ARKANSAS LIFE INSURANCE
COMPREHENSIVE TEST SCRIPT 2026
QUESTIONS WITH SOLUTIONS 100%
CORRECT.
✔ Conditional Contract. Answer: Certain conditions must be met by the
policyowner and the company in order the the contract to be executed,
and before each party fulfills its obligations.
(Pay premium and provide proof of loss for an insurer to cover claim. )
✔ Part 1 - General Information. Answer: Part of the application that
includes the general questions about the applicant.
✔ Part 2 - Medical Information. Answer: Part of the application that
includes information on the prospective insured's medical background,
present health, any medical visits in recent years, medical status of living
relatives, and causes of death of deceased relatives.
✔ Agents Report. Answer: Provides the agent's personal observations
concerning the proposed insured.
,✔ Required Signatures. Answer: Both the agent and the proposed
insured are required to sign the application.
✔ Changes to the Application. Answer: Changes made to an application
need to be initialed by the applicant or need to fill out a new application.
Agents should never white out any information.
✔ Premium Receipt. Answer: A receipt when agents have collected a
premium. The type of receipt issued will determine when coverage will
be effective.
✔ Conditional Receipt. Answer: A receipt when agents have collected a
premium. The type of receipt issued that will determine when the
coverage will be effective. Either on the date of the application or the
date of the medical exam, whichever is later.
✔ Replacement. Answer: A practice of terminating an existing policy or
letting it lapse, and obtaining a new one.
✔ Insurable Interest. Answer: Must exist at the time of application.
✔ Consumer Reports. Answer: Written/oral information regarding a
consumer's credit, character, reputation, or habits collected by a
, reporting agency from employment records, credit reports, and other
public sources.
✔ Investigative Consumer Reports. Answer: Same as consumer reports,
but the information is obtained through an investigation and interviews
with associates, friends and neighbors of the consumer.
✔ Medical Examinations. Answer: Policies with higher amounts of
coverage or if the application raised additional questions concerning the
prospective insured's health, the underwriter may require a medical
examination of the insured.
✔ Reasons for a Medical Examination. Answer: 1. Insurer may only
request a paramedical report (completed by a paramedic or registered
nurse)
2. The underwriter may require an Attending Physician's Statement
(APS) from a medical practitioner who treated the applicant for a prior
medical problem.
✔ HIV Test. Answer: It is common for insurers to require an HIV test
when an applicant is applying for a large amount of coverage.
✔ Health Insurance Portability and Accountability Act (HIPAA).
Answer: Is a federal law that protects health information.
COMPREHENSIVE TEST SCRIPT 2026
QUESTIONS WITH SOLUTIONS 100%
CORRECT.
✔ Conditional Contract. Answer: Certain conditions must be met by the
policyowner and the company in order the the contract to be executed,
and before each party fulfills its obligations.
(Pay premium and provide proof of loss for an insurer to cover claim. )
✔ Part 1 - General Information. Answer: Part of the application that
includes the general questions about the applicant.
✔ Part 2 - Medical Information. Answer: Part of the application that
includes information on the prospective insured's medical background,
present health, any medical visits in recent years, medical status of living
relatives, and causes of death of deceased relatives.
✔ Agents Report. Answer: Provides the agent's personal observations
concerning the proposed insured.
,✔ Required Signatures. Answer: Both the agent and the proposed
insured are required to sign the application.
✔ Changes to the Application. Answer: Changes made to an application
need to be initialed by the applicant or need to fill out a new application.
Agents should never white out any information.
✔ Premium Receipt. Answer: A receipt when agents have collected a
premium. The type of receipt issued will determine when coverage will
be effective.
✔ Conditional Receipt. Answer: A receipt when agents have collected a
premium. The type of receipt issued that will determine when the
coverage will be effective. Either on the date of the application or the
date of the medical exam, whichever is later.
✔ Replacement. Answer: A practice of terminating an existing policy or
letting it lapse, and obtaining a new one.
✔ Insurable Interest. Answer: Must exist at the time of application.
✔ Consumer Reports. Answer: Written/oral information regarding a
consumer's credit, character, reputation, or habits collected by a
, reporting agency from employment records, credit reports, and other
public sources.
✔ Investigative Consumer Reports. Answer: Same as consumer reports,
but the information is obtained through an investigation and interviews
with associates, friends and neighbors of the consumer.
✔ Medical Examinations. Answer: Policies with higher amounts of
coverage or if the application raised additional questions concerning the
prospective insured's health, the underwriter may require a medical
examination of the insured.
✔ Reasons for a Medical Examination. Answer: 1. Insurer may only
request a paramedical report (completed by a paramedic or registered
nurse)
2. The underwriter may require an Attending Physician's Statement
(APS) from a medical practitioner who treated the applicant for a prior
medical problem.
✔ HIV Test. Answer: It is common for insurers to require an HIV test
when an applicant is applying for a large amount of coverage.
✔ Health Insurance Portability and Accountability Act (HIPAA).
Answer: Is a federal law that protects health information.
