LA Life Insurance Series 101 questions
and answers
Which type of rider pays out a capital sum in case an insured loses a limb or their eyesight? - -
Accidental Death and Dismemberment
-If a policyowner of a convertible term life insurance policy exercises his/her right to convert,
which of the following will happen? - -The term policy will be replaced by a permanent life
insurance policy
-Which of the following is NOT a purpose of the rule regarding replacement of Life Insurance?
- -Regulate the replacement of Insurance by the consumer
-Which of the following is NOT an example of a prohibited practice? - -Backdating
-When demanded, Hearing are held: - -Within 30 days after the date a hearing is demanded
-Which of the following is not a standard or requirement for an illustration? - -Guaranteed
elements must be labeled as such, but non-guaranteed elements need not to be labeled
-Which of the following statements is NOT correct? - -In lieu of fines, the Commissioner may
have a producer imprisoned for up to one year.
-How many credit hours of continuing education must a producer complete every renewal
period? - -24 ( with at 3 hours in ethics)
-Which of the following statements is FALSE with respect to HIV testing? - -A person may not
Opt-Out of HIV testing
-With regard to examinations, Which of the following statements is NOT correct? - -The
expense of examination of an insurer or of any person is paid by the Department
-Which of the following CORRECTLY describes the practice of Twisting? - -Misleading and
convincing an insured to surrender, lapse, or exchange an existing policy for a different one, to
the insured's detriment.
-Which of the following statements is TRUE with respect to assumed names? - -An agent who
will be transacting business in Louisiana under an assumed name must notify the Commissioner
prior to using the assumed name.
-Which of the following statements is FALSE regarding requirements for accelerated benefits? -
-Accelerated benefits effective for illness immediately upon the effective date.
-An initial privacy notice is NOT required to be provided to: - -A prospective customer
, -When do individual producer licenses expire? - -April 30th of each even-numbered year.
-Which of the following statements is TRUE regarding accelerated benefits? - -Accelerated
benefits must provide for a lump sum benefit option.
-With regard to examinations by the Commissioner, the Commissioner: - -Must conduct a
financial examination of an insurer at least once every 5 years.
-Which of the following statements is true with respect to supplemental illustrations? - -A
supplemental illustration must be accompanied by or preceded by a basic illustration.
-For those individuals who have health issues, Which of the following would be an insurance
plan to consider? - -Group
-When must licensees provide privacy notices to individual customers? - -Annually
-The investor must do all of the following in a STOLI/IOLI transaction, EXCEPT: - -Fill out the
application for Life Insurance on behalf of the Insured.
-Which of the following best describes a statement of Good Health? - -It verifies that the insured
has not suffered a serious illness or injury requiring surgery or hospitalization since the
application date.
-Which of the following is FALSE concerning licensing for the Variable products? - -An agent
must be licensed as a Life agent in order to sell a registered Variable contract.
-B was 42 when the Life Insurance policy was issued. 42 is referred to as the _________ age of
the policy. - -Original
-Which of the following would be considered a good result from an underwriter's action when
an individual Life Insurance policy is issued as applied for? - -Issued Standard
-All of the following are TRUE regarding Life Insurance advertising, EXCEPT: - -An insurer
may use the name of it's parent company in advertisements.
-Which of the following is INCORRECT with regard to commissions and compensation? - -An
insurer may pay a commission to an unlicensed producer who is appointed by the insurer.
-If it is known or should be known by the agent that an existing policy is going to be lapsed,
forfeited, surrendered or terminated in favor of a new policy, the agent must submit a : - -Notice
of Replacement
-In order for an insurance company to determine if it will issue a policy, What document must
always be submitted for review? - -The Application
and answers
Which type of rider pays out a capital sum in case an insured loses a limb or their eyesight? - -
Accidental Death and Dismemberment
-If a policyowner of a convertible term life insurance policy exercises his/her right to convert,
which of the following will happen? - -The term policy will be replaced by a permanent life
insurance policy
-Which of the following is NOT a purpose of the rule regarding replacement of Life Insurance?
- -Regulate the replacement of Insurance by the consumer
-Which of the following is NOT an example of a prohibited practice? - -Backdating
-When demanded, Hearing are held: - -Within 30 days after the date a hearing is demanded
-Which of the following is not a standard or requirement for an illustration? - -Guaranteed
elements must be labeled as such, but non-guaranteed elements need not to be labeled
-Which of the following statements is NOT correct? - -In lieu of fines, the Commissioner may
have a producer imprisoned for up to one year.
-How many credit hours of continuing education must a producer complete every renewal
period? - -24 ( with at 3 hours in ethics)
-Which of the following statements is FALSE with respect to HIV testing? - -A person may not
Opt-Out of HIV testing
-With regard to examinations, Which of the following statements is NOT correct? - -The
expense of examination of an insurer or of any person is paid by the Department
-Which of the following CORRECTLY describes the practice of Twisting? - -Misleading and
convincing an insured to surrender, lapse, or exchange an existing policy for a different one, to
the insured's detriment.
-Which of the following statements is TRUE with respect to assumed names? - -An agent who
will be transacting business in Louisiana under an assumed name must notify the Commissioner
prior to using the assumed name.
-Which of the following statements is FALSE regarding requirements for accelerated benefits? -
-Accelerated benefits effective for illness immediately upon the effective date.
-An initial privacy notice is NOT required to be provided to: - -A prospective customer
, -When do individual producer licenses expire? - -April 30th of each even-numbered year.
-Which of the following statements is TRUE regarding accelerated benefits? - -Accelerated
benefits must provide for a lump sum benefit option.
-With regard to examinations by the Commissioner, the Commissioner: - -Must conduct a
financial examination of an insurer at least once every 5 years.
-Which of the following statements is true with respect to supplemental illustrations? - -A
supplemental illustration must be accompanied by or preceded by a basic illustration.
-For those individuals who have health issues, Which of the following would be an insurance
plan to consider? - -Group
-When must licensees provide privacy notices to individual customers? - -Annually
-The investor must do all of the following in a STOLI/IOLI transaction, EXCEPT: - -Fill out the
application for Life Insurance on behalf of the Insured.
-Which of the following best describes a statement of Good Health? - -It verifies that the insured
has not suffered a serious illness or injury requiring surgery or hospitalization since the
application date.
-Which of the following is FALSE concerning licensing for the Variable products? - -An agent
must be licensed as a Life agent in order to sell a registered Variable contract.
-B was 42 when the Life Insurance policy was issued. 42 is referred to as the _________ age of
the policy. - -Original
-Which of the following would be considered a good result from an underwriter's action when
an individual Life Insurance policy is issued as applied for? - -Issued Standard
-All of the following are TRUE regarding Life Insurance advertising, EXCEPT: - -An insurer
may use the name of it's parent company in advertisements.
-Which of the following is INCORRECT with regard to commissions and compensation? - -An
insurer may pay a commission to an unlicensed producer who is appointed by the insurer.
-If it is known or should be known by the agent that an existing policy is going to be lapsed,
forfeited, surrendered or terminated in favor of a new policy, the agent must submit a : - -Notice
of Replacement
-In order for an insurance company to determine if it will issue a policy, What document must
always be submitted for review? - -The Application
