Chapter Exam Arkansas Laws and Rules
The Misstatement of Age provision requires that if the age of the insured is misstated,
then any amount payable is - answer an amount that the premiums paid would have
purchased at the current age or ages
In Arkansas, a domestic insurance company is defined as a company that - answer is
incorporated and formed in Arkansas
What MUST an insurance company use in its advertising? - answerIts true corporate
name
Which of the following is NOT an example of a producer's breach of fiduciary duty? -
answer allowing premiums to be submitted electronically
Which of the following is an example of defamation? - answerA brochure including an
untrue statement regarding a competitor's ability to pay claims
The PRIMARY purpose of the life insurance replacement regulation is to protect the -
answerinterests of policyowners
A temporary license is issued by the Commissioner to allow - answerthe personal
representative of a deceased producer to provide service to existing policyowners
A stock insurance company is owned by it's - answerstockholders
A producer must have how many hours of ethics per continuing education reporting
period? - answer3
Before holding a hearing that may lead to suspension or revocation of a producer's
license, the Commissioner MUST give - answerwritten notice to the producer
Which of the following actions by an insurance company is considered an unfair claims
settlement practice? - answerDenying an insured's claim without indicating the basis of
denial under the policy
In Arkansas, the Commissioner may place on probation, suspend, revoke, refuse to
renew, or deny a license for all of the following reasons EXCEPT: - answerFiling
bankruptcy
To be eligible for a group life policy, a group MUST meet which of the following
requirements? - answerBe formed for a purpose other than obtaining insurance
