Free Types of Life Insurance Policies Practice Questions
Arkansas Life, Accident & Health exam — 59 practice questions.
Subtopics: Group life conversion, Conversion amount, Conversion premium, Death during conversion, Conversion notice, Group life facility of payment, Term life, Whole life, Universal life, Indexed life, Variable life, Variable universal life, Group life, Specialized policies, Annual renewable term, Return of premium term, Increasing term, Modified whole life, Limited-pay life, Joint life, Universal life Option A, Universal life target premium, Universal life interest crediting, Variable life prospectus, Variable products licensing, Interest-sensitive whole life, Endowment policy, Family income policy, Adjustable life, Industrial life, Credit life, Multiple protection, Fraternal and other
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Sample questions & answers
1. When group life coverage ends because employment terminates, an Arkansas employee may convert to an individual policy without evidence of insurability by applying within:
31 days after the termination
The individual must apply and pay the first premium within 31 days after termination; no evidence of insurability is required.
2. The individual policy issued on conversion of Arkansas group life coverage may not exceed:
The amount of group coverage that ceased
The converted amount cannot exceed the life insurance that ceased because of the termination, less any new group coverage obtained within 31 days.
3. The premium for an individual policy obtained by converting Arkansas group life coverage is based on the:
Insured's attained age and current risk class
The premium is the insurer's customary rate for the form, the class of risk the person then belongs to, and attained age.
4. An Arkansas employee entitled to convert group life coverage dies during the conversion period before applying. The insurer:
Pays the convertible amount as a group claim
If the person dies during the conversion period, the amount that could have been converted is payable as a claim under the group policy.
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Practice: Types of Life Insurance Policies
Answer choices are shuffled every time, and every question comes with an explanation.
Practice questions are study aids generated for exam preparation and are not actual exam questions. Content is provided for educational purposes and is not legal advice. Verify current statutes, rules, and exam specifications with the Insurance Department and the exam administrator before relying on it.
