LA Life, Health & Accident Insurance Series
103 Practice Exam Questions and Answers
1. Under which situation must insurable interest exist between the
applicant and insured at the time of application?: When a third-party applicant names
themselves beneficiary.
2. Which of the following is true about a decreasing term life policy?: The face
amount
reaches zero at policy expiration.
3. Which of the following occurs immediately after the application is
submitted and the initial premium paid?: The underwriting process begins
4. For an individual long-term care policy there is an annual dollar limit
for tax deductions that is based on which of the following?: Age
5. All of the following are TRUE regarding incomplete applications EXCEPT:
The
incomplete application can be accepted with the missing information added later.
6. Which of the following is exempted from the incontestability
provision in insurance policies?: Fraudulent misstatements
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, 7. All of the following statements define preexisting conditions EXCEPT: Any
chronic
health condition that presents symptoms and which was unknown at the time of application.
8. At which point are contractual death benefit settlement options
determined and by whom?: At the time the policy is purchased by the owner of the policy
9. All of the following are tax qualified retirement plans EXCEPT: Section 529
plan
10. 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?: Flexible Spending Account (FSA)
11. A consumer report used to determine eligibility for insurance may
include all of the following EXCEPT: Medical underwriting exam.
12. 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?: Free look
13. All of the following are required signatures on a life insurance
application EXCEPT: The minor in a juvenile policy.
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103 Practice Exam Questions and Answers
1. Under which situation must insurable interest exist between the
applicant and insured at the time of application?: When a third-party applicant names
themselves beneficiary.
2. Which of the following is true about a decreasing term life policy?: The face
amount
reaches zero at policy expiration.
3. Which of the following occurs immediately after the application is
submitted and the initial premium paid?: The underwriting process begins
4. For an individual long-term care policy there is an annual dollar limit
for tax deductions that is based on which of the following?: Age
5. All of the following are TRUE regarding incomplete applications EXCEPT:
The
incomplete application can be accepted with the missing information added later.
6. Which of the following is exempted from the incontestability
provision in insurance policies?: Fraudulent misstatements
1/
13
, 7. All of the following statements define preexisting conditions EXCEPT: Any
chronic
health condition that presents symptoms and which was unknown at the time of application.
8. At which point are contractual death benefit settlement options
determined and by whom?: At the time the policy is purchased by the owner of the policy
9. All of the following are tax qualified retirement plans EXCEPT: Section 529
plan
10. 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?: Flexible Spending Account (FSA)
11. A consumer report used to determine eligibility for insurance may
include all of the following EXCEPT: Medical underwriting exam.
12. 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?: Free look
13. All of the following are required signatures on a life insurance
application EXCEPT: The minor in a juvenile policy.
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13
