Arkansas Life and Health Insurance Practice Exam

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The Guaranteed Renewable Provision states that the policy is:

  1. Cancelable at any time

  2. Renewable at the insurer's option

  3. Renewable with premiums that may be increased for entire classes of insureds

  4. Temporary and non-renewable

The correct answer is: Cancelable at any time

The Guaranteed Renewable Provision in an insurance policy means that the policy cannot be canceled by the insurer, as long as the policyholder continues to pay the premiums on time. This provision guarantees that the policyholder has the right to renew the policy without undergoing additional underwriting or health checks. It provides security to the policyholder by ensuring that they have continued coverage as long as they fulfill their premium obligations.

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