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Arkansas insurance exam Questions and Answers
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what is the purpose of settlement options? - answer They determine how death proceeds will be paid which of the following determines the cash value of a variable life policy? - answer The performance of the policy portfolio An insured owns a life insurance policy. To be able to pay some of her medical bills, she withdraws a portion of the policy's cash value. There is a limit for a withdrawal and the insurer charges a fee. What type of policy does the insured most likely have? - answer Universal Life which of the following is the basic source of information used by the company in the risk selection process? - answer application which of the following is INCORRECT regarding a $100,000 20 - year level term policy?
which of the following types of policies allows for a flexible premium and a variable investment component? - answerVariable universal life insurance what is the name of a clause that is included in a policy that limits or eliminates the death benefit if the insured dies as a result of war or while serving in the military? - answerWar or military service which of the following is NOT true regarding the annuitant? - answerThe annuitant cannot be the same person as the annuity owner. which of the following is true regarding the annuity period? - answerIt may last for the lifetime of the annuitant The full premium was submitted with the application for life insurance, and the policy was issued two weeks later as requested. When does the policy coverage become effective? - answerAs of the application date what does "level" refer to in level term insurance? - answerface amount which of the following, when attached to a permanent life insurance policy, allows the policyowner to customize the policy to provide an additional amount of temporary insurance on the insured, or allows amounts of temporary insurance to cover other family members? - answerTerm rider which of the following is true regarding the accumulation period of annuity? - answerIt is a period during which the payments into the annuity grow tax deferred. Which life insurance settlement option guarantees payments for the lifetime of the recipient, but also specifies a guaranteed period, during which, if the original recipient dies, the payments will continue to a designated beneficiary? - answerLife income with period certain all of the following statements concerning dividends are true EXCEPT? - answerDividend amounts are guaranteed in the policy the minimum interest rate on equity indexed annuity is often based on? - answeran index like Standard & Poor's 500 the Ownership provision entitles the policyowner to do all of the following EXCEPT? - answerSet premium rates which of the following policies would be classified as traditional level premium contract?
On its advertisement, a company claims that it has funds in its possession that are, in fact, not available for the payment of losses or claims. What is the company guilty of? - answerMisrepresentation An insurer that holds a Certificate of Authority in the state in which it transacts business is considered a/an - answerAuthorized insurer once a claim is processed, and all claim investigations are completed, within how many days must the insurer mail or deliver a claim check? - answer10 working days