La Life, Health & Accident Insurance Series 103 Practice Exam Actual 2025/2026 Q&A Latest Update 100% Pass

LA LIFE, HEALTH & ACCIDENT INSURANCE SERIES 103 PRACTICE EXAM ACTUAL 2025/2026 Q&A LATEST UPDATE 100% PASS Under which situation must insurable interest exist between the applicant and insured at the time of application? - Answer -When a third-party applicant names themselves beneficiary. Which of the following is true about a decreasing term life policy? - Answer -The face amount reaches zero at policy expiration. Which of the following occurs immediately after the application is submitted and the initial premium paid? - Answer -The underwriting process begins For an individual long-term care policy there is an annual dollar limit for tax deductions that is based on which of the following? - Answer -Age All of the following are TRUE regarding incomplete applications EXCEPT - Answer -The incomplete application can be accepted with the missing information added later.Which of the following is exempted from the incontestability provision in insurance policies? - Answer -Fraudulent misstatements All of the following statements define preexisting conditions EXCEPT - Answer -Any chronic health condition that presents symptoms and which was unknown at the time of application. At which point are contractual death benefit settlement options determined and by whom? - Answer -At the time the policy is purchased by the owner of the policy All of the following are tax qualified retirement plans EXCEPT - Answer - Section 529 plan In which of the following does a covered employee agree to a reduction in compensation so the amount can be used to cover medical expenses? - Answer -Flexible Spending Account (FSA) A consumer report used to determine eli