XCEL Chapter 11 chapter exam
A licensed producer must report any administrative action taken against a licensee in another jurisdiction or by another agency department in Arkansas within how many days of the final disposition?
30 days
An insurance producer must notify the commissioner within how many days of conviction of a crime?
30 days
The standard grace period for a life insurance policy sold in Arkansas is
31 days
Advertising records are subject to examination by the Arkansas insurance department, and must be maintained for at least
4 years or until the next regular examination by the department, which ever is longer
The commissioner must examine the financial affairs of each admitted insurer operating in Arkansas at least once every how many years?
5 years
An insured may continue coverage under a group plan during their total disability if the premiums are paid for how long?
6 monthd
How long must the commissioner maintain a complete record for every licensee in Arkansas for?
As long as He/She deems necessary.
An example of replacement is
Canceling a term life policy to buy a whole life policy
An insurance producer is best defined as
a person who has a contract with an insurance company to represent it
The commissioner MUST give a MINIMUM of how many days' notice of a disciplinary hearing?
10 days
An Arkansas temporary producer license may be issued for a period not to exceed?
180 days
A life insurance policy becomes incontestable after it has been in force for
2 years
A licensee who is required to take continuing education must complete______ hours of continuing education course work?
24
Any person who knowingly sells, solicits, or negotiates insurance products with a person or entity that is not licensed in Arkansas is guilty of
A class D felony
Which of the following statements is true about an insurer's right to screen applicants for HIV?
An insurer can require a blood test for HIV
What are examples of acts of fraud?
Collecting a premium for insurance that is not provided; misappropriate or unreasonably withhold premiums or returned premiums; willfully collecting a premium that exceeds the amount of the actual premium.
Which of the following basics is a producers fiduciary responsibility?
Collecting premiums and paying them to the insurance company
The beneficiary of any life insurance policy or annuity contract is protected from the___________of the insured.
Creditors
Making a statement that is false and maliciously critical of the financial condition of the insurer is known as
Defamation
A foreign insurance company is defined as one that is?
Formed under the laws of a state other than Arkansas
Maria the insurance producer completes a sale by collecting the required signatures on the application and obtaining the initial premium. Afterwards, she deposited the check into a personal checking account. Maria committed what crime?
Fraud
What information is found in a life insurance buyers guide
How to compare life insurance policy rates, how to compare life insurance policy requirements, how to determine how much life insurance to purchase.
During hearing proceedings, if a person files a waiver of immunity or privilege, and the testimony is produced before court or jury, the person loses their__________.
Immunity
Arkansas insurance department may take each of the following actions
Impose fines; issue cease and desist order; revoke license
No one is allowed to act as a producer for any insurance company in Arkansas that
Is unauthorized to do business in Arkansas
According to Arkansas law, commissions may be paid to?
License and duly appointed producers
A producer who sells insurance in Arkansas but resides in another state called a(n)
Non-resident producer
If dividends are illustrated, the advertisement must state that the dividends are
Not guaranteed
Suitability is best described as
Obtaining information from the applicant to determine whether an insurance or annuity product is appropriate
A producer who sells an individual life insurance policy in Arkansas must deliver to the policy owner a(n)
Policy summary and buyers guide
When a producer is replacing an existing ordinary life insurance policy, the producer must take all of the following actions?
Provide the applicant with a copy of the sales proposal; submit to the producers insurance company a copy of the signed notice regarding replacement; provide the applicant with a notice regarding replacement.
An insurance producer agrees to pay the first monthly premium for an insurance applicant. This is called a(n)?
Rebate
The following are considered deceptive and unfair practices, and are prohibited.
Referring to an insurance premium as an investment, deposit, or savings; making any misrepresentation or false, deceptive, or misleading statement; indicating that cash or loan values are death benefits payable in addition to the insurance policy's face amount.
Which of the following is permitted in an advertisement for an insurance policy?
The insurer's name
An insurer may pay a commission in which of the following scenarios?
To a licensed producer who is appointed with the insurer
When can a producer share commissions with another producer
When the other producer is licensed in the same line of business
A producer's license CANNOT be revoked without
a hearing given to the producer
A producer may begin to solicit insurance ONLY when
appointed by an insurer
