LA Series 103 Exam: Complete Questions and Answers
Comprehensive LA Series 103 exam guide featuring
complete questions and accurate answers in PDF
format. Ideal for effective exam preparation and
reference
Latest Updated 2025/2026.
Maximum benefit refers to the - ansupper limit of the total lifetime benefits the insurance
company will pay
____ is NOT an element of a valid contract - ansCountersignature
______ life is designed to pay the balance of a loan if the insured dies before repayment of
the loan - ansCredit
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. - ans7.50%
A beneficiary change can occur: - ansnormally 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. - ansNo federal income tax is owed
on the life insurance proceeds.
A business entity wishing to act as an insurance producer MUST - ansobtain a producer's
license.
A business will will typically use which type of life insurance to cover their employees? -
ansGroup Policy
A cease and decist order - ansforbids a stated practice listed in the order.
A change in an insurance application requires - ansan initial made by the applicant.
A clause that allows an insurer the right to terminate coverage at any anniversary date is
called a(n) - ansoptional renewability clause
A comman exclusion with Vision plans is - anslasik surgery
A company that is authorized by the Commissioner to transact insurance business in
Louisiana is called a(n) - ansauthorized insurer
A dependent child may remain on a parents health insurance beyond the age of 26 if the child
- anshas a mental or physical handicap and remains dependent on the parent
A disability elimination period is best described as - anstime deductible
A disability income policy can prevent an insured from earning a higher income than if
he/she were working by utilizing - ansbenefit limits
A doctor who accepts Medicare Assignment agrees to which of the following? - ansDoctor
cannot charge more than Medicare's scheduled coverage
A domestic insurance company in Louisiana MUST - ansbe organized under Louisiana
insurance laws
A field underwriter's main task is - ansto ensure an applicant's medical information is
accurate and complete.
A foreign insurance company doing business in Louisiana - ansis a company that was formed
under the laws of another state.
A form of medical health insurance covering the treatment and care of gum - ansDental
expense insurance
A group Disability Income plan that pays tax-free benefits to covered employees is
considered - ansfully contributory
A guaranteed issued insurance policy has no - ansmedical underwriting
,LA Series 103 Exam: Complete Questions and Answers
Comprehensive LA Series 103 exam guide featuring
complete questions and accurate answers in PDF
format. Ideal for effective exam preparation and
reference
Latest Updated 2025/2026.
A health care provider claim may be settled using which of the following payment methods?
- ansFee-for service
A health insurance policy where the insurer has the right to terminate the policy owner's
premiums, but NOT cancel the policy is called a(n) - ansguaranteed renewable policy
A health insurance policy where the insurer has the right to terminate the policy for reasons
other than the insured's health is called - ansconditionally renewable
A health insurance policy will typically cover - anspreventative health services
A licensed producer MUST be _____ by an insurer to be eligible for soliciting insurance
contracts - ansappointed
A life insurance claim which involves a per capita distribution of policy proceeds would be
payable to the - ansnamed living primary beneficiaries
A life insurance company has transferred some of its risk to another insurer. The insurer
assuming the risk is called the - ansreinsurer
A life insurance policy normally contains a provision that restricts coverage in the event of
death under all of the following situations EXCEPT - ansfare-paying passenger
A life insurance policy sold in Louisiana can be contested by the insurer only during the first
___ years of the contract - anstwo
A life insurance policy that contains a guaranteed interest rate with the chance to earn a rate
that is higher than the guaranteed rate is called - ansUniversal life
A life insurance policy that has the premiums paid up within a select time period is called -
anslimited payment insurance
A life insurance policy that is subject to a contract interest rate is referred to as - ansuniversal
life
A life insurance policy which contains cash values that vary according to its investment
performance of stocks is called - ansVariable whole life
A life insurance policy written on one contract for two people in which it is payable upon the
first death is called - ansjoint
A life insurance policy owner does not have the right to - ansrevoke an absolute assignment
A life insurance policy owner was injured in an automobile accident which results in a total
and permanent disability. Which rider would pay a monthly amount because of this
disability? - ansDisability Income Rider
A life insurance replacement transaction could result in a/n - anssurrender charge
A life insurance rider that allows an individual to purchase insurance as they grow older,
regardless of insurability is called a(n) - ansGuaranteed Insurability Rider
A limited payment whole life policy provides - anslifetime protection
A long term care policy typically provides all of the following levels of care except - ansacute
care
A Louisiana insurance producer solicits a life insurance policy. In the event of a controversy
between the insured and the company, the producer is considered to represent the -
anscompany
,LA Series 103 Exam: Complete Questions and Answers
Comprehensive LA Series 103 exam guide featuring
complete questions and accurate answers in PDF
format. Ideal for effective exam preparation and
reference
Latest Updated 2025/2026.
A master contract and certificate of coverage can be found in which type of policy -
ansGroup
A medicare supplement basic benefit is - ansthe first 3 pints of blood a year
A Medicare supplement plan can be cancelled by the insurer for - ansnonpayment of
premiums
A medicare supplement policy can be cancelled by the insurer for - ansnonpayment
A Medicare Supplement Policy is - ansdesigned to fill in the gaps of Part A and Part B
Medicare
A Medicare Supplement policy's outline of coverage MUST include a(n) - ansdescription of
policy benefits
A Medicare Supplement Policy must NOT contain benefits which - ansduplicate Medicare
benefits
A newborn is required to be covered for ___ days from the moment of birth - ans31
A nonresident producer from a state outside of Louisiana may become licensed in Louisiana
IF a(n) - ansreciprocal arrangement exists with the state of domicile
A payment system for health care in which the provider is paid for each service given is
called - ansFee-for-service
A permanent life insurance policy where the policy owner pays premiums for a specified
number of years is called a(n) - anslimited pay policy
A person covered with an individual health plan - ansis issued a policy
A person who is a nonsmoker, of average weight, and in excellent health would most likely
be in which risk category - ansPrefereed
A pharmacy benefit covers presctiption drugs derived from a list called a(n) - ansdrug
formulary
A policy owner can receive a percetage payment of the death benefits prior to death by using
what kind of contract? - ansViatical Settlement Agreement
A policy owner is prohibited from taking any changes to the policy without the beneficiary's
written consent - ansIrrevocable beneficiary
A policy owner may change two policy features on what type of life insurance. -
ansAdjustable life
A policy owner may exercise which of these dividend options that uses the dividend to pay
all of part of the next premium due? - ansreduction of premium dividend option
A policy owner suffers an injury that renders him incapable of performing one or more
important job duties. Any decrease in income resulting from this injury would make him
eligible for benefits under which provision - anspartial disability
A policy owner who anticipates death or develops a life-threatening condition may obtain
proceeds from a life insurance contract. These proceeds are known as - ansaccelerated
benefits
A preexisting condition is a condition for which medical advice or treatment was
recommended by or received from a provider of health care services with ___ months
preceding a health policy's effective date - anssix
, LA Series 103 Exam: Complete Questions and Answers
Comprehensive LA Series 103 exam guide featuring
complete questions and accurate answers in PDF
format. Ideal for effective exam preparation and
reference
Latest Updated 2025/2026.
A producer license is NOT required when - ansUnderwriting insurance
A producer must notify the Commissioner within ___ days of a felony conviction - ans30
A producer who sells most of his/her insurance policies to family members is said to be
engaging in - anscontrolled business
A professional liability for which producers can be sued for mistakes for putting a policy into
effect is called - ansErrors and Omissions
A proposed insured for health insurance policy was treated for heart disease within the past
year. When applying for health insurance, the heart disease treatment - ansindicates a
preexisting condiction
A provision in a whole life policy that allows a policy owner to terminate the policy in return
for a reduced paid-up policy is called a(n) - ansnonforfeiture provision
A provision that allows a policy owner to withdraw a policy's cash value interest free is
called a(n) - anscollateral assignment
A provision that allows a policy owner to withdraw a policy's cash value interest free is a(n) -
anspartial surrender
A renewable Term Life Insurance policy allows the policy owner the right to renew the
policy - answithout producing proof of insurability
A rehabilitation benefit is intended to - ansprepare the insurer to return to emplyment
A renewable Term Life Insurance policy can be renewed - ansat a predetermined date or age
regardless of the insured's health
A rider that assures premiums will be paid on a juvenile policy until the child reaches a
specific age is called - anspayor rider
A rollover from a Traditional IRA to another IRA must be done within ___ days to avoid tax
consequences - ans60
A Roth IRA owner must be at least what age in order to make tax-free withdrawals - ans59
1/2 and owned account for minimum of 5 years
A securities license is required for a life insurance agent producer to sell - ansVariable Life
Insurance
A type of group that has a constitution and bylaws and has been organized for purposes other
than obtaining insurance is called a - ansassociation or labor group
A viatical settlement broker may NOT - ansmake any transactions before being approved for
a license.
A waiver of premium rider allows an insured to waive premium payments if the insured is -
anscompletely and permanently disabled
A Whole life Insurance policy accumulates cash value that becomes - ansThe policy loan
value which the insured may borrow against against
A whole life policy option where extended term insurance is selected is called a(n) -
ansnonforfeiture option
A(n) _______ sells, solicits, or negotiates insurance on behalf of insurance companies for
compensation - ansproducer
Comprehensive LA Series 103 exam guide featuring
complete questions and accurate answers in PDF
format. Ideal for effective exam preparation and
reference
Latest Updated 2025/2026.
Maximum benefit refers to the - ansupper limit of the total lifetime benefits the insurance
company will pay
____ is NOT an element of a valid contract - ansCountersignature
______ life is designed to pay the balance of a loan if the insured dies before repayment of
the loan - ansCredit
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. - ans7.50%
A beneficiary change can occur: - ansnormally 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. - ansNo federal income tax is owed
on the life insurance proceeds.
A business entity wishing to act as an insurance producer MUST - ansobtain a producer's
license.
A business will will typically use which type of life insurance to cover their employees? -
ansGroup Policy
A cease and decist order - ansforbids a stated practice listed in the order.
A change in an insurance application requires - ansan initial made by the applicant.
A clause that allows an insurer the right to terminate coverage at any anniversary date is
called a(n) - ansoptional renewability clause
A comman exclusion with Vision plans is - anslasik surgery
A company that is authorized by the Commissioner to transact insurance business in
Louisiana is called a(n) - ansauthorized insurer
A dependent child may remain on a parents health insurance beyond the age of 26 if the child
- anshas a mental or physical handicap and remains dependent on the parent
A disability elimination period is best described as - anstime deductible
A disability income policy can prevent an insured from earning a higher income than if
he/she were working by utilizing - ansbenefit limits
A doctor who accepts Medicare Assignment agrees to which of the following? - ansDoctor
cannot charge more than Medicare's scheduled coverage
A domestic insurance company in Louisiana MUST - ansbe organized under Louisiana
insurance laws
A field underwriter's main task is - ansto ensure an applicant's medical information is
accurate and complete.
A foreign insurance company doing business in Louisiana - ansis a company that was formed
under the laws of another state.
A form of medical health insurance covering the treatment and care of gum - ansDental
expense insurance
A group Disability Income plan that pays tax-free benefits to covered employees is
considered - ansfully contributory
A guaranteed issued insurance policy has no - ansmedical underwriting
,LA Series 103 Exam: Complete Questions and Answers
Comprehensive LA Series 103 exam guide featuring
complete questions and accurate answers in PDF
format. Ideal for effective exam preparation and
reference
Latest Updated 2025/2026.
A health care provider claim may be settled using which of the following payment methods?
- ansFee-for service
A health insurance policy where the insurer has the right to terminate the policy owner's
premiums, but NOT cancel the policy is called a(n) - ansguaranteed renewable policy
A health insurance policy where the insurer has the right to terminate the policy for reasons
other than the insured's health is called - ansconditionally renewable
A health insurance policy will typically cover - anspreventative health services
A licensed producer MUST be _____ by an insurer to be eligible for soliciting insurance
contracts - ansappointed
A life insurance claim which involves a per capita distribution of policy proceeds would be
payable to the - ansnamed living primary beneficiaries
A life insurance company has transferred some of its risk to another insurer. The insurer
assuming the risk is called the - ansreinsurer
A life insurance policy normally contains a provision that restricts coverage in the event of
death under all of the following situations EXCEPT - ansfare-paying passenger
A life insurance policy sold in Louisiana can be contested by the insurer only during the first
___ years of the contract - anstwo
A life insurance policy that contains a guaranteed interest rate with the chance to earn a rate
that is higher than the guaranteed rate is called - ansUniversal life
A life insurance policy that has the premiums paid up within a select time period is called -
anslimited payment insurance
A life insurance policy that is subject to a contract interest rate is referred to as - ansuniversal
life
A life insurance policy which contains cash values that vary according to its investment
performance of stocks is called - ansVariable whole life
A life insurance policy written on one contract for two people in which it is payable upon the
first death is called - ansjoint
A life insurance policy owner does not have the right to - ansrevoke an absolute assignment
A life insurance policy owner was injured in an automobile accident which results in a total
and permanent disability. Which rider would pay a monthly amount because of this
disability? - ansDisability Income Rider
A life insurance replacement transaction could result in a/n - anssurrender charge
A life insurance rider that allows an individual to purchase insurance as they grow older,
regardless of insurability is called a(n) - ansGuaranteed Insurability Rider
A limited payment whole life policy provides - anslifetime protection
A long term care policy typically provides all of the following levels of care except - ansacute
care
A Louisiana insurance producer solicits a life insurance policy. In the event of a controversy
between the insured and the company, the producer is considered to represent the -
anscompany
,LA Series 103 Exam: Complete Questions and Answers
Comprehensive LA Series 103 exam guide featuring
complete questions and accurate answers in PDF
format. Ideal for effective exam preparation and
reference
Latest Updated 2025/2026.
A master contract and certificate of coverage can be found in which type of policy -
ansGroup
A medicare supplement basic benefit is - ansthe first 3 pints of blood a year
A Medicare supplement plan can be cancelled by the insurer for - ansnonpayment of
premiums
A medicare supplement policy can be cancelled by the insurer for - ansnonpayment
A Medicare Supplement Policy is - ansdesigned to fill in the gaps of Part A and Part B
Medicare
A Medicare Supplement policy's outline of coverage MUST include a(n) - ansdescription of
policy benefits
A Medicare Supplement Policy must NOT contain benefits which - ansduplicate Medicare
benefits
A newborn is required to be covered for ___ days from the moment of birth - ans31
A nonresident producer from a state outside of Louisiana may become licensed in Louisiana
IF a(n) - ansreciprocal arrangement exists with the state of domicile
A payment system for health care in which the provider is paid for each service given is
called - ansFee-for-service
A permanent life insurance policy where the policy owner pays premiums for a specified
number of years is called a(n) - anslimited pay policy
A person covered with an individual health plan - ansis issued a policy
A person who is a nonsmoker, of average weight, and in excellent health would most likely
be in which risk category - ansPrefereed
A pharmacy benefit covers presctiption drugs derived from a list called a(n) - ansdrug
formulary
A policy owner can receive a percetage payment of the death benefits prior to death by using
what kind of contract? - ansViatical Settlement Agreement
A policy owner is prohibited from taking any changes to the policy without the beneficiary's
written consent - ansIrrevocable beneficiary
A policy owner may change two policy features on what type of life insurance. -
ansAdjustable life
A policy owner may exercise which of these dividend options that uses the dividend to pay
all of part of the next premium due? - ansreduction of premium dividend option
A policy owner suffers an injury that renders him incapable of performing one or more
important job duties. Any decrease in income resulting from this injury would make him
eligible for benefits under which provision - anspartial disability
A policy owner who anticipates death or develops a life-threatening condition may obtain
proceeds from a life insurance contract. These proceeds are known as - ansaccelerated
benefits
A preexisting condition is a condition for which medical advice or treatment was
recommended by or received from a provider of health care services with ___ months
preceding a health policy's effective date - anssix
, LA Series 103 Exam: Complete Questions and Answers
Comprehensive LA Series 103 exam guide featuring
complete questions and accurate answers in PDF
format. Ideal for effective exam preparation and
reference
Latest Updated 2025/2026.
A producer license is NOT required when - ansUnderwriting insurance
A producer must notify the Commissioner within ___ days of a felony conviction - ans30
A producer who sells most of his/her insurance policies to family members is said to be
engaging in - anscontrolled business
A professional liability for which producers can be sued for mistakes for putting a policy into
effect is called - ansErrors and Omissions
A proposed insured for health insurance policy was treated for heart disease within the past
year. When applying for health insurance, the heart disease treatment - ansindicates a
preexisting condiction
A provision in a whole life policy that allows a policy owner to terminate the policy in return
for a reduced paid-up policy is called a(n) - ansnonforfeiture provision
A provision that allows a policy owner to withdraw a policy's cash value interest free is
called a(n) - anscollateral assignment
A provision that allows a policy owner to withdraw a policy's cash value interest free is a(n) -
anspartial surrender
A renewable Term Life Insurance policy allows the policy owner the right to renew the
policy - answithout producing proof of insurability
A rehabilitation benefit is intended to - ansprepare the insurer to return to emplyment
A renewable Term Life Insurance policy can be renewed - ansat a predetermined date or age
regardless of the insured's health
A rider that assures premiums will be paid on a juvenile policy until the child reaches a
specific age is called - anspayor rider
A rollover from a Traditional IRA to another IRA must be done within ___ days to avoid tax
consequences - ans60
A Roth IRA owner must be at least what age in order to make tax-free withdrawals - ans59
1/2 and owned account for minimum of 5 years
A securities license is required for a life insurance agent producer to sell - ansVariable Life
Insurance
A type of group that has a constitution and bylaws and has been organized for purposes other
than obtaining insurance is called a - ansassociation or labor group
A viatical settlement broker may NOT - ansmake any transactions before being approved for
a license.
A waiver of premium rider allows an insured to waive premium payments if the insured is -
anscompletely and permanently disabled
A Whole life Insurance policy accumulates cash value that becomes - ansThe policy loan
value which the insured may borrow against against
A whole life policy option where extended term insurance is selected is called a(n) -
ansnonforfeiture option
A(n) _______ sells, solicits, or negotiates insurance on behalf of insurance companies for
compensation - ansproducer
