LA Life, Health & Accident Insurance
Series 103 Practice Exam COMPLETE
QUESTIONS AND ANSWERS | ALREADY
PASSED | 2026/2027 LATEST!!
Under which situation must insurable interest exist between the applicant and
insured at the time of application? - ANSWER-When a third-party applicant names
themselves beneficiary.
Which of the following is true about a decreasing term life policy? - ANSWER-The
face amount reaches zero at policy expiration.
Which of the following occurs immediately after the application is submitted and
the initial premium paid? - ANSWER-The underwriting process begins
For an individual long-term care policy there is an annual dollar limit for tax
deductions that is based on which of the following? - ANSWER-Age
All of the following are TRUE regarding incomplete applications EXCEPT - ANSWER-
The incomplete application can be accepted with the missing information added
later.
, Which of the following is exempted from the incontestability provision in
insurance policies? - ANSWER-Fraudulent misstatements
All of the following statements define preexisting conditions EXCEPT - ANSWER-
Any chronic health condition that presents symptoms and which was unknown at
the time of application.
At which point are contractual death benefit settlement options determined and
by whom? - ANSWER-At the time the policy is purchased by the owner of the
policy
All of the following are tax qualified retirement plans EXCEPT - ANSWER-Section
529 plan
In which of the following does a covered employee agree to a reduction in
compensation so the amount can be used to cover medical expenses? - ANSWER-
Flexible Spending Account (FSA)
A consumer report used to determine eligibility for insurance may include all of
the following EXCEPT - ANSWER-Medical underwriting exam.
Which policy provision permits the policyowner to take a specified number of
days to examine the contract, and allows for cancellation and a full refund if the
policyowner rejects the terms or costs? - ANSWER-Free look
All of the following are required signatures on a life insurance application EXCEPT -
ANSWER-The minor in a juvenile policy.
Series 103 Practice Exam COMPLETE
QUESTIONS AND ANSWERS | ALREADY
PASSED | 2026/2027 LATEST!!
Under which situation must insurable interest exist between the applicant and
insured at the time of application? - ANSWER-When a third-party applicant names
themselves beneficiary.
Which of the following is true about a decreasing term life policy? - ANSWER-The
face amount reaches zero at policy expiration.
Which of the following occurs immediately after the application is submitted and
the initial premium paid? - ANSWER-The underwriting process begins
For an individual long-term care policy there is an annual dollar limit for tax
deductions that is based on which of the following? - ANSWER-Age
All of the following are TRUE regarding incomplete applications EXCEPT - ANSWER-
The incomplete application can be accepted with the missing information added
later.
, Which of the following is exempted from the incontestability provision in
insurance policies? - ANSWER-Fraudulent misstatements
All of the following statements define preexisting conditions EXCEPT - ANSWER-
Any chronic health condition that presents symptoms and which was unknown at
the time of application.
At which point are contractual death benefit settlement options determined and
by whom? - ANSWER-At the time the policy is purchased by the owner of the
policy
All of the following are tax qualified retirement plans EXCEPT - ANSWER-Section
529 plan
In which of the following does a covered employee agree to a reduction in
compensation so the amount can be used to cover medical expenses? - ANSWER-
Flexible Spending Account (FSA)
A consumer report used to determine eligibility for insurance may include all of
the following EXCEPT - ANSWER-Medical underwriting exam.
Which policy provision permits the policyowner to take a specified number of
days to examine the contract, and allows for cancellation and a full refund if the
policyowner rejects the terms or costs? - ANSWER-Free look
All of the following are required signatures on a life insurance application EXCEPT -
ANSWER-The minor in a juvenile policy.
