LA Series 103 Exam | Updated Questions With All Verified Answers

LA Series 103 Exam | Updated Questions With All Verified Answers Maximum benefit refers to the - Correct Answer upper limit of the total lifetime benefits the insurance company will pay ____ is NOT an element of a valid contract - Correct Answer Countersignature ______ life is designed to pay the balance of a loan if the insured dies before repayment of the loan - Correct Answer Credit A 10% excise tax is normally applied to an early withdrawal from an IRA. According to HIPPA, this tax will not be applied if the withdrawal is used for medical expenses that exceed ___ of the individual's adjusted gross income. - Correct Answer 7.50% A beneficiary change can occur: - Correct Answer normally at any time during the policy term. A beneficiary has just received a claim payment for a life insurance policy. Which of the following is TRUE regarding federal income tax liability. - Correct Answer No federal income tax is owed on the life insurance proceeds. A business entity wishing to act as an insurance producer MUST - Correct Answer obtain a producer's license. A business will will typically use which type of life insurance to cover their employees? - Correct Answer Group Policy