Arkansas Life and Health Insurance Practice Exam

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Prepare for the Arkansas Life and Health Insurance Exam. Utilize flashcards and multiple-choice questions with hints and explanations for each question. Get thoroughly ready for your certification test!

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Which of the following organizations is required to file a non-profit status?

  1. Fraternal Benefit Society

  2. Health Maintenance Organization

  3. Mutual Insurance Company

  4. Risk Retention Group

The correct answer is: Fraternal Benefit Society

A Fraternal Benefit Society is required to file a non-profit status because it is a type of organization that operates on a non-profit basis for the benefit of its members. Fraternal Benefit Societies are membership-based organizations that provide insurance benefits to their members, often based on common interests or affiliations. Health Maintenance Organizations (HMOs), Mutual Insurance Companies, and Risk Retention Groups are not required to file a non-profit status. HMOs are managed care organizations, Mutual Insurance Companies are owned by policyholders, and Risk Retention Groups are formed by organizations with similar liability risks.

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