Under Arkansas's Life Insurance and Annuities Replacement Rule, 23 CAR § 128-103, when a producer completes an application involving a replacement transaction, what must the producer generally leave with the applicant at that time?
A. The original or a copy of all sales material used in the transaction
B. Nothing; sales material only needs to be retained in the producer's file
C. A verbal summary only, with written materials to follow within 90 days
D. Only the insurer's toll-free complaint phone number
Source: 23 CAR § 128-103 (Arkansas Life Insurance and Annuities Replacement Rule)
Under 23 CAR § 128-103, when sales material for a replacement transaction is presented to the applicant electronically, when must it be provided to the policy or contract owner in printed form?
A. Immediately upon the producer's first phone contact with the applicant
B. No later than at the time of policy or contract delivery
C. Printed material is never required if the presentation was electronic
D. Only if the applicant is over age 65
Source: 23 CAR § 128-103 (Arkansas Life Insurance and Annuities Replacement Rule)
Under 23 CAR § 128-103, the written replacement notice must list which of the following?
A. The producer's total commission on the new policy
B. The insurer's home office street address only
C. All life insurance policies or annuities proposed to be replaced, properly identified, and whether each will be replaced or used as a source of financing
D. The applicant's Social Security number and bank account number
Source: 23 CAR § 128-103 (Arkansas Life Insurance and Annuities Replacement Rule)
Under 23 CAR § 128-103, what must happen with the replacement memorandum in an Arkansas life insurance replacement transaction?
A. It is completed by the replacing insurer only, with no applicant involvement
B. It replaces the need for any replacement notice altogether
C. It is optional and used only if the applicant specifically requests it
D. It must be completed and signed by both the producer and the applicant
Source: 23 CAR § 128-103 (Arkansas Life Insurance and Annuities Replacement Rule)
Under 23 CAR § 128-103, what must a producer submit to the insurer receiving a replacement application?
A. A copy of each required replacement document, a statement identifying sales materials used, and copies of any individualized sales materials or illustrations related to the specific policy or contract purchased
B. Nothing further, since the applicant's signature alone satisfies all submission requirements
C. Only the producer's personal license number, with no transaction documentation
D. A summary written entirely from memory with no supporting documents
Source: 23 CAR § 128-103 (Arkansas Life Insurance and Annuities Replacement Rule)
