Chapter Exam - Arkansas Laws and Rules Latest Update 2024(RATED A)

Greg had recently been terminated from his job that covered him for group life insurance. How long does he have to convert his coverage to an individual policy without needing to prove insurability? - ANSWER 31 days 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 an insurer is best described as - ANSWER any person, corporation, or society that writes insurance contracts the standard free-look (right to examine) period in arkansas is - ANSWER 10 days The standard grace period for a life insurance policy sold in Arkansas is - ANSWER 31 days which of the following is NOT a reason for commissioner to deny or refuse a producer license application? - Recently convicted of a felony - Engaged in a fraudulent insurance practices - unin