LA SERIES 103 EXAM QUESTIONS WITH ALL
CORRECT ANSWERS 2026 CERTIFICATION
EVALUATION CORRECT ANSWERS
DETAILED STUDY RESOURCE GRADED A+
⩥ 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 eligibility for insurance may
include all of the following EXCEPT
Answer: Medical underwriting exam.
, ⩥ Which policy provision permits the policyowner to take a specified
number of days to examine the contract, and allows for cancellation and
a full refund if the policyowner rejects the terms or costs?
Answer: Free look
⩥ All of the following are required signatures on a life insurance
application EXCEPT
Answer: The minor in a juvenile policy.
⩥ Why is rehabilitation considered worthy of federal help under
workers' compensation?
Answer: It reduces insurance losses and helps regain the worker's
dignity
⩥ All of the following are characteristics of variable whole life EXCEPT
Answer: There is no guaranteed minimum death benefit.
⩥ Why is the accidental death benefit referred to as double indemnity?
Answer: It provides twice the face value in the policy for death due to
accident
⩥ What is a MIB report?
Answer: Medical information on an applicant for assessing life or health
insurance risk
CORRECT ANSWERS 2026 CERTIFICATION
EVALUATION CORRECT ANSWERS
DETAILED STUDY RESOURCE GRADED A+
⩥ 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 eligibility for insurance may
include all of the following EXCEPT
Answer: Medical underwriting exam.
, ⩥ Which policy provision permits the policyowner to take a specified
number of days to examine the contract, and allows for cancellation and
a full refund if the policyowner rejects the terms or costs?
Answer: Free look
⩥ All of the following are required signatures on a life insurance
application EXCEPT
Answer: The minor in a juvenile policy.
⩥ Why is rehabilitation considered worthy of federal help under
workers' compensation?
Answer: It reduces insurance losses and helps regain the worker's
dignity
⩥ All of the following are characteristics of variable whole life EXCEPT
Answer: There is no guaranteed minimum death benefit.
⩥ Why is the accidental death benefit referred to as double indemnity?
Answer: It provides twice the face value in the policy for death due to
accident
⩥ What is a MIB report?
Answer: Medical information on an applicant for assessing life or health
insurance risk