LA Series 103 exam
LA SERIES 103 EXAM NEWEST 2025 COMPLETE ALL QUESTIONS
AND CORRECT DETAILED ANSWERS (VERIFIED
ANSWERS)|ALREADY GRADED A+
A policy owner suffers an injury that renders him incapable of performing one or more
important job duties. Any decrease in income resulting from this injury would make him eligible
for benefits under which provision - ANSWER-partial disability
A policy owner who anticipates death or develops a life-threatening condition may obtain
proceeds from a life insurance contract. These proceeds are known as - ANSWER-accelerated
benefits
A preexisting condition is a condition for which medical advice or treatment was recommended
by or received from a provider of health care services with ___ months preceding a health
policy's effective date - ANSWER-six
A producer license is NOT required when - ANSWER-Underwriting insurance
A producer must notify the Commissioner within ___ days of a felony conviction - ANSWER-30
A producer who sells most of his/her insurance policies to family members is said to be
engaging in - ANSWER-controlled business
A professional liability for which producers can be sued for mistakes for putting a policy into
effect is called - ANSWER-Errors and Omissions
A proposed insured for health insurance policy was treated for heart disease within the past
year. When applying for health insurance, the heart disease treatment - ANSWER-indicates a
preexisting condiction
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, LA Series 103 exam
A provision in a whole life policy that allows a policy owner to terminate the policy in return for
a reduced paid-up policy is called a(n) - ANSWER-nonforfeiture provision
A provision that allows a policy owner to withdraw a policy's cash value interest free is called
a(n) - ANSWER-collateral assignment
A provision that allows a policy owner to withdraw a policy's cash value interest free is a(n) -
ANSWER-partial surrender
A renewable Term Life Insurance policy allows the policy owner the right to renew the policy -
ANSWER-without producing proof of insurability
A rehabilitation benefit is intended to - ANSWER-prepare the insurer to return to emplyment
A renewable Term Life Insurance policy can be renewed - ANSWER-at a predetermined date or
age regardless of the insured's health
A rider that assures premiums will be paid on a juvenile policy until the child reaches a specific
age is called - ANSWER-payor rider
A rollover from a Traditional IRA to another IRA must be done within ___ days to avoid tax
consequences - ANSWER-60
A Roth IRA owner must be at least what age in order to make tax-free withdrawals - ANSWER-59
1/2 and owned account for minimum of 5 years
A securities license is required for a life insurance agent producer to sell - ANSWER-Variable Life
Insurance
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, LA Series 103 exam
A type of group that has a constitution and bylaws and has been organized for purposes other
than obtaining insurance is called a - ANSWER-association or labor group
A viatical settlement broker may NOT - ANSWER-make any transactions before being approved
for a license.
A waiver of premium rider allows an insured to waive premium payments if the insured is -
ANSWER-completely and permanently disabled
A Whole life Insurance policy accumulates cash value that becomes - ANSWER-The policy loan
value which the insured may borrow against against
A whole life policy option where extended term insurance is selected is called a(n) - ANSWER-
nonforfeiture option
A(n) _______ sells, solicits, or negotiates insurance on behalf of insurance companies for
compensation - ANSWER-producer
According to HIPPA, when an insured individual leaves an employer and immediately begins
working for a new company that offers group health insurance, the individual - ANSWER-is
eligible for coverage upon hire
Maximum benefit refers to the - ANSWER-upper limit of the total lifetime benefits the insurance
company will pay
____ is NOT an element of a valid contract - ANSWER-Countersignature
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, LA Series 103 exam
______ life is designed to pay the balance of a loan if the insured dies before repayment of the
loan - 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. - ANSWER-7.50%
A beneficiary change can occur: - 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. - ANSWER-No federal income tax is
owed on the life insurance proceeds.
A business entity wishing to act as an insurance producer MUST - ANSWER-obtain a producer's
license.
A business will will typically use which type of life insurance to cover their employees? -
ANSWER-Group Policy
A cease and decist order - ANSWER-forbids a stated practice listed in the order.
A change in an insurance application requires - ANSWER-an initial made by the applicant.
A clause that allows an insurer the right to terminate coverage at any anniversary date is called
a(n) - ANSWER-optional renewability clause
A comman exclusion with Vision plans is - ANSWER-lasik surgery
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LA SERIES 103 EXAM NEWEST 2025 COMPLETE ALL QUESTIONS
AND CORRECT DETAILED ANSWERS (VERIFIED
ANSWERS)|ALREADY GRADED A+
A policy owner suffers an injury that renders him incapable of performing one or more
important job duties. Any decrease in income resulting from this injury would make him eligible
for benefits under which provision - ANSWER-partial disability
A policy owner who anticipates death or develops a life-threatening condition may obtain
proceeds from a life insurance contract. These proceeds are known as - ANSWER-accelerated
benefits
A preexisting condition is a condition for which medical advice or treatment was recommended
by or received from a provider of health care services with ___ months preceding a health
policy's effective date - ANSWER-six
A producer license is NOT required when - ANSWER-Underwriting insurance
A producer must notify the Commissioner within ___ days of a felony conviction - ANSWER-30
A producer who sells most of his/her insurance policies to family members is said to be
engaging in - ANSWER-controlled business
A professional liability for which producers can be sued for mistakes for putting a policy into
effect is called - ANSWER-Errors and Omissions
A proposed insured for health insurance policy was treated for heart disease within the past
year. When applying for health insurance, the heart disease treatment - ANSWER-indicates a
preexisting condiction
1|Page
, LA Series 103 exam
A provision in a whole life policy that allows a policy owner to terminate the policy in return for
a reduced paid-up policy is called a(n) - ANSWER-nonforfeiture provision
A provision that allows a policy owner to withdraw a policy's cash value interest free is called
a(n) - ANSWER-collateral assignment
A provision that allows a policy owner to withdraw a policy's cash value interest free is a(n) -
ANSWER-partial surrender
A renewable Term Life Insurance policy allows the policy owner the right to renew the policy -
ANSWER-without producing proof of insurability
A rehabilitation benefit is intended to - ANSWER-prepare the insurer to return to emplyment
A renewable Term Life Insurance policy can be renewed - ANSWER-at a predetermined date or
age regardless of the insured's health
A rider that assures premiums will be paid on a juvenile policy until the child reaches a specific
age is called - ANSWER-payor rider
A rollover from a Traditional IRA to another IRA must be done within ___ days to avoid tax
consequences - ANSWER-60
A Roth IRA owner must be at least what age in order to make tax-free withdrawals - ANSWER-59
1/2 and owned account for minimum of 5 years
A securities license is required for a life insurance agent producer to sell - ANSWER-Variable Life
Insurance
2|Page
, LA Series 103 exam
A type of group that has a constitution and bylaws and has been organized for purposes other
than obtaining insurance is called a - ANSWER-association or labor group
A viatical settlement broker may NOT - ANSWER-make any transactions before being approved
for a license.
A waiver of premium rider allows an insured to waive premium payments if the insured is -
ANSWER-completely and permanently disabled
A Whole life Insurance policy accumulates cash value that becomes - ANSWER-The policy loan
value which the insured may borrow against against
A whole life policy option where extended term insurance is selected is called a(n) - ANSWER-
nonforfeiture option
A(n) _______ sells, solicits, or negotiates insurance on behalf of insurance companies for
compensation - ANSWER-producer
According to HIPPA, when an insured individual leaves an employer and immediately begins
working for a new company that offers group health insurance, the individual - ANSWER-is
eligible for coverage upon hire
Maximum benefit refers to the - ANSWER-upper limit of the total lifetime benefits the insurance
company will pay
____ is NOT an element of a valid contract - ANSWER-Countersignature
3|Page
, LA Series 103 exam
______ life is designed to pay the balance of a loan if the insured dies before repayment of the
loan - 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. - ANSWER-7.50%
A beneficiary change can occur: - 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. - ANSWER-No federal income tax is
owed on the life insurance proceeds.
A business entity wishing to act as an insurance producer MUST - ANSWER-obtain a producer's
license.
A business will will typically use which type of life insurance to cover their employees? -
ANSWER-Group Policy
A cease and decist order - ANSWER-forbids a stated practice listed in the order.
A change in an insurance application requires - ANSWER-an initial made by the applicant.
A clause that allows an insurer the right to terminate coverage at any anniversary date is called
a(n) - ANSWER-optional renewability clause
A comman exclusion with Vision plans is - ANSWER-lasik surgery
4|Page
