Life only Arkansas Exam Questions and Answers(SCORED A+)

Which of the following would be a valid reason why a policy premium would be higher than the standard premium - ANSWER-The insured does not meet established underwriting requirements The free look provision gives the policy owner - ANSWER-the right to return the policy for a full refund within a specified number of days If the annuitant doesn't before the annuity start date - ANSWER-The premiums paid plus interest earned will be given to the beneficiary Which of the following is a requirement for any change in an insurance application - ANSWER-Change must be initialed by the applicant A partial surrender is allowed in which of the following life policies? - ANSWER-Universal Life Which of the following is considered to be an alternative to a life settlement - ANSWER-Accelerated death benefit rider Under a life insurance policy, what does the insuring clause state? - ANSWER-The insurer's obligation to pay a death benefit upon an approved death claim All insurers must be members of what organization as a condition of their authority to transact insurance in arkansas - ANSWER-Arkansas life and disability insurance guaranty association A life insurance policy becomes incontestable after if has been in force for - ANSWER-2 years Which of the following pertains to the analysis of an applicants personal information and determining whether insurance should be issued or declined - ANSWER-Underwriting Arkansas law requires that an insurer must notify the commissioner of a producer appointment termination - ANSWER-Within 30 days or termination A type of group that has a constitution and bylaws and has been organized for purposes other than obtaining insurance is called a(n) employer group