LA SERIES 103 EXAM EVALUATION 2025/2026 QUESTIONS
AND ANSWERS RATED A+
✔✔All of these are common exclusions to a lfie insurance policy EXCEPT -
✔✔accidental death
✔✔All of these are considered key factors in underwriting life insurance EXCEPT -
✔✔Marital Status
✔✔All of these are considered sources of information that can assist an underwriter in
determining whether or not to accept a risk EXCEPT - ✔✔National Association of
Insurance Underwriters
✔✔All of these are standard exclusions found in a life insurance policy except -
✔✔disability
✔✔All of these are valid options for an Adjustable Life Policy EXCEPT - ✔✔A
nonforfeiture option can be used to increase the death benefit
✔✔All of these are valid policy dividend options for a life insurance policyowner
EXCEPT - ✔✔accumulate without interest
✔✔All of these statements concerning whole life insurance are false EXCEPT -
✔✔When a whole life policy is surrendered, income taxes may be owed
✔✔All of these types of benefits may be covered by a nonprofit health service plan
EXCEPT - ✔✔Disability Income
✔✔All of these are characteristics of a major medical expense policy except -
✔✔elimination periods
✔✔All these are valid policy dividend options for a life insurance policy owner except -
✔✔accumulate without interest
✔✔Ambiguities in an insurance policy are always resolved in favor of the - ✔✔insured
✔✔An accident and health policy that provides reimbursement benefits makes them
payable to the - ✔✔insured
✔✔An alien insurer - ✔✔is an insurer operating in the U.S. but headquartered outside
the US
,✔✔An annuitant dies during the distribution period. What kind of annuity will return to a
beneficiary the difference between the annuity value and the income payments already
made? - ✔✔refund annuity
✔✔An annuitant is guaranteed to NOT outlive their benefits with a(n) - ✔✔Guaranteed
Lifetime Withdrawal Benefit
✔✔An annuity is primarily used to provide - ✔✔retirement income
✔✔An applicant's character and personal habits can be obtained for underwriting
purposes from which source? - ✔✔investigative consumer report
✔✔An arkansas resident producer who would like to solicit insurance in Louisiana
MUST obtain a nonresident license in Louisiana. Which of these is NOT a requirement
for obtaining a nonresident license? - ✔✔Pass Louisiana's state licensing exam
✔✔An attending physician's statement would be appropriate for which life insurance
purpose? - ✔✔At the request of the insurer to assist in the underwriting decision
✔✔An eligible employee can be excluded from group health coverage for up to __
months if he/she is considered a "late enrollee" - ✔✔18
✔✔An employer is issued a group medical insurance policy. This single contract is
known as a(n) - ✔✔master policy
✔✔An employer may qualify for health care tax credits through SHOP marketplace if
that employer has fewer than how many employees? - ✔✔25
✔✔An endorsement found in an insurance plan which modifies the provisions of the
policy is called a(n) - ✔✔rider
✔✔An error was made on Mary's life insurance application. Which of the following areas
do errors commonly occur on applications and for which the incontestable clause does
NOT apply? - ✔✔age
✔✔An example of a primary care physician would be a(n) - ✔✔internist
✔✔An example of a tax-qualified retirement plan would be a(n) - ✔✔defined
contribution plan
✔✔An example of an Unfair Claims Settlement practice is - ✔✔Failing to promptly
provide reasonable explanations for the denial of claims
,✔✔An example of elective cosmetic surgery would be - ✔✔removing excess fat from an
insured's waistline
✔✔An example of endodontic treatment is a - ✔✔root canal
✔✔An example of naming a beneficiary by class would be - ✔✔"To the children born of
my union with Ned Jackson"
✔✔An example of unfair discrimination would be - ✔✔charging different premiums for
policyholders in the same risk classification
✔✔An existing life insurance policy is being replaced by a new one. A notice of
replacement must be provided by the ____ to be signed by the applicant. - ✔✔producer
✔✔An HMO that involves a partnership of physicians and other providers who practice
out of a central facility is called a(n) - ✔✔Group HMO
✔✔An immediate annuity has been purchased with a single premium. When does the
annuitant typically begin receiving benefit payments? - ✔✔1 month
✔✔An individual covered under a Blue Cross Blue Shieldl plan is called a(n) -
✔✔subscriber
✔✔An individual most liekly will have an insurable interest in insuring a person's life if -
✔✔an economic interest exists for the continuance of the insured's life
✔✔An individual who has a contract with an insurance company to represent it is called
a/an - ✔✔producer
✔✔An individual who removes the risk of losing money in the stock market by never
purchasing stokcs is said to be engaging in - ✔✔risk avoidance
✔✔An insurance producer decides to conduct business under an assumed name. The
commissioner MUST be notified of this change - ✔✔prior to using the assumed name
✔✔An insurance producer who convinces a prospective insured to purchase a policy by
exaggerating the benefits of the policy may be found guilty of - ✔✔misrepresentation
✔✔An insured has a health plan that pays established amounts in accordance with a list
of injuries surgical procedures, or other losses. This list is called a - ✔✔benefit schedule
, ✔✔An insured has a stop-loss limit of $5,000, a deductible of $500, and an 80/20
coinsurance. The insured incurs $25,000 of covered losses. How much will the insured
have to pay? - ✔✔$5,000
✔✔An insured individual and the policy's beneficiary die from the same accident. The
common disaster provision states the insurer will continue as if - ✔✔the insured outlived
the beneficiary
✔✔An insured under a Major Medical expense plan with a zero deductible and 80/20
coinsurance provision files a $1,000 claim. How much of this claim is the insured
responsible for? - ✔✔$200
✔✔An insured's status under Social Security can be described as - ✔✔fully insured
✔✔An insurer has __ days to file a notice of appointment to the commissioner. - ✔✔15
✔✔An insurer has a right to screen applicants for HIV in which of the following ways? -
✔✔Blood test for HIV
✔✔An insurer has the right to recover payment made to the insured from the negligent
party. These rights are called - ✔✔subrogation
✔✔An insurer is required to offer which of the following to each long-term care applicant
at the time of purchase? - ✔✔Inflation protection
✔✔An insurer must furnish to a claimant forms for filing proof of loss within __ days
upon receiving a notice of claim - ✔✔15
✔✔An insurer need NOT pay interest on death benefits if the proceeds of the life policy
are paid within - ✔✔20 days after the date of the death of the insured
✔✔An insurer will accept a premium from the insured and continue the coverage in full
force as though it was not late during which time period - ✔✔Grace Period
✔✔An insurere may exclude preexisting conditions on a Medicare Supplement policy
for ___ months. - ✔✔6
✔✔An insurer's ability to make unpredictable payouts to policyowners is called -
✔✔liquidity
✔✔An interest -sensitive life insurance policyowner may be able to withdraw the policy's
cash value interest free. The provision that allows this is called - ✔✔partial surrender
AND ANSWERS RATED A+
✔✔All of these are common exclusions to a lfie insurance policy EXCEPT -
✔✔accidental death
✔✔All of these are considered key factors in underwriting life insurance EXCEPT -
✔✔Marital Status
✔✔All of these are considered sources of information that can assist an underwriter in
determining whether or not to accept a risk EXCEPT - ✔✔National Association of
Insurance Underwriters
✔✔All of these are standard exclusions found in a life insurance policy except -
✔✔disability
✔✔All of these are valid options for an Adjustable Life Policy EXCEPT - ✔✔A
nonforfeiture option can be used to increase the death benefit
✔✔All of these are valid policy dividend options for a life insurance policyowner
EXCEPT - ✔✔accumulate without interest
✔✔All of these statements concerning whole life insurance are false EXCEPT -
✔✔When a whole life policy is surrendered, income taxes may be owed
✔✔All of these types of benefits may be covered by a nonprofit health service plan
EXCEPT - ✔✔Disability Income
✔✔All of these are characteristics of a major medical expense policy except -
✔✔elimination periods
✔✔All these are valid policy dividend options for a life insurance policy owner except -
✔✔accumulate without interest
✔✔Ambiguities in an insurance policy are always resolved in favor of the - ✔✔insured
✔✔An accident and health policy that provides reimbursement benefits makes them
payable to the - ✔✔insured
✔✔An alien insurer - ✔✔is an insurer operating in the U.S. but headquartered outside
the US
,✔✔An annuitant dies during the distribution period. What kind of annuity will return to a
beneficiary the difference between the annuity value and the income payments already
made? - ✔✔refund annuity
✔✔An annuitant is guaranteed to NOT outlive their benefits with a(n) - ✔✔Guaranteed
Lifetime Withdrawal Benefit
✔✔An annuity is primarily used to provide - ✔✔retirement income
✔✔An applicant's character and personal habits can be obtained for underwriting
purposes from which source? - ✔✔investigative consumer report
✔✔An arkansas resident producer who would like to solicit insurance in Louisiana
MUST obtain a nonresident license in Louisiana. Which of these is NOT a requirement
for obtaining a nonresident license? - ✔✔Pass Louisiana's state licensing exam
✔✔An attending physician's statement would be appropriate for which life insurance
purpose? - ✔✔At the request of the insurer to assist in the underwriting decision
✔✔An eligible employee can be excluded from group health coverage for up to __
months if he/she is considered a "late enrollee" - ✔✔18
✔✔An employer is issued a group medical insurance policy. This single contract is
known as a(n) - ✔✔master policy
✔✔An employer may qualify for health care tax credits through SHOP marketplace if
that employer has fewer than how many employees? - ✔✔25
✔✔An endorsement found in an insurance plan which modifies the provisions of the
policy is called a(n) - ✔✔rider
✔✔An error was made on Mary's life insurance application. Which of the following areas
do errors commonly occur on applications and for which the incontestable clause does
NOT apply? - ✔✔age
✔✔An example of a primary care physician would be a(n) - ✔✔internist
✔✔An example of a tax-qualified retirement plan would be a(n) - ✔✔defined
contribution plan
✔✔An example of an Unfair Claims Settlement practice is - ✔✔Failing to promptly
provide reasonable explanations for the denial of claims
,✔✔An example of elective cosmetic surgery would be - ✔✔removing excess fat from an
insured's waistline
✔✔An example of endodontic treatment is a - ✔✔root canal
✔✔An example of naming a beneficiary by class would be - ✔✔"To the children born of
my union with Ned Jackson"
✔✔An example of unfair discrimination would be - ✔✔charging different premiums for
policyholders in the same risk classification
✔✔An existing life insurance policy is being replaced by a new one. A notice of
replacement must be provided by the ____ to be signed by the applicant. - ✔✔producer
✔✔An HMO that involves a partnership of physicians and other providers who practice
out of a central facility is called a(n) - ✔✔Group HMO
✔✔An immediate annuity has been purchased with a single premium. When does the
annuitant typically begin receiving benefit payments? - ✔✔1 month
✔✔An individual covered under a Blue Cross Blue Shieldl plan is called a(n) -
✔✔subscriber
✔✔An individual most liekly will have an insurable interest in insuring a person's life if -
✔✔an economic interest exists for the continuance of the insured's life
✔✔An individual who has a contract with an insurance company to represent it is called
a/an - ✔✔producer
✔✔An individual who removes the risk of losing money in the stock market by never
purchasing stokcs is said to be engaging in - ✔✔risk avoidance
✔✔An insurance producer decides to conduct business under an assumed name. The
commissioner MUST be notified of this change - ✔✔prior to using the assumed name
✔✔An insurance producer who convinces a prospective insured to purchase a policy by
exaggerating the benefits of the policy may be found guilty of - ✔✔misrepresentation
✔✔An insured has a health plan that pays established amounts in accordance with a list
of injuries surgical procedures, or other losses. This list is called a - ✔✔benefit schedule
, ✔✔An insured has a stop-loss limit of $5,000, a deductible of $500, and an 80/20
coinsurance. The insured incurs $25,000 of covered losses. How much will the insured
have to pay? - ✔✔$5,000
✔✔An insured individual and the policy's beneficiary die from the same accident. The
common disaster provision states the insurer will continue as if - ✔✔the insured outlived
the beneficiary
✔✔An insured under a Major Medical expense plan with a zero deductible and 80/20
coinsurance provision files a $1,000 claim. How much of this claim is the insured
responsible for? - ✔✔$200
✔✔An insured's status under Social Security can be described as - ✔✔fully insured
✔✔An insurer has __ days to file a notice of appointment to the commissioner. - ✔✔15
✔✔An insurer has a right to screen applicants for HIV in which of the following ways? -
✔✔Blood test for HIV
✔✔An insurer has the right to recover payment made to the insured from the negligent
party. These rights are called - ✔✔subrogation
✔✔An insurer is required to offer which of the following to each long-term care applicant
at the time of purchase? - ✔✔Inflation protection
✔✔An insurer must furnish to a claimant forms for filing proof of loss within __ days
upon receiving a notice of claim - ✔✔15
✔✔An insurer need NOT pay interest on death benefits if the proceeds of the life policy
are paid within - ✔✔20 days after the date of the death of the insured
✔✔An insurer will accept a premium from the insured and continue the coverage in full
force as though it was not late during which time period - ✔✔Grace Period
✔✔An insurere may exclude preexisting conditions on a Medicare Supplement policy
for ___ months. - ✔✔6
✔✔An insurer's ability to make unpredictable payouts to policyowners is called -
✔✔liquidity
✔✔An interest -sensitive life insurance policyowner may be able to withdraw the policy's
cash value interest free. The provision that allows this is called - ✔✔partial surrender
