Louisiana Life, Health & Accident Insurance Series 103 Practice Exam | 90 Questions with 100% Correct Answers | Verified | Latest Update 2024

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. Which of the following is true about a decreasing term life policy? - The face amount reaches zero at policy expiration. Which of the following occurs immediately after the application is submitted and the initial premium paid? - 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? - Age All of the following are TRUE regarding incomplete applications EXCEPT - 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? - Fraudulent misstatements