LA Series 103 Exam (Actual Exam 2025) |
Complete Questions and Correct Answers |
Graded A+ | Verified Answers | Just
Released | Brand New Version
James is the insured on a life insurance policy where his age was
misstated on the application. Which of the following is CORRECT
regarding the death benefit amount? ---------CORRECT ANSWER-----------
------The death benefit paid will be what the premium would have
purchased at the correct age
Jennifer is required to pay a specific sum out of pocket before any
benefits are paid within a year. Her health policy most contains a(n) ----
-----CORRECT ANSWER-----------------Deductible
Jim recently sold his whole life insurance policy under a viatical
settlement contract. The proceeds of this contract could be subject to
the claims of ---------CORRECT ANSWER-----------------creditors
Joanne has a $100,000 whole life polilcy with an accumulated $25,000
of cash value. She would like to borrow $15,000 against the cash value.
,Which of the following statements is TRUE? ---------CORRECT ANSWER---
--------------Net death benefit will be reduced if the loan is not repaid
Joe has a life insurance policy that has a face amount of $300,000. After
a number of years, the policys cash value accumulates to $50,000. The
face amount becomes $350,000. What kind of pollicy is this? ---------
CORRECT ANSWER-----------------Universal life policy
Joe is a Medicare participant who receives his benefits through a
Managed Health Care Plan.Which Medicare plan does he have? ---------
CORRECT ANSWER-----------------Part C
Jonas has disability insurance through his employer. The employer pays
75% of the premium, and Jonas pays the other 25%. What is Jonas's tax
liability for any benefits paid from the disability plan? ---------CORRECT
ANSWER-----------------Taxes must be paid on 75% of the benefits
received
Jonas is a whole life insurance policyowner and would like to add
coverage for his two children. Which of the following products would
allow him to accomplish this? ---------CORRECT ANSWER-----------------
child term rider
,Julie has a $100,000 30-year mortgage on her new home. What type of
life insurance could she purchase that is designed to pay off the loan
blance is she dies within the 30-year period? ---------CORRECT ANSWER-
----------------Decreasing Term Insurance
Justin is receiving disability income benefits from a group policy paid for
by his employer. How are these benefits treated for tax purposes? ------
---CORRECT ANSWER-----------------taxable income
Karen the producer pays for her client's initial premium payment as an
incentive for purchase. This act is considered a(n) ---------CORRECT
ANSWER-----------------rebate
Kate has a Major Medical Plan with a 75/25 coinsurance and a
deductible of $25. How much will she have to pay if she, not having met
any of her deductible, visits the doctor and receives a bill for $125? -----
----CORRECT ANSWER-----------------$50.00
, Kathy pays a monthly premium on her health insurance policy. How
long is her grace period? ---------CORRECT ANSWER-----------------10 days
Ken is a producer who has obtained Consumer Information Reports
under false pretenses. Under the Fair Credit Reporting Act, what is the
maximum penalty that may be imposed on Ken? ---------CORRECT
ANSWER-----------------$5,000
Key person Disability Insurance pays the benefits to the ---------
CORRECT ANSWER-----------------employer
Kiara filled out a life insrance applicationa nd was given a policy
illustration that showed future premiums being paid out of
nonguaranteed values. This illustration MUST disclose that ---------
CORRECT ANSWER-----------------she may need to resume premium
payments, depending on actual results
Kim has health insurance with a deductible of $500 and an 80/20
coinsurance. How much will she pay if she incurs a loss of $1,500? -------
--CORRECT ANSWER-----------------$700
Complete Questions and Correct Answers |
Graded A+ | Verified Answers | Just
Released | Brand New Version
James is the insured on a life insurance policy where his age was
misstated on the application. Which of the following is CORRECT
regarding the death benefit amount? ---------CORRECT ANSWER-----------
------The death benefit paid will be what the premium would have
purchased at the correct age
Jennifer is required to pay a specific sum out of pocket before any
benefits are paid within a year. Her health policy most contains a(n) ----
-----CORRECT ANSWER-----------------Deductible
Jim recently sold his whole life insurance policy under a viatical
settlement contract. The proceeds of this contract could be subject to
the claims of ---------CORRECT ANSWER-----------------creditors
Joanne has a $100,000 whole life polilcy with an accumulated $25,000
of cash value. She would like to borrow $15,000 against the cash value.
,Which of the following statements is TRUE? ---------CORRECT ANSWER---
--------------Net death benefit will be reduced if the loan is not repaid
Joe has a life insurance policy that has a face amount of $300,000. After
a number of years, the policys cash value accumulates to $50,000. The
face amount becomes $350,000. What kind of pollicy is this? ---------
CORRECT ANSWER-----------------Universal life policy
Joe is a Medicare participant who receives his benefits through a
Managed Health Care Plan.Which Medicare plan does he have? ---------
CORRECT ANSWER-----------------Part C
Jonas has disability insurance through his employer. The employer pays
75% of the premium, and Jonas pays the other 25%. What is Jonas's tax
liability for any benefits paid from the disability plan? ---------CORRECT
ANSWER-----------------Taxes must be paid on 75% of the benefits
received
Jonas is a whole life insurance policyowner and would like to add
coverage for his two children. Which of the following products would
allow him to accomplish this? ---------CORRECT ANSWER-----------------
child term rider
,Julie has a $100,000 30-year mortgage on her new home. What type of
life insurance could she purchase that is designed to pay off the loan
blance is she dies within the 30-year period? ---------CORRECT ANSWER-
----------------Decreasing Term Insurance
Justin is receiving disability income benefits from a group policy paid for
by his employer. How are these benefits treated for tax purposes? ------
---CORRECT ANSWER-----------------taxable income
Karen the producer pays for her client's initial premium payment as an
incentive for purchase. This act is considered a(n) ---------CORRECT
ANSWER-----------------rebate
Kate has a Major Medical Plan with a 75/25 coinsurance and a
deductible of $25. How much will she have to pay if she, not having met
any of her deductible, visits the doctor and receives a bill for $125? -----
----CORRECT ANSWER-----------------$50.00
, Kathy pays a monthly premium on her health insurance policy. How
long is her grace period? ---------CORRECT ANSWER-----------------10 days
Ken is a producer who has obtained Consumer Information Reports
under false pretenses. Under the Fair Credit Reporting Act, what is the
maximum penalty that may be imposed on Ken? ---------CORRECT
ANSWER-----------------$5,000
Key person Disability Insurance pays the benefits to the ---------
CORRECT ANSWER-----------------employer
Kiara filled out a life insrance applicationa nd was given a policy
illustration that showed future premiums being paid out of
nonguaranteed values. This illustration MUST disclose that ---------
CORRECT ANSWER-----------------she may need to resume premium
payments, depending on actual results
Kim has health insurance with a deductible of $500 and an 80/20
coinsurance. How much will she pay if she incurs a loss of $1,500? -------
--CORRECT ANSWER-----------------$700
