LA Series 103 Exam Questions With All Correct Answers 2025.

LA Series 103 Exam Questions With All Correct Answers 2025. Maximum benefit refers to the - Correct Answer upper limit of the total lifetime benefits the insurance company will pay ____ is NOT an element of a valid contract - Correct Answer Countersignature ______ life is designed to pay the balance of a loan if the insured dies before repayment of the loan - Correct Answer Credit A 10% excise tax is normally applied to an early withdrawal from an IRA. According to HIPPA, this tax will not be applied if the withdrawal is used for medical expenses that exceed ___ of the individual's adjusted gross income. - Correct Answer 7.50% A beneficiary change can occur: - Correct Answer normally at any time during the policy term. A beneficiary has just received a claim payment for a life insurance policy. Which of the following is TRUE regarding federal income tax liability. - Correct Answer No federal income tax is owed on the life insurance proceeds. A business entity wishing to act as an insurance producer MUST - Correct Answer obtain a producer's license. A business will will typically use which type of life insurance to cover their employees? - Correct Answer Group Policy A cease and decist order - Correct Answer forbids a stated practice listed in the order. A change in an insurance application requires - Correct Answer an initial made by the applicant. A clause that allows an insurer the right to terminate coverage at any anniversary date is called a(n) - Correct Answer optional renewability clause A comman exclusion with Vision plans is - Correct Answer lasik surgery A company that is authorized by the Commissioner to transact insurance business in Louisiana is called a(n) - Correct Answer authorized insurer A dependent child may remain on a parents health insurance beyond the age of 26 if the child - Correct Answer has a mental or physical handicap and remains dependent on the parent A disability elimination period is best described as - Correct Answer time deductible A disability income policy can prevent an insured from earning a higher income than if he/she were working by utilizing - Correct Answer benefit limits A doctor who accepts Medicare Assignment agrees to which of the following? - Correct Answer Doctor cannot charge more than Medicare's scheduled coverage A domestic insurance company in Louisiana MUST - Correct Answer be organized under Louisiana insurance laws