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LOUISIANA LIFE, HEALTH & ACCIDENT
INSURANCE SERIES 103 PRACTICE EXAM
2025| BRAND NEW ACTUAL EXAM WITH 100%
VERIFIED QUESTIONS AND CORRECT
SOLUTIONS| GUARANTEED VALUE PACK| ACE
YOUR GRADES.
1. Under which situation must insurable interest exist between the
applicant and insured at the time of application? - Correct Answer-When
a third-party applicant names themselves beneficiary.
2. Which of the following is true about a decreasing term life policy? -
Correct Answer-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? - Correct Answer-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? - Correct
Answer-Age
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5. All of the following are TRUE regarding incomplete applications
EXCEPT - Correct Answer-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? - Correct Answer-Fraudulent misstatements
7. All of the following statements define preexisting conditions EXCEPT -
Correct Answer-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? - Correct Answer-At the time the policy is
purchased by the owner of the policy
9. All of the following are tax qualified retirement plans EXCEPT - Correct
Answer-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? - Correct Answer-Flexible Spending Account (FSA)
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11. A consumer report used to determine eligibility for insurance may
include all of the following EXCEPT - Correct Answer-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? - Correct
Answer-Free look
13. All of the following are required signatures on a life insurance
application EXCEPT - Correct Answer-The minor in a juvenile policy.
14. Why is rehabilitation considered worthy of federal help under workers'
compensation? - Correct Answer-It reduces insurance losses and helps
regain the worker's dignity
15. All of the following are characteristics of variable whole life EXCEPT -
Correct Answer-There is no guaranteed minimum death benefit.
16. Why is the accidental death benefit referred to as double indemnity? -
Correct Answer-It provides twice the face value in the policy for death
due to accident
LOUISIANA LIFE, HEALTH & ACCIDENT
INSURANCE SERIES 103 PRACTICE EXAM
2025| BRAND NEW ACTUAL EXAM WITH 100%
VERIFIED QUESTIONS AND CORRECT
SOLUTIONS| GUARANTEED VALUE PACK| ACE
YOUR GRADES.
1. Under which situation must insurable interest exist between the
applicant and insured at the time of application? - Correct Answer-When
a third-party applicant names themselves beneficiary.
2. Which of the following is true about a decreasing term life policy? -
Correct Answer-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? - Correct Answer-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? - Correct
Answer-Age
, Page |2
5. All of the following are TRUE regarding incomplete applications
EXCEPT - Correct Answer-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? - Correct Answer-Fraudulent misstatements
7. All of the following statements define preexisting conditions EXCEPT -
Correct Answer-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? - Correct Answer-At the time the policy is
purchased by the owner of the policy
9. All of the following are tax qualified retirement plans EXCEPT - Correct
Answer-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? - Correct Answer-Flexible Spending Account (FSA)
, Page |3
11. A consumer report used to determine eligibility for insurance may
include all of the following EXCEPT - Correct Answer-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? - Correct
Answer-Free look
13. All of the following are required signatures on a life insurance
application EXCEPT - Correct Answer-The minor in a juvenile policy.
14. Why is rehabilitation considered worthy of federal help under workers'
compensation? - Correct Answer-It reduces insurance losses and helps
regain the worker's dignity
15. All of the following are characteristics of variable whole life EXCEPT -
Correct Answer-There is no guaranteed minimum death benefit.
16. Why is the accidental death benefit referred to as double indemnity? -
Correct Answer-It provides twice the face value in the policy for death
due to accident
