Louisiana Life and Health Final Exam –
Questions and Answers Latest Version
Already Passed
What does a participating life insurance policy typically allow policyholders to receive?
A. Higher death benefits only
✔✔B. Policy dividends
C. Lower surrender value
D. More underwriting restrictions
Which of the following best describes a life insurance grace period?
A. The time it takes to approve a claim
B. The amount of time the policy is in effect
✔✔C. The time after a missed premium payment before a policy lapses
D. The waiting period before coverage begins
In Louisiana, what is the free-look period for a new individual life insurance policy?
A. 5 days
✔✔B. 10 days
1
,C. 20 days
D. 30 days
Which type of life insurance provides coverage for a specific period only?
✔✔A. Term life
B. Whole life
C. Universal life
D. Endowment
What is the main feature of a renewable term life policy?
✔✔A. It can be renewed without a medical exam
B. It increases in value over time
C. It allows for dividend payments
D. It includes cash value
Who is the owner of a group health insurance contract?
A. Each employee
✔✔B. The employer
2
,C. The insurance agent
D. The insurance commissioner
In Louisiana, how soon must an insurer pay a valid life insurance claim after receiving proof of
death?
A. Within 15 days
✔✔B. Within 30 days
C. Within 45 days
D. Within 60 days
What is the purpose of a beneficiary designation in a life insurance policy?
A. To determine policy premiums
✔✔B. To decide who receives the death benefit
C. To select a new policyholder
D. To calculate cash surrender value
Which health policy provision lets an insurer cancel a policy only for nonpayment of premium?
A. Guaranteed renewable
3
, ✔✔B. Noncancelable
C. Optionally renewable
D. Conditionally renewable
A life insurance policy loan is repaid using:
A. A new premium payment
✔✔B. The policy’s cash value
C. A rider benefit
D. A reinsurance clause
A universal life policy allows the policyholder to:
A. Avoid all underwriting
B. Lock in fixed returns
✔✔C. Adjust premium and coverage amounts
D. Cancel the death benefit
In group health insurance, coverage usually terminates when:
A. The group reaches age 65
4
Questions and Answers Latest Version
Already Passed
What does a participating life insurance policy typically allow policyholders to receive?
A. Higher death benefits only
✔✔B. Policy dividends
C. Lower surrender value
D. More underwriting restrictions
Which of the following best describes a life insurance grace period?
A. The time it takes to approve a claim
B. The amount of time the policy is in effect
✔✔C. The time after a missed premium payment before a policy lapses
D. The waiting period before coverage begins
In Louisiana, what is the free-look period for a new individual life insurance policy?
A. 5 days
✔✔B. 10 days
1
,C. 20 days
D. 30 days
Which type of life insurance provides coverage for a specific period only?
✔✔A. Term life
B. Whole life
C. Universal life
D. Endowment
What is the main feature of a renewable term life policy?
✔✔A. It can be renewed without a medical exam
B. It increases in value over time
C. It allows for dividend payments
D. It includes cash value
Who is the owner of a group health insurance contract?
A. Each employee
✔✔B. The employer
2
,C. The insurance agent
D. The insurance commissioner
In Louisiana, how soon must an insurer pay a valid life insurance claim after receiving proof of
death?
A. Within 15 days
✔✔B. Within 30 days
C. Within 45 days
D. Within 60 days
What is the purpose of a beneficiary designation in a life insurance policy?
A. To determine policy premiums
✔✔B. To decide who receives the death benefit
C. To select a new policyholder
D. To calculate cash surrender value
Which health policy provision lets an insurer cancel a policy only for nonpayment of premium?
A. Guaranteed renewable
3
, ✔✔B. Noncancelable
C. Optionally renewable
D. Conditionally renewable
A life insurance policy loan is repaid using:
A. A new premium payment
✔✔B. The policy’s cash value
C. A rider benefit
D. A reinsurance clause
A universal life policy allows the policyholder to:
A. Avoid all underwriting
B. Lock in fixed returns
✔✔C. Adjust premium and coverage amounts
D. Cancel the death benefit
In group health insurance, coverage usually terminates when:
A. The group reaches age 65
4
