Arkansas Code
Subchapter 1 - General Provisions
§ 23-79-112. Contents

(a) The written instrument in which a contract of insurance is set forth is the policy.
(b) Every policy shall specify:
(1) The names of the parties to the contract;
(2) The subject of the insurance;
(3) The risks insured against;
(4) The time when the insurance thereunder takes effect and the period during which the insurance is to continue;
(5) The premium or premium deposit;
(6) The policy fee, if any;
(7) The minimum premium to be retained, if any, by a property or casualty insurer in the event of cancellation of the policy by the insured; and
(8) The conditions pertaining to the insurance.

(c) If under the policy the exact amount of premium is determinable only at stated intervals or termination of the contract, a statement of the basis and rates upon which the premium is to be determined and paid shall be included.
(d) Subsections (b) and (c) of this section shall not apply as to surety contracts or to group insurance policies.
(e) All life and accident and health policies and annuity contracts issued by domestic insurers, and the forms thereof filed with the Insurance Commissioner, shall have printed thereon an appropriate designating letter or figure, or combination of letters or figures, or terms identifying the respective forms of policies or contracts, together with the year of adoption of the form. Whenever any change is made in the form, the designating letters, figures, or terms and year of adoption thereon shall be correspondingly changed.
(f)
(1) All individual life, annuity, and accident and health policy or contract filings, excluding medicare supplement policies and variable life policies and variable annuities, shall have a notice prominently printed on the first page of the policy or contract stating in substance that the policyholder shall have the right to return the policy or contract within ten (10) days of its delivery, unless the policy or contract provides for a greater period, and to have the premium refunded if after examination of the policy or contract the policyholder is not satisfied for any reason.
(2) If the policyholder returns the policy or contract to the insurance company or to the agent through whom it was purchased within ten (10) days of the policy delivery, it shall be void from its inception, and the parties shall be in the same position as if no policy or contract had been issued.

(g) A policy may contain additional provisions not inconsistent with this code and that are:
(1) Required to be inserted by the laws of the insurer's domicile;
(2) Necessary, on account of the manner in which the insurer is constituted or operated, in order to state the rights and obligations of the parties to the contract; or
(3) Desired by the insurer and neither prohibited by law nor in conflict with any provisions required to be included therein.

(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 issued for large commercial risks.

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