Ark. Code Ann. Title 23, Subtitle 3, Chapter 88, complete chapter, 46 sections, 23-88-101 to 23-88-610: Property Insurance

What this document is

Ark. Code Ann. Title 23, Subtitle 3, Chapter 88 - Property Insurance (complete chapter, 46 sections, 23-88-101 to 23-88-610) 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. § 23-88-106(a)(2), (b) and (c) (Expense depreciation applicable when determining value of damaged property)

  “(2) “Expense depreciation” means depreciation, including but not limited to the cost of goods, materials, labor, and services necessary to replace, repair, or rebuild damaged property. (b) An insurance policy covering damaged property: (1) May allow for expense depreciation; and (2) Shall provide...”

• Ark. Code Ann. § 23-88-101(a) (Valued policy law)

  “(1) Except as provided in subsection (b) of this section, in case of a total loss by fire or natural disaster of the property insured, a property insurance policy other than for flood and earthquake insurance shall be held and considered to be a liquidated demand against the company taking the risk...”

• Ark. Code Ann. § 23-88-306(b) and (c) (Provisions of plan)

  “(b) The plan shall also establish reasonable underwriting standards, subject to the approval of the Insurance Commissioner. Any applicant that meets these standards will be an insurable risk and entitled to property insurance through the association. (c) The plan shall include deductibles, rules...”

• Ark. Code Ann. § 23-88-207 (Requirement to enter into insurance contract)

  “(a) No insurer may enter into a contract to insure any building, except one (1) to four (4) family owner-occupied dwellings, against the peril of fire to be issued after July 4, 1983, unless the insurer first receives an antiarson application signed and affirmed by the insured, if required by the...”

• Ark. Code Ann. § 23-88-101(b) (Valued policy law, inapplicability)

  “(b) This section does not apply: (1) If a total loss by fire or a natural disaster other than a flood or an earthquake: (A) Is caused by the insured or someone acting on behalf of or in collusion with the insured, through: (i) A criminal act; (ii) Intentional misrepresentation; (iii) Fraud; or (iv)...”

• Ark. Code Ann. § 23-88-102(b)(1) (Paying costs of volunteer fire department services)

  “(1) When a volunteer fire department responds to a fire occurring or responds to a 911 or other fire emergency call within its district and the property that is the subject of the alarm is owned by a nonmember and insured in case of any damage resulting from a fire, the insurance company insuring...”

• Ark. Code Ann. § 23-88-105(a) and (b) (Notice required prior to expiration of property insurance policy)

  “(a) Except for nonpayment of premium, the insurer shall give either a written notice of nonrenewal or an offer of renewal at least thirty (30) days prior to the expiration of the policy's existing term. (b) The insurer shall send the insured a written notice and the insurance producer written or...”

• Ark. Code Ann. § 23-88-608 (Policy endorsement for roof loss or repairs)

  “An insurance company writing property insurance for personal risks that provides coverage of a single-family dwelling located in this state that is a non-FORTIFIED dwelling shall offer an optional rider, endorsement, or supplemental policy provision that provides the insured a right to receive...”

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