Final Exam - Louisiana Life and Health Questions
with Detailed Verified Answers 100% Correct
Answers Already Graded A+
Quiz: When are group disability benefits considered to be tax-free to the
insured? Ans: When the recipient pays the premiums
Quiz: An insurable interest in each other's lives may exist in absence of an
economic interest when the individuals are Ans: Marriage partners
Quiz: What is the elimination period of an individual disability policy? Ans:
Time period a disabled person must wait before benefits are paid
Quiz: What happens to interest earned if the annuitant dies before the
payout start date? Ans: It is taxable
Quiz: In which of the following situations would the insurer be liable for a
loss? Ans: The insured suffered an injury as an innocent bystander during a
bank robbery
Quiz: In what form do disability income policies typically pay benefits? Ans:
Periodic income
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,Quiz: Which of the following is typically NOT eligible for coverage in a group
health policy? Ans: Temporary employee
Quiz: Which of the following would be considered a possible applicant and
contract policyholder for group health benefits? Ans: Employer
Quiz: A Medicare Supplement Policy is Ans: designed to fill in the gaps of
Part A and Part B Medicare
Quiz: Under a Modified Endowment Contract, what are the likely tax
consequences? Ans: Pre-death distributions will become taxable
Quiz: In a Long-Term Care policy, activities of daily living (ADL's) can be each
of the following EXCEPT Ans: Talking
Quiz: Which of the following is an annuity that is linked to a market-related
index? Ans: Equity-indexed annuity
Quiz: An insurer operating in the U.S. but headquartered outside the U.S. is
Ans: an alien insurer
Quiz: Group dental plans will frequently place a limit on annual benefits in
order to minimize Ans: adverse selection
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, Quiz: All of the following are considered to be fraud EXCEPT Ans: collecting
a charge for insurance that is less than the charge applicable to that insurance
Quiz: A producer's license in Louisiana must be renewed every Ans: Two
years
Quiz: An insured has a health plan that pays established amounts in
accordance with a list of injuries, surgical procedures, or other losses. This list
is called a Ans: benefit schedule
Quiz: Under the Consolidated Omnibus Budget Reconciliation Act (COBRA), a
terminated employee's benefits must Ans: be the same and the premium
cannot exceed 102%
Quiz: If a producer has been engaged in an administrative action by any
governmental agency, within how many days following the final deposition
must the producer report the action to the Commissioner? Ans: 30
Quiz: Ownership of a life insurance policy may be temporarily transferred
with a(n) Ans: collateral assignment
Quiz: Under a Traditional IRA, interest earned is taxed Ans: upon
distribution
Quiz: When a Medicare Supplement insurance policy is being replaced, who
must sign the notice of replacement? Ans: The producer and the applicant
© 2025 Get it right Stuvia US All rights reserved
with Detailed Verified Answers 100% Correct
Answers Already Graded A+
Quiz: When are group disability benefits considered to be tax-free to the
insured? Ans: When the recipient pays the premiums
Quiz: An insurable interest in each other's lives may exist in absence of an
economic interest when the individuals are Ans: Marriage partners
Quiz: What is the elimination period of an individual disability policy? Ans:
Time period a disabled person must wait before benefits are paid
Quiz: What happens to interest earned if the annuitant dies before the
payout start date? Ans: It is taxable
Quiz: In which of the following situations would the insurer be liable for a
loss? Ans: The insured suffered an injury as an innocent bystander during a
bank robbery
Quiz: In what form do disability income policies typically pay benefits? Ans:
Periodic income
© 2025 Get it right Stuvia US All rights reserved
,Quiz: Which of the following is typically NOT eligible for coverage in a group
health policy? Ans: Temporary employee
Quiz: Which of the following would be considered a possible applicant and
contract policyholder for group health benefits? Ans: Employer
Quiz: A Medicare Supplement Policy is Ans: designed to fill in the gaps of
Part A and Part B Medicare
Quiz: Under a Modified Endowment Contract, what are the likely tax
consequences? Ans: Pre-death distributions will become taxable
Quiz: In a Long-Term Care policy, activities of daily living (ADL's) can be each
of the following EXCEPT Ans: Talking
Quiz: Which of the following is an annuity that is linked to a market-related
index? Ans: Equity-indexed annuity
Quiz: An insurer operating in the U.S. but headquartered outside the U.S. is
Ans: an alien insurer
Quiz: Group dental plans will frequently place a limit on annual benefits in
order to minimize Ans: adverse selection
© 2025 Get it right Stuvia US All rights reserved
, Quiz: All of the following are considered to be fraud EXCEPT Ans: collecting
a charge for insurance that is less than the charge applicable to that insurance
Quiz: A producer's license in Louisiana must be renewed every Ans: Two
years
Quiz: An insured has a health plan that pays established amounts in
accordance with a list of injuries, surgical procedures, or other losses. This list
is called a Ans: benefit schedule
Quiz: Under the Consolidated Omnibus Budget Reconciliation Act (COBRA), a
terminated employee's benefits must Ans: be the same and the premium
cannot exceed 102%
Quiz: If a producer has been engaged in an administrative action by any
governmental agency, within how many days following the final deposition
must the producer report the action to the Commissioner? Ans: 30
Quiz: Ownership of a life insurance policy may be temporarily transferred
with a(n) Ans: collateral assignment
Quiz: Under a Traditional IRA, interest earned is taxed Ans: upon
distribution
Quiz: When a Medicare Supplement insurance policy is being replaced, who
must sign the notice of replacement? Ans: The producer and the applicant
© 2025 Get it right Stuvia US All rights reserved
