Insurance Policies Generally, General Provisions

What this document is

Ark. Code Ann. Title 23, Subtitle 3, Chapter 79, Subchapter 1 - Insurance Policies Generally, General Provisions (71 sections, 23-79-101 to 23-79-171) is a state statute published by Arkansas Code Revision Commission / Bureau of Legislative Research; Arkansas Code Annotated public access edition published by LexisNexis (advance.lexis.com). It is one of the Arkansas documents that insurance license exam questions are written from, including arkansas property & casualty practice questions. This page summarizes it and points to the official version, which is the text to rely on.

Sections cited in practice questions

Each practice answer shows the exact passage it comes from. These are sections of this document that questions cite, with a short excerpt from the source text.

• Ark. Code Ann. § 23-79-104 (Insurable interest, property)

  “No contract of insurance of property or of any interest in property or arising from property shall be enforceable as to the insurance except for the benefit of persons having an insurable interest in the things insured at the time of the effectuation of the insurance and at the time of the loss....”

• Ark. Code Ann. Sec. 23-79-118 (Noncomplying forms)

  “An insurance policy, rider, or endorsement issued and otherwise valid that contains any condition or provision not in compliance with state law is not rendered invalid but shall be construed and applied according to the conditions and provisions that would have applied had the policy, rider, or...”

• Ark. Code Ann. Sec. 23-79-107(c) (Application, statements as representations)

  “(c) In any action to rescind any policy or contract or to recover thereon, a misrepresentation is material if there is a causal relationship between the misrepresentation and the hazard resulting in a loss under the policy or contract.”

• Ark. Code Ann. Sec. 23-79-112(h) and (i) (Contents)

  “(h) On and after January 1, 1990, every property and casualty policy shall contain a provision stating the method to be utilized in computing premium refunds in the event of cancellation of the policy by the insured or the insurer. (i) The provisions of this section shall not apply to policies...”

• Ark. Code Ann. Sec. 23-79-127 (Claims administration by insurer not waiver)

  “Without limitation of any right or defense of an insurer otherwise, none of the following acts by or on behalf of an insurer shall be deemed to constitute a waiver of any provision of a policy or of any defense of the insurer thereunder: (1) Acknowledgment of the receipt of notice of loss or claim...”

• Ark. Code Ann. § 23-79-101(3) (Definitions)

  “(3) (A) “Premium” is the consideration for insurance, by whatever name called. (B) Any assessment, or any membership, policy, survey, inspection, service, or similar fee or charge in consideration for a policy is deemed part of the premium.”

• Ark. Code Ann. § 23-79-120(a) and (b) (Binders)

  “(a) Binders or other contracts for temporary insurance may be made orally or in writing and shall be deemed to include all the usual terms of the policy as to which the binder was given together with such applicable endorsements as are designated in the binder, except as superseded by the clear and...”

• Ark. Code Ann. § 23-79-168 (Deductible based on percentage of insured value, disclosure required)

  “An owner-occupied residential property insurance policy issued or renewed in this state that bases the deductible under the insurance policy for any loss, other than a loss due to an earthquake, on a percentage of the insured value of the insured property shall disclose to the insured the monetary...”

• Ark. Code Ann. § 23-79-155(a) (Commercial general liability insurance, required definition of occurrence)

  “(a) A commercial general liability insurance policy offered for sale in this state shall contain a definition of “occurrence” that includes: (1) Accidents, including continuous or repeated exposure to substantially the same general harmful conditions; and (2) Property damage or bodily injury...”

• Ark. Code Ann. § 23-79-155(b) (Commercial general liability insurance, exclusions unaffected)

  “(b) This section is not intended to restrict or limit the nature or types of exclusions from coverage that an insurer may include in a commercial general liability insurance policy.”

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