(1) As used in the Arkansas Insurance Code, unless the context otherwise requires, “life insurance” is insurance on human lives.
(2) The transaction of life insurance includes also the granting of endowment benefits, benefits for expenses incurred in connection with death, additional benefits in event of death or dismemberment by accident or accidental means, additional benefits in event of the insured's disability, and optional modes of settlement of proceeds of life insurance.
(3) Transaction of life insurance does not include workers' compensation, as defined in § 23-62-105(a)(3).