains two parts, part 1 is general
information and part 2 is medical information.
If after a policy has been issued and delivered, the insurer discovers
unanswered questions on the application, what can the insurer legally do
at this point?
- Correct Answer - Nothing, the insurer has waived its right to that
information
,The HIV Consent Form specifies which types of individuals may receive
__________.
- Correct Answer - The test results
Confidential information shared by the producer to the insurer and does
not become part of the policy is the __________.
- Correct Answer - agent's report
Which underwriting source is primarily used when an application reveals
conditions for which more medical information is required?
- Correct Answer - Attending Physician's Statement
In a replacement transaction, all of the following are insurer duties and
responsibilities, except:
- Correct Answer - Contact the client to assure that they understand the
transaction
All of the following are true of a substandard risk, except:
- Correct Answer - The premium would be discounted
_______________ is the process of selection, classification and rating,
and determining if someone is insurable.
- Correct Answer - Home office underwriting
, When an insurer requires that an insured be subjected to a medical
examination, who pays for the medical exam?
- Correct Answer - insurer
Under what circumstances should the producer obtain a Statement of
Good Health? - Correct Answer - If no premium was paid at time of
application and the policy is now being delivered
In a replacement transaction, the insurer that is having its policy
replaced is known as the _______ insurer.
- Correct Answer - Existing
The existing insurer is the insurer who has a policy subject to
replacement.
The Attending Physician's Statement (APS) is completed by:
- Correct Answer - An applicant's physician to provide information about
the applicant's medical history
In life insurance, which of these is the earliest point in time at which the
Buyer's Guide is required?
- Correct Answer - application
