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LA Series 103 Exam (Actual Exam 2025) |
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James is the insured on a life insurance policy where his age was misstated on the application. Which of the following is CORRECT regarding the death benefit amount? ---------CORRECT ANSWER----------- ------The death benefit paid will be what the premium would have purchased at the correct age Jennifer is required to pay a specific sum out of pocket before any benefits are paid within a year. Her health policy most contains a(n) ---- -----CORRECT ANSWER-----------------Deductible Jim recently sold his whole life insurance policy under a viatical settlement contract. The proceeds of this contract could be subject to the claims of ---------CORRECT ANSWER-----------------creditors Joanne has a $100,000 whole life polilcy with an accumulated $25, of cash value. She would like to borrow $15,000 against the cash value.
Which of the following statements is TRUE? ---------CORRECT ANSWER--- --------------Net death benefit will be reduced if the loan is not repaid Joe has a life insurance policy that has a face amount of $300,000. After a number of years, the policys cash value accumulates to $50,000. The face amount becomes $350,000. What kind of pollicy is this? --------- CORRECT ANSWER-----------------Universal life policy Joe is a Medicare participant who receives his benefits through a Managed Health Care Plan.Which Medicare plan does he have? --------- CORRECT ANSWER-----------------Part C Jonas has disability insurance through his employer. The employer pays 75% of the premium, and Jonas pays the other 25%. What is Jonas's tax liability for any benefits paid from the disability plan? ---------CORRECT ANSWER-----------------Taxes must be paid on 75% of the benefits received Jonas is a whole life insurance policyowner and would like to add coverage for his two children. Which of the following products would allow him to accomplish this? ---------CORRECT ANSWER----------------- child term rider
Kathy pays a monthly premium on her health insurance policy. How long is her grace period? ---------CORRECT ANSWER-----------------10 days Ken is a producer who has obtained Consumer Information Reports under false pretenses. Under the Fair Credit Reporting Act, what is the maximum penalty that may be imposed on Ken? ---------CORRECT ANSWER-----------------$5, Key person Disability Insurance pays the benefits to the --------- CORRECT ANSWER-----------------employer Kiara filled out a life insrance applicationa nd was given a policy illustration that showed future premiums being paid out of nonguaranteed values. This illustration MUST disclose that --------- CORRECT ANSWER-----------------she may need to resume premium payments, depending on actual results Kim has health insurance with a deductible of $500 and an 80/ coinsurance. How much will she pay if she incurs a loss of $1,500? ------- --CORRECT ANSWER-----------------$
Krissa purchases a 10-year level term life insurance policy that has a death benefit of $200,000. Which of these statements is true? --------- CORRECT ANSWER-----------------The face amount and premium will remain constant over the 10-year period Kristi purchases an annuity that will pay her husband an income for 15 years. If he dies ,this income will become payable to their children for the remainder of the period. Kristi has what kind of annuity? --------- CORRECT ANSWER-----------------Temporary annuity certain Kurt is an active duty serviceman who was recently killed in an accident while home on leave. Which military service exclusion clause would pay upon his death? ---------CORRECT ANSWER-----------------Results A life insurance policy that contains a guaranteed interest rate with the chance to earn a rate that is higher than the guaranteed rate is called -- -------CORRECT ANSWER-----------------Universal life
a monthly amount because of this disability? ---------CORRECT ANSWER- ----------------Disability Income Rider A life insurance replacement transaction could result in a/n --------- CORRECT ANSWER-----------------surrender charge A life insurance rider that allows an individual to purchase insurance as they grow older, regardless of insurability, is called a(n) ---------CORRECT ANSWER-----------------Guaranteed insurability rider A limited payment whole life policy provides ---------CORRECT ANSWER-- ---------------lifetime protection A long term care policy typically provides all of the following levels of care except ---------CORRECT ANSWER-----------------acute care A Louisiana insurance producer solicits a life insurance policy. In the even of a controversry between the insured and the company, the producer is considered to represent the ---------CORRECT ANSWER-------- ---------company
A master contract and certificate of coverage can be found in which type of policy? ---------CORRECT ANSWER-----------------Group A medicare supplement basic benefit is ---------CORRECT ANSWER-------- ---------the first 3 pints of blood per year A Medicare supplement plan can be canceled by the insurer --------- CORRECT ANSWER-----------------for nonpayment of premiums A medicare supplement policy can be cancelled by the insurer for --------
- CORRECT ANSWER-----------------nonpayment A Medicare Supplement Policy is ---------CORRECT ANSWER----------------- designed to fill in the gaps of Part A and Part B Medicare A Medicare Supplement Policy must NOT contain benefits which --------- CORRECT ANSWER-----------------duplicate Medicare benefits
A person covered with an individual health plan ---------CORRECT ANSWER-----------------is issued a policy A person who is a nonsmoker, of average weight, and in excellent health would most likely be in which risk classification? ---------CORRECT ANSWER-----------------Preferred A pharmacy benefit covers prescription drugs derived from a list called a(n) ---------CORRECT ANSWER-----------------drug formulary A policyowner can receive a percentage payment of the death benefits prior to death by using what kind of contract? ---------CORRECT ANSWER-----------------Viatical settlement agreement A policyowner is prohibited from kaing any changes to the policy without the beneficiary's written consent under which beneficiary designation? ---------CORRECT ANSWER-----------------Irevocable beneficiary
A policyowner may change two policy features on what type of life insurance? ---------CORRECT ANSWER-----------------Adjustable life A policyowner may exercise which of these dividend options that uses the dividend to pay all or part of the next premium due? --------- CORRECT ANSWER-----------------reduction of premium dividend option A policyowner suffers an injury that renders him incapable of performing one or more important job duties. Any decreas in income resulting form this injury would make him eligible for benefits under which provision? ---------CORRECT ANSWER-----------------partial disability A policyowner who anticipates death or develops a life-threatening condition may obtain proceeds from a life insurance contract. These proceeds are known as ---------CORRECT ANSWER----------------- accelerated benefits Maximum benefit refers to the ---------CORRECT ANSWER----------------- upper limit of the total lifetime benefits the insurance company will pay
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 A cease and decist order ---------CORRECT ANSWER-----------------forbids a stated practice listed in the order. A change in an insurance application requires ---------CORRECT 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) ---------CORRECT ANSWER----------------- optional renewability clause A comman exclusion with Vision plans is ---------CORRECT ANSWER------- ----------lasik surgery
A company that is authorized by the Commissioner to transact insurance business in Louisiana is called a(n) ---------CORRECT ANSWER-- ---------------authorized insurer A dependent child may remain on a parents health insurance beyond the age of 26 if the child ---------CORRECT ANSWER-----------------has a mental or physical handicap and remains dependent on the parent A disability elimination period is best described as ---------CORRECT ANSWER-----------------time deductible A disability income policy can prevent an insured from earning a higher income than if he/she were working by utilizing ---------CORRECT ANSWER-----------------benefit limits A doctor who accepts Medicare Assignment agrees to which of the following? ---------CORRECT ANSWER-----------------Doctor cannot charge more than Medicare's scheduled coverage
A health care provider claim may be settled using which of the following payment methods? ---------CORRECT ANSWER----------------- Fee-for service A health insurance policy where the insurer has the right to terminate the policy owner's premiums, but NOT cancel the policy is called a(n) --- ------CORRECT ANSWER-----------------guaranteed renewable policy A health insurance policy where the insurer has the right to terminate the policy for reasons other than the insured's health is called --------- CORRECT ANSWER-----------------conditionally renewable A health insurance policy will typically cover ---------CORRECT ANSWER-- ---------------preventative health services A licensed producer MUST be _____ by an insurer to be eligible for soliciting insurance contracts ---------CORRECT ANSWER----------------- appointed
A life insurance claim which involves a per capita distribution of policy proceeds would be payable to the ---------CORRECT ANSWER--------------- --named living primary beneficiaries A life insurance company has transferred some of its risk to another insurer. The insurer assuming the risk is called the ---------CORRECT ANSWER-----------------reinsurer A life insurance policy normally contains a provision that restricts coverage in the event of death under all of the following situations EXCEPT ---------CORRECT ANSWER-----------------fare-paying passenger A life insurance policy sold in Louisiana can be contested by the insurer only during the first ___ years of the contract ---------CORRECT ANSWER-----------------two A life insurance policy that contains a guaranteed interest rate with the chance to earn a rate that is higher than the guaranteed rate is called -- -------CORRECT ANSWER-----------------Universal life
A life insurance policy owner was injured in an automobile accident which results in a total and permanent disability. Which rider would pay a monthly amount because of this disability? ---------CORRECT ANSWER- ----------------Disability Income Rider A life insurance replacement transaction could result in a/n --------- CORRECT ANSWER-----------------surrender charge A life insurance rider that allows an individual to purchase insurance as they grow older, regardless of insurability is called a(n) ---------CORRECT ANSWER-----------------Guaranteed Insurability Rider A limited payment whole life policy provides ---------CORRECT ANSWER-- ---------------lifetime protection A long term care policy typically provides all of the following levels of care except ---------CORRECT ANSWER-----------------acute care A Louisiana insurance producer solicits a life insurance policy. In the event of a controversy between the insured and the company, the
producer is considered to represent the ---------CORRECT ANSWER-------- ---------company A master contract and certificate of coverage can be found in which type of policy ---------CORRECT ANSWER-----------------Group A medicare supplement basic benefit is ---------CORRECT ANSWER-------- ---------the first 3 pints of blood a year A Medicare supplement plan can be cancelled by the insurer for --------- CORRECT ANSWER-----------------nonpayment of premiums A medicare supplement policy can be cancelled by the insurer for --------
- CORRECT ANSWER-----------------nonpayment A Medicare Supplement Policy is ---------CORRECT ANSWER----------------- designed to fill in the gaps of Part A and Part B Medicare
