Arkansas Health Insurance Exam Questions and Answers Already Passed Latest 2025
cease and desist - Answers to stop or discontinue
coercion - Answers forceful act or threat to influence a person
domestic - Answers in this state
foreign - Answers another state
alien - Answers outside of the United States
Stock Companies - Answers owned by stockholders & they share any profits or losses
mutual companies - Answers Owned by the policy owners and issue participating policies.
Fraternal Benefit Society - Answers A life or health insurance company formed to provide insurance for
members of an affiliated organization, only sells to their members
certificate of authority - Answers people who earn are considered authorized or admitted
insurance commissioner - Answers appointed by governor, 4 year term, at least 30 years old, citizen of
AR
Arkansas Insurance Code - Answers commissioner will enforce the provisions of the ______
producer - Answers person required to be licensed under the laws of AR to sell insurance, must be 18
uniform application - Answers identical
temporary license - Answers license up to 180 days
fiduciary - Answers producer who handles insurer funds & doesn't commingle with his/her own personal
funds
Class A Misdemeanor - Answers failing to report fraud, must call commissioner
Misrepresentation - Answers false, misleading, and deceptive
Class D felony - Answers a misrepresentation is a _____ _____ _____ & has a $10,000 fine
false advertising - Answers advertising that is misleading in some important way, including the failure to
reveal facts about possible results from using the advertised products
rebating - Answers offering special favors or services, both the offer and acceptance are illegal
twisting - Answers A form of misrepresentation in which an agent persuades an insured/owner to
cancel, lapse, or switch policies, even when it's to the insured's disadvantage.
, churning - Answers replacing insurance policy for the sole purpose of making commissions
controlled business - Answers just writing business to family and friends
insurer - Answers who is responsible for all its advertising
$300,000 - Answers life insurance cannot amount to more than
premium - Answers money paid to the insurance company for the insurance policy
agreement, consideration, competent parties, & legal purpose - Answers 4 essential elements for legally
binding contracts
acceptance - Answers takes place when an insurer's underwriter approves the application & issues a
policy
consideration - Answers payment of premium & representations made on application
warranty - Answers absolutely true statement
representation - Answers believed to be true, but not guaranteed. these are what the insured gives on
application
Unilateral Contract - Answers only 1 party is legally bound to do anything. Insurer is legally bound to pay
losses
Contract of Adhesion - Answers the insured must accept the entire contract with all of its terms and
conditions. "take it or leave it"
aleatory - Answers exchange of unequal amounts.
entire contract - Answers policy issued, a copy of application is stapled to the back
no - Answers can agents bind coverage?
statement of good health - Answers agent must collect the premium and collect a ________ __ _____
______
Medical Information Bureau - Answers a nonprofit organization which receives medical information
Fair Credit Reporting Act - Answers law that protects consumers and ensures that their records are
confidential
consumer reports - Answers written & oral information regarding a consumer's credit & character:
public records
investigative consumer reports - Answers interviews with friends and associates to get info on insured
the agent - Answers has the responsibility to deliver the policy to the insured
cease and desist - Answers to stop or discontinue
coercion - Answers forceful act or threat to influence a person
domestic - Answers in this state
foreign - Answers another state
alien - Answers outside of the United States
Stock Companies - Answers owned by stockholders & they share any profits or losses
mutual companies - Answers Owned by the policy owners and issue participating policies.
Fraternal Benefit Society - Answers A life or health insurance company formed to provide insurance for
members of an affiliated organization, only sells to their members
certificate of authority - Answers people who earn are considered authorized or admitted
insurance commissioner - Answers appointed by governor, 4 year term, at least 30 years old, citizen of
AR
Arkansas Insurance Code - Answers commissioner will enforce the provisions of the ______
producer - Answers person required to be licensed under the laws of AR to sell insurance, must be 18
uniform application - Answers identical
temporary license - Answers license up to 180 days
fiduciary - Answers producer who handles insurer funds & doesn't commingle with his/her own personal
funds
Class A Misdemeanor - Answers failing to report fraud, must call commissioner
Misrepresentation - Answers false, misleading, and deceptive
Class D felony - Answers a misrepresentation is a _____ _____ _____ & has a $10,000 fine
false advertising - Answers advertising that is misleading in some important way, including the failure to
reveal facts about possible results from using the advertised products
rebating - Answers offering special favors or services, both the offer and acceptance are illegal
twisting - Answers A form of misrepresentation in which an agent persuades an insured/owner to
cancel, lapse, or switch policies, even when it's to the insured's disadvantage.
, churning - Answers replacing insurance policy for the sole purpose of making commissions
controlled business - Answers just writing business to family and friends
insurer - Answers who is responsible for all its advertising
$300,000 - Answers life insurance cannot amount to more than
premium - Answers money paid to the insurance company for the insurance policy
agreement, consideration, competent parties, & legal purpose - Answers 4 essential elements for legally
binding contracts
acceptance - Answers takes place when an insurer's underwriter approves the application & issues a
policy
consideration - Answers payment of premium & representations made on application
warranty - Answers absolutely true statement
representation - Answers believed to be true, but not guaranteed. these are what the insured gives on
application
Unilateral Contract - Answers only 1 party is legally bound to do anything. Insurer is legally bound to pay
losses
Contract of Adhesion - Answers the insured must accept the entire contract with all of its terms and
conditions. "take it or leave it"
aleatory - Answers exchange of unequal amounts.
entire contract - Answers policy issued, a copy of application is stapled to the back
no - Answers can agents bind coverage?
statement of good health - Answers agent must collect the premium and collect a ________ __ _____
______
Medical Information Bureau - Answers a nonprofit organization which receives medical information
Fair Credit Reporting Act - Answers law that protects consumers and ensures that their records are
confidential
consumer reports - Answers written & oral information regarding a consumer's credit & character:
public records
investigative consumer reports - Answers interviews with friends and associates to get info on insured
the agent - Answers has the responsibility to deliver the policy to the insured
