LA SERIES 103 EXAM QUESTIONS WITH ALL
CORRECT ANSWERS 2026
COMPREHENSIVE PRACTICE ASSESSMENT
FULL SOLUTION REVIEW MATERIAL
GRADED A+
⩥ face amount.
Answer: the amount of benefit stated in the life insurance policy
⩥ Nonforfeiture Values.
Answer: benefits in a life insurance policy that the policyowner cannot
lose even if the policy is surrendered or lapses
⩥ securities.
Answer: financial instruments that may trade for value (for example,
stocks, bonds, options)
⩥ Variable life insurance products.
Answer: contracts in which the cash values accumulate based upon a
specific portfolio of stocks without guarantees of performance
,⩥ term insurance provides the greatest amount of coverage for the
______________.
Answer: lowest premium
⩥ term insurance has no ___________.
Answer: cash value
⩥ annually renewable term.
Answer: the death benefit remains level and the policy must be
guaranteed to be renewable each year without proof of insurability, but
the premium increases annually according to the age..
⩥ Level Premium Term.
Answer: provides a. level death benefit and a. level premium during. the.
policy term.
⩥ decreasing term.
Answer: features a level premium and a death benefit that decreases
each year over the duration of the policy term
commonly purchased to insure the payments of a mortgage or other
debts
⩥ Increasing Term.
, Answer: features level premiums and a death benefit that increases each
year over the duration of the policy term.
⩥ return of premium (ROP).
Answer: increasing term insurance policy that pays an additional death
benefit to the. beneficiary equal to the amount of the premium paid.
⩥ single premium whole life.
Answer: Provides a level death benefit to the insured's age 100 for a
one-time, lump sum payment
⩥ if an insurer skips a premium payment on a universal life policy, the
missing. premium may be deducted from the. policy _____ ______. the
policy will not lapse.
Answer: Cash Value
⩥ Option A (Level Death Benefit option).
Answer: The death benefit remains level while the cash value gradually
increases, thereby lowering the pure insurance with the insurer in the
later years.
⩥ Option B (Increasing Death Benefit option).
CORRECT ANSWERS 2026
COMPREHENSIVE PRACTICE ASSESSMENT
FULL SOLUTION REVIEW MATERIAL
GRADED A+
⩥ face amount.
Answer: the amount of benefit stated in the life insurance policy
⩥ Nonforfeiture Values.
Answer: benefits in a life insurance policy that the policyowner cannot
lose even if the policy is surrendered or lapses
⩥ securities.
Answer: financial instruments that may trade for value (for example,
stocks, bonds, options)
⩥ Variable life insurance products.
Answer: contracts in which the cash values accumulate based upon a
specific portfolio of stocks without guarantees of performance
,⩥ term insurance provides the greatest amount of coverage for the
______________.
Answer: lowest premium
⩥ term insurance has no ___________.
Answer: cash value
⩥ annually renewable term.
Answer: the death benefit remains level and the policy must be
guaranteed to be renewable each year without proof of insurability, but
the premium increases annually according to the age..
⩥ Level Premium Term.
Answer: provides a. level death benefit and a. level premium during. the.
policy term.
⩥ decreasing term.
Answer: features a level premium and a death benefit that decreases
each year over the duration of the policy term
commonly purchased to insure the payments of a mortgage or other
debts
⩥ Increasing Term.
, Answer: features level premiums and a death benefit that increases each
year over the duration of the policy term.
⩥ return of premium (ROP).
Answer: increasing term insurance policy that pays an additional death
benefit to the. beneficiary equal to the amount of the premium paid.
⩥ single premium whole life.
Answer: Provides a level death benefit to the insured's age 100 for a
one-time, lump sum payment
⩥ if an insurer skips a premium payment on a universal life policy, the
missing. premium may be deducted from the. policy _____ ______. the
policy will not lapse.
Answer: Cash Value
⩥ Option A (Level Death Benefit option).
Answer: The death benefit remains level while the cash value gradually
increases, thereby lowering the pure insurance with the insurer in the
later years.
⩥ Option B (Increasing Death Benefit option).
