1
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LA Series 103 Exam Questions and
Answers (100% Correct Answers) Already
Graded A+
Maximum benefit refers to the [ Ans: ] upper limit of the total
lifetime benefits the insurance company will pay
____ is NOT an element of a valid contract [ Ans: ]
Countersignature
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______ life is designed to pay the balance of a loan if the insured
dies before repayment of the loan [ Ans: ] Credit
A 10% excise tax is normally applied to an early withdrawal from
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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. [ Ans: ] 7.50%
A beneficiary change can occur: [ Ans: ] 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. [ Ans: ] No federal income tax is owed on
the life insurance proceeds.
A business entity wishing to act as an insurance producer MUST [
Ans: ] obtain a producer's license.
A business will will typically use which type of life insurance to
cover their employees? [ Ans: ] Group Policy
A cease and decist order [ Ans: ] forbids a stated practice listed
in the order.
A change in an insurance application requires [ Ans: ] an initial
made by the applicant.
, 2
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A clause that allows an insurer the right to terminate coverage at
any anniversary date is called a(n) [ Ans: ] optional renewability
clause
A comman exclusion with Vision plans is [ Ans: ] lasik surgery
A company that is authorized by the Commissioner to transact
insurance business in Louisiana is called a(n) [ Ans: ] authorized
insurer
A dependent child may remain on a parents health insurance
beyond the age of 26 if the child [ Ans: ] has a mental or
physical handicap and remains dependent on the parent
A disability elimination period is best described as [ Ans: ] time
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deductible
A disability income policy can prevent an insured from earning a
higher income than if he/she were working by utilizing [ Ans: ]
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benefit limits
A doctor who accepts Medicare Assignment agrees to which of
the following? [ Ans: ] Doctor cannot charge more than
Medicare's scheduled coverage
A domestic insurance company in Louisiana MUST [ Ans: ] be
organized under Louisiana insurance laws
A field underwriter's main task is [ Ans: ] to ensure an applicant's
medical information is accurate and complete.
A foreign insurance company doing business in Louisiana [ Ans: ]
is a company that was formed under the laws of another state.
A form of medical health insurance covering the treatment and
care of gum [ Ans: ] Dental expense insurance
A group Disability Income plan that pays tax-free benefits to
covered employees is considered [ Ans: ] fully contributory
A guaranteed issued insurance policy has no [ Ans: ] medical
underwriting
A health care provider claim may be settled using which of the
following payment methods? [ Ans: ] Fee-for service
, 3
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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) [ Ans: ] guaranteed 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 [ Ans: ] conditionally renewable
A health insurance policy will typically cover [ Ans: ]
preventative health services
A licensed producer MUST be _____ by an insurer to be eligible for
soliciting insurance contracts [ Ans: ] appointed
A life insurance claim which involves a per capita distribution of
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policy proceeds would be payable to the [ Ans: ] named living
primary beneficiaries
A life insurance company has transferred some of its risk to
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another insurer. The insurer assuming the risk is called the [ Ans: ]
reinsurer
A life insurance policy normally contains a provision that restricts
coverage in the event of death under all of the following
situations EXCEPT [ Ans: ] fare-paying passenger
A life insurance policy sold in Louisiana can be contested by the
insurer only during the first ___ years of the contract [ Ans: ] two
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 [ Ans: ] Universal life
A life insurance policy that has the premiums paid up within a
select time period is called [ Ans: ] limited payment insurance
A life insurance policy that is subject to a contract interest rate is
referred to as [ Ans: ] universal life
A life insurance policy which contains cash values that vary
according to its investment performance of stocks is called [ Ans:
] Variable whole life
, 4
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A life insurance policy written on one contract for two people in
which it is payable upon the first death is called [ Ans: ] joint
A life insurance policy owner does not have the right to [ Ans: ]
revoke 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? [
Ans: ] Disability Income Rider
A life insurance replacement transaction could result in a/n [ Ans:
] surrender charge
A life insurance rider that allows an individual to purchase
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insurance as they grow older, regardless of insurability is called
a(n) [ Ans: ] Guaranteed Insurability Rider
A limited payment whole life policy provides [ Ans: ] lifetime
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protection
A long term care policy typically provides all of the following levels
of care except [ Ans: ] acute 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 [ Ans: ]
company
A master contract and certificate of coverage can be found in
which type of policy [ Ans: ] Group
A medicare supplement basic benefit is [ Ans: ] the first 3 pints of
blood a year
A Medicare supplement plan can be cancelled by the insurer for
[ Ans: ] nonpayment of premiums
A medicare supplement policy can be cancelled by the insurer
for [ Ans: ] nonpayment
A Medicare Supplement Policy is [ Ans: ] designed to fill in the
gaps of Part A and Part B Medicare
For Expert help and assignment solutions, +254707240657
LA Series 103 Exam Questions and
Answers (100% Correct Answers) Already
Graded A+
Maximum benefit refers to the [ Ans: ] upper limit of the total
lifetime benefits the insurance company will pay
____ is NOT an element of a valid contract [ Ans: ]
Countersignature
© 2025 Assignment Expert
______ life is designed to pay the balance of a loan if the insured
dies before repayment of the loan [ Ans: ] Credit
A 10% excise tax is normally applied to an early withdrawal from
Guru01 - Stuvia
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. [ Ans: ] 7.50%
A beneficiary change can occur: [ Ans: ] 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. [ Ans: ] No federal income tax is owed on
the life insurance proceeds.
A business entity wishing to act as an insurance producer MUST [
Ans: ] obtain a producer's license.
A business will will typically use which type of life insurance to
cover their employees? [ Ans: ] Group Policy
A cease and decist order [ Ans: ] forbids a stated practice listed
in the order.
A change in an insurance application requires [ Ans: ] an initial
made by the applicant.
, 2
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A clause that allows an insurer the right to terminate coverage at
any anniversary date is called a(n) [ Ans: ] optional renewability
clause
A comman exclusion with Vision plans is [ Ans: ] lasik surgery
A company that is authorized by the Commissioner to transact
insurance business in Louisiana is called a(n) [ Ans: ] authorized
insurer
A dependent child may remain on a parents health insurance
beyond the age of 26 if the child [ Ans: ] has a mental or
physical handicap and remains dependent on the parent
A disability elimination period is best described as [ Ans: ] time
© 2025 Assignment Expert
deductible
A disability income policy can prevent an insured from earning a
higher income than if he/she were working by utilizing [ Ans: ]
Guru01 - Stuvia
benefit limits
A doctor who accepts Medicare Assignment agrees to which of
the following? [ Ans: ] Doctor cannot charge more than
Medicare's scheduled coverage
A domestic insurance company in Louisiana MUST [ Ans: ] be
organized under Louisiana insurance laws
A field underwriter's main task is [ Ans: ] to ensure an applicant's
medical information is accurate and complete.
A foreign insurance company doing business in Louisiana [ Ans: ]
is a company that was formed under the laws of another state.
A form of medical health insurance covering the treatment and
care of gum [ Ans: ] Dental expense insurance
A group Disability Income plan that pays tax-free benefits to
covered employees is considered [ Ans: ] fully contributory
A guaranteed issued insurance policy has no [ Ans: ] medical
underwriting
A health care provider claim may be settled using which of the
following payment methods? [ Ans: ] Fee-for service
, 3
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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) [ Ans: ] guaranteed 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 [ Ans: ] conditionally renewable
A health insurance policy will typically cover [ Ans: ]
preventative health services
A licensed producer MUST be _____ by an insurer to be eligible for
soliciting insurance contracts [ Ans: ] appointed
A life insurance claim which involves a per capita distribution of
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policy proceeds would be payable to the [ Ans: ] named living
primary beneficiaries
A life insurance company has transferred some of its risk to
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another insurer. The insurer assuming the risk is called the [ Ans: ]
reinsurer
A life insurance policy normally contains a provision that restricts
coverage in the event of death under all of the following
situations EXCEPT [ Ans: ] fare-paying passenger
A life insurance policy sold in Louisiana can be contested by the
insurer only during the first ___ years of the contract [ Ans: ] two
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 [ Ans: ] Universal life
A life insurance policy that has the premiums paid up within a
select time period is called [ Ans: ] limited payment insurance
A life insurance policy that is subject to a contract interest rate is
referred to as [ Ans: ] universal life
A life insurance policy which contains cash values that vary
according to its investment performance of stocks is called [ Ans:
] Variable whole life
, 4
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A life insurance policy written on one contract for two people in
which it is payable upon the first death is called [ Ans: ] joint
A life insurance policy owner does not have the right to [ Ans: ]
revoke 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? [
Ans: ] Disability Income Rider
A life insurance replacement transaction could result in a/n [ Ans:
] surrender charge
A life insurance rider that allows an individual to purchase
© 2025 Assignment Expert
insurance as they grow older, regardless of insurability is called
a(n) [ Ans: ] Guaranteed Insurability Rider
A limited payment whole life policy provides [ Ans: ] lifetime
Guru01 - Stuvia
protection
A long term care policy typically provides all of the following levels
of care except [ Ans: ] acute 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 [ Ans: ]
company
A master contract and certificate of coverage can be found in
which type of policy [ Ans: ] Group
A medicare supplement basic benefit is [ Ans: ] the first 3 pints of
blood a year
A Medicare supplement plan can be cancelled by the insurer for
[ Ans: ] nonpayment of premiums
A medicare supplement policy can be cancelled by the insurer
for [ Ans: ] nonpayment
A Medicare Supplement Policy is [ Ans: ] designed to fill in the
gaps of Part A and Part B Medicare
