Arkansas Life and Health Insurance Practice Exam

The qualifications for becoming an insurance producer include which of the following?

1. Licensed business entities must designate an individual producer to be responsible for the entity's compliance with all regulatory requirements

2. Individuals must submit 200 hours of practice work

3. Only state residency is required

4. Undergoing a psychological evaluation

The correct answer is: Licensed business entities must designate an individual producer to be responsible for the entity's compliance with all regulatory requirements

B, C, and D are incorrect options because they do not accurately reflect the qualifications for becoming an insurance producer. Option B mentions a requirement of 200 hours of practice work, but this is not a standard requirement for all states and may vary. Option C states that only state residency is required, but there are also other qualifications such as passing an exam and completing a pre-licensing course. Option D mentions a psychological evaluation, but this is not a standard requirement for becoming an insurance producer. Thus, option A is the most accurate as it reflects the standard requirement of designating an individual producer to ensure compliance with regulatory requirements.