LA Series 103 Exam questions
and correct answers
Maximum benefit refers to the
upper limit of the total lifetime benefits the insurance company will pay
____ is NOT an element of a valid contract
Countersignature
______ life is designed to pay the balance of a loan if the insured dies before
repayment of the loan
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.
7.50%
A beneficiary change can occur:
,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.
No federal income tax is owed on the life insurance proceeds.
A business entity wishing to act as an insurance producer MUST
obtain a producer's license.
A business will will typically use which type of life insurance to cover their employees?
Group Policy
A cease and decist order
forbids a stated practice listed in the order.
A change in an insurance application requires
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)
optional renewability clause
A comman exclusion with Vision plans is
lasik surgery
A company that is authorized by the Commissioner to transact insurance business in
Louisiana is called a(n)
authorized insurer
A dependent child may remain on a parents health insurance beyond the age of 26 if
the child
has a mental or physical handicap and remains dependent on the parent
A disability elimination period is best described as
time deductible
A disability income policy can prevent an insured from earning a higher income than if
he/she were working by utilizing
benefit limits
, A doctor who accepts Medicare Assignment agrees to which of the following?
Doctor cannot charge more than Medicare's scheduled coverage
A domestic insurance company in Louisiana MUST
be organized under Louisiana insurance laws
A field underwriter's main task is
to ensure an applicant's medical information is accurate and complete.
A foreign insurance company doing business in Louisiana
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
Dental expense insurance
A group Disability Income plan that pays tax-free benefits to covered employees is
considered
and correct answers
Maximum benefit refers to the
upper limit of the total lifetime benefits the insurance company will pay
____ is NOT an element of a valid contract
Countersignature
______ life is designed to pay the balance of a loan if the insured dies before
repayment of the loan
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.
7.50%
A beneficiary change can occur:
,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.
No federal income tax is owed on the life insurance proceeds.
A business entity wishing to act as an insurance producer MUST
obtain a producer's license.
A business will will typically use which type of life insurance to cover their employees?
Group Policy
A cease and decist order
forbids a stated practice listed in the order.
A change in an insurance application requires
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)
optional renewability clause
A comman exclusion with Vision plans is
lasik surgery
A company that is authorized by the Commissioner to transact insurance business in
Louisiana is called a(n)
authorized insurer
A dependent child may remain on a parents health insurance beyond the age of 26 if
the child
has a mental or physical handicap and remains dependent on the parent
A disability elimination period is best described as
time deductible
A disability income policy can prevent an insured from earning a higher income than if
he/she were working by utilizing
benefit limits
, A doctor who accepts Medicare Assignment agrees to which of the following?
Doctor cannot charge more than Medicare's scheduled coverage
A domestic insurance company in Louisiana MUST
be organized under Louisiana insurance laws
A field underwriter's main task is
to ensure an applicant's medical information is accurate and complete.
A foreign insurance company doing business in Louisiana
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
Dental expense insurance
A group Disability Income plan that pays tax-free benefits to covered employees is
considered
