Life Insurance - Chapter 6 - Arkansas
Statutes, Rules, and Regulations
Pertinent to Life Insurance Only
Dividend - answerA payment made by a policy (Distribution of profits or return or
unused Funds?
Endowment Contract - answerType of whole life insurance that matures early (before
insured's age 100)
Industrial Life Policy - answerA life insurance policy written with the face amount of no
more than $1,000
Maturity Date - answerThe date when the final payment on a loan becomes due and
payable
Nonforfeiture Values - answerBenefits in a life insurance policy that the policyowner
cannot lose
Participating Policies - answerPolicyowners are entitled to return of dividends
Policy Proceeds - answerIn Life Insurance, the death benefit
Free-look Period - answeris 10 days
The Arkansas Nonforfeiture Law does not apply to the following 4 circumstances... -
answer1- 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? - answerReceive
a confirmation from the existing insurer
When an insured terminates membership in the insured group, the insured can convert
to? - answerWhole Life without proof of insurability
What is NOT ALLOWED in credit life insurance? - answerCreditor requiring that a
debtor buys insurance from a certain insurer
