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
