9/27/25, 9:04 AM LA Series 103 Exam <span style="color:#000;font-weight:bold;">730+</span> (2025-2026 A+ Graded) Exam-Style Questions | Veri…
LA Series 103 Exam Questions and Answers
Question 1
Maximum benefit refers to the
Correct Answer
upper limit of the total lifetime benefits the insurance company will pay
Question 2
____ is NOT an element of a valid contract
Correct Answer
Countersignature
Question 3
______ life is designed to pay the balance of a loan if the insured dies before
repayment of the loan
Correct Answer
Credit
Question 4
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%
Question 5
A beneficiary change can occur:
Correct Answer
normally at any time during the policy term.
Page 1 of 143
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,9/27/25, 9:04 AM LA Series 103 Exam <span style="color:#000;font-weight:bold;">730+</span> (2025-2026 A+ Graded) Exam-Style Questions | Veri…
Question 6
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.
Question 7
A business entity wishing to act as an insurance producer MUST
Correct Answer
obtain a producer's license.
Question 8
A business will will typically use which type of life insurance to cover their employees?
Correct Answer
Group Policy
Question 9
A cease and decist order
Correct Answer
forbids a stated practice listed in the order.
Question 10
A change in an insurance application requires
Correct Answer
an initial made by the applicant.
Page 2 of 143
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,9/27/25, 9:04 AM LA Series 103 Exam <span style="color:#000;font-weight:bold;">730+</span> (2025-2026 A+ Graded) Exam-Style Questions | Veri…
Question 11
A clause that allows an insurer the right to terminate coverage at any anniversary date
is called a(n)
Correct Answer
optional renewability clause
Question 12
A comman exclusion with Vision plans is
Correct Answer
lasik surgery
Question 13
A company that is authorized by the Commissioner to transact insurance business in
Louisiana is called a(n)
Correct Answer
authorized insurer
Question 14
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
Question 15
A disability elimination period is best described as
Correct Answer
time deductible
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, 9/27/25, 9:04 AM LA Series 103 Exam <span style="color:#000;font-weight:bold;">730+</span> (2025-2026 A+ Graded) Exam-Style Questions | Veri…
Question 16
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
Question 17
A doctor who accepts Medicare Assignment agrees to which of the following?
Correct Answer
Doctor cannot charge more than Medicare's scheduled coverage
Question 18
A domestic insurance company in Louisiana MUST
Correct Answer
be organized under Louisiana insurance laws
Question 19
A field underwriter's main task is
Correct Answer
to ensure an applicant's medical information is accurate and complete.
Question 20
A foreign insurance company doing business in Louisiana
Correct Answer
is a company that was formed under the laws of another state.
Question 21
A form of medical health insurance covering the treatment and care of gum
Correct Answer
Dental expense insurance
Page 4 of 143
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LA Series 103 Exam Questions and Answers
Question 1
Maximum benefit refers to the
Correct Answer
upper limit of the total lifetime benefits the insurance company will pay
Question 2
____ is NOT an element of a valid contract
Correct Answer
Countersignature
Question 3
______ life is designed to pay the balance of a loan if the insured dies before
repayment of the loan
Correct Answer
Credit
Question 4
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%
Question 5
A beneficiary change can occur:
Correct Answer
normally at any time during the policy term.
Page 1 of 143
1/143
,9/27/25, 9:04 AM LA Series 103 Exam <span style="color:#000;font-weight:bold;">730+</span> (2025-2026 A+ Graded) Exam-Style Questions | Veri…
Question 6
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.
Question 7
A business entity wishing to act as an insurance producer MUST
Correct Answer
obtain a producer's license.
Question 8
A business will will typically use which type of life insurance to cover their employees?
Correct Answer
Group Policy
Question 9
A cease and decist order
Correct Answer
forbids a stated practice listed in the order.
Question 10
A change in an insurance application requires
Correct Answer
an initial made by the applicant.
Page 2 of 143
2/143
,9/27/25, 9:04 AM LA Series 103 Exam <span style="color:#000;font-weight:bold;">730+</span> (2025-2026 A+ Graded) Exam-Style Questions | Veri…
Question 11
A clause that allows an insurer the right to terminate coverage at any anniversary date
is called a(n)
Correct Answer
optional renewability clause
Question 12
A comman exclusion with Vision plans is
Correct Answer
lasik surgery
Question 13
A company that is authorized by the Commissioner to transact insurance business in
Louisiana is called a(n)
Correct Answer
authorized insurer
Question 14
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
Question 15
A disability elimination period is best described as
Correct Answer
time deductible
Page 3 of 143
3/143
, 9/27/25, 9:04 AM LA Series 103 Exam <span style="color:#000;font-weight:bold;">730+</span> (2025-2026 A+ Graded) Exam-Style Questions | Veri…
Question 16
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
Question 17
A doctor who accepts Medicare Assignment agrees to which of the following?
Correct Answer
Doctor cannot charge more than Medicare's scheduled coverage
Question 18
A domestic insurance company in Louisiana MUST
Correct Answer
be organized under Louisiana insurance laws
Question 19
A field underwriter's main task is
Correct Answer
to ensure an applicant's medical information is accurate and complete.
Question 20
A foreign insurance company doing business in Louisiana
Correct Answer
is a company that was formed under the laws of another state.
Question 21
A form of medical health insurance covering the treatment and care of gum
Correct Answer
Dental expense insurance
Page 4 of 143
4/143
