LA SERIES 103 COMPREHENSIVE EXAM SHEET 2025/2026
QUESTIONS AND ANSWERS RATED A+
✔✔What is the time limit on converting from group life to individual life? - ✔✔31 days
✔✔How soon can the benefit payments begin with a deferred annuity? - ✔✔A minimum
of 12 months after purchase
✔✔Type of annuity the provides a guaranteed accumulation or payout - ✔✔Annuity
certain
✔✔Type of annuity that stops payments upon death of the annuitant - ✔✔Life annuity
✔✔What happens to interest earned if the annuitant dies before the payout start date? -
✔✔It is taxable
✔✔If an annuitant dies before the annuity start date, what does he receive? -
✔✔Premiums paid plus interest earned
✔✔An annuitant is guaranteed to NOT outlive their benefits with a(n) - ✔✔Guaranteed
lifetime withdrawal benefit
✔✔What determines the annuity's payments? - ✔✔Life expectancy
✔✔How are annuities given favorable tax treatment? - ✔✔Gains are taxed at
distribution
✔✔Who assumes the risk with a fixed annuity contract? - ✔✔The insurer
✔✔What annuity requires payments that vary from year to year? - ✔✔Flexible premium
deferred annuity
✔✔How long must an individual be unable to engage in any gainful activity in order to
qualify for Social Security Total Disability? - ✔✔12 months
✔✔The period in which there are no Social Security benefits for the surviving spouse -
✔✔Blackout period
✔✔Who were Keogh plans designed for? - ✔✔Self-employed
✔✔How long must a rollover be completed to avoid being taxed as current income? -
✔✔60 days
, ✔✔How many employees must an employer have for a terminated employee to be
eligible for COBRA? - ✔✔20
✔✔Coordination of benefits does not apply to - ✔✔Preferred provider organization plan
(PPO)
✔✔What does COBRA allow for? - ✔✔A terminated employee to stay on group plan if
he pays premiums
✔✔When an insurer has the right to recover payment made to the insured from the
negligent party - ✔✔Subrogation
✔✔What type of insurance is meant to cover the cost of continuing to do business while
the owner is disabled? - ✔✔Business overhead expense policy
✔✔Dividend option in which the insurer invests the policy owner's money and add any
interest earnings as the dividends accrue - ✔✔Accumulation at interest option
✔✔The limited period of time given to all members to sign up for a group health plan -
✔✔Enrollment period
✔✔A nonparticipating company is sometimes called a - ✔✔Stock insurer
✔✔Life insurance policy that pays the face amount at the end of the period if the
insured is still alive - ✔✔Endowment contract
✔✔How much does Medicare Part B pay for physician fees? - ✔✔80%
✔✔Small employers who are sponsored by an insurer to provide group benefits to its
employees - ✔✔MEWA
✔✔What is medicare part B known as? - ✔✔Medical insurance
✔✔How are distributions from an HSA taxed? - ✔✔Tax-free
✔✔Which part of medicare is called medicare advantage? - ✔✔Part C
✔✔All ____________ policies must be guaranteed renewable - ✔✔Long term care
✔✔How many days to file a written notice for a health claim? - ✔✔20 days
✔✔What does noncancellable mean? - ✔✔Cannot change premiums
QUESTIONS AND ANSWERS RATED A+
✔✔What is the time limit on converting from group life to individual life? - ✔✔31 days
✔✔How soon can the benefit payments begin with a deferred annuity? - ✔✔A minimum
of 12 months after purchase
✔✔Type of annuity the provides a guaranteed accumulation or payout - ✔✔Annuity
certain
✔✔Type of annuity that stops payments upon death of the annuitant - ✔✔Life annuity
✔✔What happens to interest earned if the annuitant dies before the payout start date? -
✔✔It is taxable
✔✔If an annuitant dies before the annuity start date, what does he receive? -
✔✔Premiums paid plus interest earned
✔✔An annuitant is guaranteed to NOT outlive their benefits with a(n) - ✔✔Guaranteed
lifetime withdrawal benefit
✔✔What determines the annuity's payments? - ✔✔Life expectancy
✔✔How are annuities given favorable tax treatment? - ✔✔Gains are taxed at
distribution
✔✔Who assumes the risk with a fixed annuity contract? - ✔✔The insurer
✔✔What annuity requires payments that vary from year to year? - ✔✔Flexible premium
deferred annuity
✔✔How long must an individual be unable to engage in any gainful activity in order to
qualify for Social Security Total Disability? - ✔✔12 months
✔✔The period in which there are no Social Security benefits for the surviving spouse -
✔✔Blackout period
✔✔Who were Keogh plans designed for? - ✔✔Self-employed
✔✔How long must a rollover be completed to avoid being taxed as current income? -
✔✔60 days
, ✔✔How many employees must an employer have for a terminated employee to be
eligible for COBRA? - ✔✔20
✔✔Coordination of benefits does not apply to - ✔✔Preferred provider organization plan
(PPO)
✔✔What does COBRA allow for? - ✔✔A terminated employee to stay on group plan if
he pays premiums
✔✔When an insurer has the right to recover payment made to the insured from the
negligent party - ✔✔Subrogation
✔✔What type of insurance is meant to cover the cost of continuing to do business while
the owner is disabled? - ✔✔Business overhead expense policy
✔✔Dividend option in which the insurer invests the policy owner's money and add any
interest earnings as the dividends accrue - ✔✔Accumulation at interest option
✔✔The limited period of time given to all members to sign up for a group health plan -
✔✔Enrollment period
✔✔A nonparticipating company is sometimes called a - ✔✔Stock insurer
✔✔Life insurance policy that pays the face amount at the end of the period if the
insured is still alive - ✔✔Endowment contract
✔✔How much does Medicare Part B pay for physician fees? - ✔✔80%
✔✔Small employers who are sponsored by an insurer to provide group benefits to its
employees - ✔✔MEWA
✔✔What is medicare part B known as? - ✔✔Medical insurance
✔✔How are distributions from an HSA taxed? - ✔✔Tax-free
✔✔Which part of medicare is called medicare advantage? - ✔✔Part C
✔✔All ____________ policies must be guaranteed renewable - ✔✔Long term care
✔✔How many days to file a written notice for a health claim? - ✔✔20 days
✔✔What does noncancellable mean? - ✔✔Cannot change premiums
