Life Insurance - Chapter 6 - Arkansas Statutes, Rules, and Regulations Pertinent to Life Insurance Only

The Arkansas Nonforfeiture Law does not apply to the following 4 circumstances...

1- Reinsurance 2- Group Insurance 3- Pure Endowment contract 4- Annuity or Reversionary Annuity contracts

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 the premium in default?

60 days

Industrial Life Policy

A life insurance policy written with the face amount of no more than $1,000

Dividend

A payment made by a policy (Distribution of profits or return or unused Funds?

Nonforfeiture Values

Benefits in a life insurance policy that the policyowner cannot lose

What is NOT ALLOWED in credit life insurance?

Creditor requiring that a debtor buys insurance from a certain insurer

Policy Proceeds

In Life Insurance, the death benefit

Participating Policies

Policyowners are entitled to return of dividends

When a Replacement Policy is involved, a producer does not have to?

Receive a confirmation from the existing insurer

Maturity Date

The date when the final payment on a loan becomes due and payable

Endowment Contract

Type of whole life insurance that matures early (before insured's age 100)

When an insured terminates membership in the insured group, the insured can convert to?

Whole Life without proof of insurability

Free-look Period

is 10 days