LA Series 103 Exam Questions with Detailed
Verified Answers 100% Correct Answers Already
Graded A+
Quiz: Maximum benefit refers to the Ans: upper limit of the total lifetime
benefits the insurance company will pay
Quiz: ____ is NOT an element of a valid contract Ans: Countersignature
Quiz: ______ life is designed to pay the balance of a loan if the insured dies
before repayment of the loan Ans: Credit
Quiz: A 10% excise tax is normally applied to an early withdrawal from an
IRA. According to HIPPA, this tax will not be applied if the withdrawal is used
for medical expenses that exceed ___ of the individual's adjusted gross
income. Ans: 7.50%
Quiz: A beneficiary change can occur: Ans: normally at any time during the
policy term.
Quiz: A beneficiary has just received a claim payment for a life insurance
policy. Which of the following is TRUE regarding federal income tax liability.
Ans: No federal income tax is owed on the life insurance proceeds.
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,Quiz: A business entity wishing to act as an insurance producer MUST Ans:
obtain a producer's license.
Quiz: A business will will typically use which type of life insurance to cover
their employees? Ans: Group Policy
Quiz: A cease and decist order Ans: forbids a stated practice listed in the
order.
Quiz: A change in an insurance application requires Ans: an initial made by
the applicant.
Quiz: A clause that allows an insurer the right to terminate coverage at any
anniversary date is called a(n) Ans: optional renewability clause
Quiz: A comman exclusion with Vision plans is Ans: lasik surgery
Quiz: A company that is authorized by the Commissioner to transact
insurance business in Louisiana is called a(n) Ans: authorized insurer
Quiz: A dependent child may remain on a parents health insurance beyond
the age of 26 if the child Ans: has a mental or physical handicap and remains
dependent on the parent
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,Quiz: A disability elimination period is best described as Ans: time
deductible
Quiz: A disability income policy can prevent an insured from earning a higher
income than if he/she were working by utilizing Ans: benefit limits
Quiz: A doctor who accepts Medicare Assignment agrees to which of the
following? Ans: Doctor cannot charge more than Medicare's scheduled
coverage
Quiz: A domestic insurance company in Louisiana MUST Ans: be organized
under Louisiana insurance laws
Quiz: A field underwriter's main task is Ans: to ensure an applicant's
medical information is accurate and complete.
Quiz: A foreign insurance company doing business in Louisiana Ans: is a
company that was formed under the laws of another state.
Quiz: A form of medical health insurance covering the treatment and care of
gum Ans: Dental expense insurance
Quiz: A group Disability Income plan that pays tax-free benefits to covered
employees is considered Ans: fully contributory
© 2025 Get it right Stuvia US All rights reserved
, Quiz: A guaranteed issued insurance policy has no Ans: medical
underwriting
Quiz: A health care provider claim may be settled using which of the
following payment methods? Ans: Fee-for service
Quiz: A health insurance policy where the insurer has the right to terminate
the policy owner's premiums, but NOT cancel the policy is called a(n) Ans:
guaranteed renewable policy
Quiz: A health insurance policy where the insurer has the right to terminate
the policy for reasons other than the insured's health is called Ans:
conditionally renewable
Quiz: A health insurance policy will typically cover Ans: preventative health
services
Quiz: A licensed producer MUST be _____ by an insurer to be eligible for
soliciting insurance contracts Ans: appointed
Quiz: A life insurance claim which involves a per capita distribution of policy
proceeds would be payable to the Ans: named living primary beneficiaries
Quiz: A life insurance company has transferred some of its risk to another
insurer. The insurer assuming the risk is called the Ans: reinsurer
© 2025 Get it right Stuvia US All rights reserved
Verified Answers 100% Correct Answers Already
Graded A+
Quiz: Maximum benefit refers to the Ans: upper limit of the total lifetime
benefits the insurance company will pay
Quiz: ____ is NOT an element of a valid contract Ans: Countersignature
Quiz: ______ life is designed to pay the balance of a loan if the insured dies
before repayment of the loan Ans: Credit
Quiz: A 10% excise tax is normally applied to an early withdrawal from an
IRA. According to HIPPA, this tax will not be applied if the withdrawal is used
for medical expenses that exceed ___ of the individual's adjusted gross
income. Ans: 7.50%
Quiz: A beneficiary change can occur: Ans: normally at any time during the
policy term.
Quiz: A beneficiary has just received a claim payment for a life insurance
policy. Which of the following is TRUE regarding federal income tax liability.
Ans: No federal income tax is owed on the life insurance proceeds.
© 2025 Get it right Stuvia US All rights reserved
,Quiz: A business entity wishing to act as an insurance producer MUST Ans:
obtain a producer's license.
Quiz: A business will will typically use which type of life insurance to cover
their employees? Ans: Group Policy
Quiz: A cease and decist order Ans: forbids a stated practice listed in the
order.
Quiz: A change in an insurance application requires Ans: an initial made by
the applicant.
Quiz: A clause that allows an insurer the right to terminate coverage at any
anniversary date is called a(n) Ans: optional renewability clause
Quiz: A comman exclusion with Vision plans is Ans: lasik surgery
Quiz: A company that is authorized by the Commissioner to transact
insurance business in Louisiana is called a(n) Ans: authorized insurer
Quiz: A dependent child may remain on a parents health insurance beyond
the age of 26 if the child Ans: has a mental or physical handicap and remains
dependent on the parent
© 2025 Get it right Stuvia US All rights reserved
,Quiz: A disability elimination period is best described as Ans: time
deductible
Quiz: A disability income policy can prevent an insured from earning a higher
income than if he/she were working by utilizing Ans: benefit limits
Quiz: A doctor who accepts Medicare Assignment agrees to which of the
following? Ans: Doctor cannot charge more than Medicare's scheduled
coverage
Quiz: A domestic insurance company in Louisiana MUST Ans: be organized
under Louisiana insurance laws
Quiz: A field underwriter's main task is Ans: to ensure an applicant's
medical information is accurate and complete.
Quiz: A foreign insurance company doing business in Louisiana Ans: is a
company that was formed under the laws of another state.
Quiz: A form of medical health insurance covering the treatment and care of
gum Ans: Dental expense insurance
Quiz: A group Disability Income plan that pays tax-free benefits to covered
employees is considered Ans: fully contributory
© 2025 Get it right Stuvia US All rights reserved
, Quiz: A guaranteed issued insurance policy has no Ans: medical
underwriting
Quiz: A health care provider claim may be settled using which of the
following payment methods? Ans: Fee-for service
Quiz: A health insurance policy where the insurer has the right to terminate
the policy owner's premiums, but NOT cancel the policy is called a(n) Ans:
guaranteed renewable policy
Quiz: A health insurance policy where the insurer has the right to terminate
the policy for reasons other than the insured's health is called Ans:
conditionally renewable
Quiz: A health insurance policy will typically cover Ans: preventative health
services
Quiz: A licensed producer MUST be _____ by an insurer to be eligible for
soliciting insurance contracts Ans: appointed
Quiz: A life insurance claim which involves a per capita distribution of policy
proceeds would be payable to the Ans: named living primary beneficiaries
Quiz: A life insurance company has transferred some of its risk to another
insurer. The insurer assuming the risk is called the Ans: reinsurer
© 2025 Get it right Stuvia US All rights reserved
