Life Insurance - Chapter 6 - Arkansas Statutes, Rules, and Regulations Pertinent to Life(RATED A)

99no more than $1,000 Maturity Date - ANSWER The date when the final payment on a loan becomes due and payable Nonforfeiture Values - ANSWER Benefits in a life insurance policy that the policyowner cannot lose Participating Policies - ANSWER Policyowners are entitled to return of dividends Policy Proceeds - ANSWER In Life Insurance, the death benefit Free-look Period - ANSWER is 10 days The Arkansas Nonforfeiture Law does not apply to the following 4 circumstances... - ANSWER 1- Reinsurance 2- Group Insurance 3- Pure Endowment contract 4- Annuity or Reversionary Annuity contracts When a Replacement Policy is involved, a producer does not have to? - ANSWER Receive a confirmation from the existing insurer When an insured terminates membership in the insured group, the insured can convert to? - ANSWER Whole Life without proof of insurability What is NOT ALLOWED in credit life insurance? - ANSWER Creditor requiring that a debtor buys insurance from a certain insurer A paid-up nonforfeiture benefit will become effective as specified in the policy, unless the person entitled elects another available option within ( ) days after the due date of