LA SERIES 103 EXAM - COMPLETE QUESTIONS AND DETAILED
SOLUTIONS LATEST UPDATE THIS YEAR JUST RELEASED
Question 1: A Roth IRA owner must be at least what age in order t
omake tax-free withdrawals?
Answer:
59 1/2 and owned account for a minimum of 5 years
Question 2: A securities license is required for a life insurance
producer to sell
Answer:
Variable Life Insurance
Question 3: A type of group that has a constitution and bylaws and
has been organized for purposes other than obtaining insurance is
called a(n)
Answer:
association or labor group
Question 4: A viatical settlement broker may NOT
Answer:
make any transactions before being approved for a license
Question 5: A waiver of premium rider allows an insured to waive
premium payments if the insured is
Answer:
completely and permanently disabled
,Question 6: A Whole life Insurance policy accumulates cash value
that becomes
Answer:
The policy loan value which the insured may borrow against
Question 7: A whole life policy option where extended term
insurance is selected is called a(n)
Answer:
nonforfeiture option
Question 8: A(n) ______ sells, solicits, or negotiates insurance on
behalf of insurance companies for compensation.
Answer:
producer
Question 9: According to HIPAA, when an insured individual leaves
an employer and immediately begins working for a new company
that offers group health insurance, the individual
Answer:
is eligible for coverage upon hire
Question 10: According to life insurance contract law, insurable
interest exists
Answer:
at the time of application
Question 11: According to Louisiana law, group life insurance
conversion privileges must NOT
,Answer:
require evidence of insurability
Question 12: According to the Health Insurance Portability and
Accountability Act (HIPAA), when can a group health policy
renewal be denied?
Answer:
Participation or contribution rules have been violated.
Question 13: Advertising regulations exist in order to
Answer:
demonstrate full and truthful disclosure to the public
Question 14: After ___ year(s) from date of issue, a policy can no
longer be cancelled by the insurer for misstatements (except for
fraud)
Answer:
3
Question 15: After a disability policy has been in force for
__year(s), it is considered incontestable.
Answer:
3
Question 16: After an annuity has been in force for __year(s), It
becomes incontestable
Answer:
, 2 years
Question 17: After an insured gives notice of loss, what must
he/she do if the insurer does not furnish forms?
Answer:
File written proof of loss
Question 18: After the first payment is made, the grace period for
an accident and health policy is
Answer:
30 days
Question 19: All ____ policies must be guaranteed renewable
Answer:
long-term care
Question 20: All health Benefit Plans issued after January 1, 2014
must provide
Answer:
preventative health services
Question 21: All Louisiana licensed producers must complete
which of the following continuing education requirements
Answer:
24 Hours every 2 years
SOLUTIONS LATEST UPDATE THIS YEAR JUST RELEASED
Question 1: A Roth IRA owner must be at least what age in order t
omake tax-free withdrawals?
Answer:
59 1/2 and owned account for a minimum of 5 years
Question 2: A securities license is required for a life insurance
producer to sell
Answer:
Variable Life Insurance
Question 3: A type of group that has a constitution and bylaws and
has been organized for purposes other than obtaining insurance is
called a(n)
Answer:
association or labor group
Question 4: A viatical settlement broker may NOT
Answer:
make any transactions before being approved for a license
Question 5: A waiver of premium rider allows an insured to waive
premium payments if the insured is
Answer:
completely and permanently disabled
,Question 6: A Whole life Insurance policy accumulates cash value
that becomes
Answer:
The policy loan value which the insured may borrow against
Question 7: A whole life policy option where extended term
insurance is selected is called a(n)
Answer:
nonforfeiture option
Question 8: A(n) ______ sells, solicits, or negotiates insurance on
behalf of insurance companies for compensation.
Answer:
producer
Question 9: According to HIPAA, when an insured individual leaves
an employer and immediately begins working for a new company
that offers group health insurance, the individual
Answer:
is eligible for coverage upon hire
Question 10: According to life insurance contract law, insurable
interest exists
Answer:
at the time of application
Question 11: According to Louisiana law, group life insurance
conversion privileges must NOT
,Answer:
require evidence of insurability
Question 12: According to the Health Insurance Portability and
Accountability Act (HIPAA), when can a group health policy
renewal be denied?
Answer:
Participation or contribution rules have been violated.
Question 13: Advertising regulations exist in order to
Answer:
demonstrate full and truthful disclosure to the public
Question 14: After ___ year(s) from date of issue, a policy can no
longer be cancelled by the insurer for misstatements (except for
fraud)
Answer:
3
Question 15: After a disability policy has been in force for
__year(s), it is considered incontestable.
Answer:
3
Question 16: After an annuity has been in force for __year(s), It
becomes incontestable
Answer:
, 2 years
Question 17: After an insured gives notice of loss, what must
he/she do if the insurer does not furnish forms?
Answer:
File written proof of loss
Question 18: After the first payment is made, the grace period for
an accident and health policy is
Answer:
30 days
Question 19: All ____ policies must be guaranteed renewable
Answer:
long-term care
Question 20: All health Benefit Plans issued after January 1, 2014
must provide
Answer:
preventative health services
Question 21: All Louisiana licensed producers must complete
which of the following continuing education requirements
Answer:
24 Hours every 2 years
