1 for specific request mail
LA Series 103 Exam Questions | Accurate & Verified
Answers to Pass Actual Exam
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
Assignment Expert
______ life is designed to pay the balance of a loan if the insured dies
before repayment of the loan
Ans: Credit
Guru01 - Stuvia
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
2026
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.
, 2 for specific request mail
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.
A clause that allows an insurer the right to terminate coverage at any
Assignment Expert
anniversary date is called a(n)
Ans: optional renewability clause
Guru01 - Stuvia
A comman exclusion with Vision plans is
Ans: lasik surgery
2026
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 deductible
A disability income policy can prevent an insured from earning a higher
income than if he/she were working by utilizing
Ans: benefit limits
, 3 for specific request mail
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.
Assignment Expert
A foreign insurance company doing business in Louisiana
Ans: is a company that was formed under the laws of another state.
Guru01 - Stuvia
A form of medical health insurance covering the treatment and care of
gum
Ans: Dental expense insurance
2026
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
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
, 4 for specific request mail
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
Assignment Expert
A life insurance claim which involves a per capita distribution of policy
proceeds would be payable to the
Guru01 - Stuvia
Ans: named living primary beneficiaries
A life insurance company has transferred some of its risk to another
insurer. The insurer assuming the risk is called the
2026
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
LA Series 103 Exam Questions | Accurate & Verified
Answers to Pass Actual Exam
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
Assignment Expert
______ life is designed to pay the balance of a loan if the insured dies
before repayment of the loan
Ans: Credit
Guru01 - Stuvia
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
2026
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.
, 2 for specific request mail
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.
A clause that allows an insurer the right to terminate coverage at any
Assignment Expert
anniversary date is called a(n)
Ans: optional renewability clause
Guru01 - Stuvia
A comman exclusion with Vision plans is
Ans: lasik surgery
2026
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 deductible
A disability income policy can prevent an insured from earning a higher
income than if he/she were working by utilizing
Ans: benefit limits
, 3 for specific request mail
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.
Assignment Expert
A foreign insurance company doing business in Louisiana
Ans: is a company that was formed under the laws of another state.
Guru01 - Stuvia
A form of medical health insurance covering the treatment and care of
gum
Ans: Dental expense insurance
2026
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
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
, 4 for specific request mail
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
Assignment Expert
A life insurance claim which involves a per capita distribution of policy
proceeds would be payable to the
Guru01 - Stuvia
Ans: named living primary beneficiaries
A life insurance company has transferred some of its risk to another
insurer. The insurer assuming the risk is called the
2026
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
