Arkansas Life and Health Insurance Practice Exam

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Guaranteed Renewable means:

  1. Non-renewable premiums, by individual policy only

  2. Renewable with adjustable premiums, by classification only

  3. Renewable with non-adjustable premiums

  4. Renewable with adjustable premiums, by individual only

The correct answer is: Non-renewable premiums, by individual policy only

Guaranteed Renewable means that the policy can be renewed by the individual policyholder without the insurance company being able to cancel it as long as the premiums are paid. This gives the policyholder the security that they can continue their coverage regardless of their health status or any claims made. This differs from the other options provided because non-renewable or adjustable premiums by classification or individual policies do not necessarily provide the same level of guaranteed coverage for the policyholder.

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