LA SERIES 103 EXAM WITH CORRECT
ACTUAL QUESTIONS AND CORRECTLY
WELL DEFINED ANSWERS LATEST
ALREADY GRADED A+ 2025 – 2026
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 - ANSWERS-Grace Period
An insurere may exclude preexisting conditions on a
Medicare Supplement policy for ___ months. - ANSWERS-6
An insurer's ability to make unpredictable payouts to
policyowners is called - ANSWERS-liquidity
A beneficiary change can occur: - ANSWERS-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. - ANSWERS-No federal income
tax is owed on the life insurance proceeds.
A business entity wishing to act as an insurance producer
MUST - ANSWERS-obtain a producer's license.
A business will will typically use which type of life insurance
to cover their employees? - ANSWERS-Group Policy
A cease and decist order - ANSWERS-forbids a stated
practice listed in the order.
A change in an insurance application requires - ANSWERS-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) - ANSWERS-
optional renewability clause
A comman exclusion with Vision plans is - ANSWERS-lasik
surgery
,A company that is authorized by the Commissioner to
transact insurance business in Louisiana is called a(n) -
ANSWERS-authorized insurer
A dependent child may remain on a parents health
insurance beyond the age of 26 if the child - ANSWERS-has a
mental or physical handicap and remains dependent on the
parent
A disability elimination period is best described as -
ANSWERS-time deductible
A disability income policy can prevent an insured from
earning a higher income than if he/she were working by
utilizing - ANSWERS-benefit limits
Maximum benefit refers to the - ANSWERS-upper limit of
the total lifetime benefits the insurance company will pay
____ is NOT an element of a valid contract - ANSWERS-
Countersignature
, ______ life is designed to pay the balance of a loan if the
insured dies before repayment of the loan - ANSWERS-
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. - ANSWERS-
7.50%
A doctor who accepts Medicare Assignment agrees to which
of the following? - ANSWERS-Doctor cannot charge more
than Medicare's scheduled coverage
A domestic insurance company in Louisiana MUST -
ANSWERS-be organized under Louisiana insurance laws
A field underwriter's main task is - ANSWERS-to ensure an
applicant's medical information is accurate and complete.
A foreign insurance company doing business in Louisiana -
ANSWERS-is a company that was formed under the laws of
another state.
ACTUAL QUESTIONS AND CORRECTLY
WELL DEFINED ANSWERS LATEST
ALREADY GRADED A+ 2025 – 2026
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 - ANSWERS-Grace Period
An insurere may exclude preexisting conditions on a
Medicare Supplement policy for ___ months. - ANSWERS-6
An insurer's ability to make unpredictable payouts to
policyowners is called - ANSWERS-liquidity
A beneficiary change can occur: - ANSWERS-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. - ANSWERS-No federal income
tax is owed on the life insurance proceeds.
A business entity wishing to act as an insurance producer
MUST - ANSWERS-obtain a producer's license.
A business will will typically use which type of life insurance
to cover their employees? - ANSWERS-Group Policy
A cease and decist order - ANSWERS-forbids a stated
practice listed in the order.
A change in an insurance application requires - ANSWERS-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) - ANSWERS-
optional renewability clause
A comman exclusion with Vision plans is - ANSWERS-lasik
surgery
,A company that is authorized by the Commissioner to
transact insurance business in Louisiana is called a(n) -
ANSWERS-authorized insurer
A dependent child may remain on a parents health
insurance beyond the age of 26 if the child - ANSWERS-has a
mental or physical handicap and remains dependent on the
parent
A disability elimination period is best described as -
ANSWERS-time deductible
A disability income policy can prevent an insured from
earning a higher income than if he/she were working by
utilizing - ANSWERS-benefit limits
Maximum benefit refers to the - ANSWERS-upper limit of
the total lifetime benefits the insurance company will pay
____ is NOT an element of a valid contract - ANSWERS-
Countersignature
, ______ life is designed to pay the balance of a loan if the
insured dies before repayment of the loan - ANSWERS-
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. - ANSWERS-
7.50%
A doctor who accepts Medicare Assignment agrees to which
of the following? - ANSWERS-Doctor cannot charge more
than Medicare's scheduled coverage
A domestic insurance company in Louisiana MUST -
ANSWERS-be organized under Louisiana insurance laws
A field underwriter's main task is - ANSWERS-to ensure an
applicant's medical information is accurate and complete.
A foreign insurance company doing business in Louisiana -
ANSWERS-is a company that was formed under the laws of
another state.
