Chapter Exam - Arkansas Laws and Rules Questions and Answers(GRADED A+)

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 producer who sells insurance in Arkansas but resides in another state is called a(n) - ANSWER-nonresident producer According to Arkansas Law, commissions may be paid to: - ANSWER-Licensed and duly appointed producers Lapsed individual life insurance may be reinstated within? - ANSWER-3 years The beneficiary of any life insurance policy or annuity contract is protected from the ___ of the insured - ANSWER-creditors During hearing proceedings, if a person files a waiver of immunity or privilege, and the testimony is produced before court or jury, the person loses their ___ - ANSWER-immunity An insurance producer must notify the Commissioner within how many days of conviction of a crime - ANSWER-thirty (30) Anyone who willfully violates a cease and desist order from the Commissioner is subject to a fine of up to - ANSWER-$1,000 which of the following constitutes grounds for suspending an Arkansas producer's license - ANSWER-Felony conviction which is the best way to describe controlled business - ANSWER-Policies written on people that a producer has influences over Maria the insurance producer completes a sale by collecting the required signatures on the applications and obtaining the initial premium. Afterwards, she deposits the checks into her personal checking account. Maria has committed what crime? - ANSWER-fraud What is arkansas REQUIRED grace period for a life insurance contract? - ANSWER-31 days When can a producer share commission with another producer? - ANSWER-when the other producer is licensed in the same line of business no one is allowed to act as a producer for any insurance company in Arkansas that: - ANSWER-is unauthorized to do business in Arkansas