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LOUISIANA LIFE, HEALTH &
ACCIDENT INSURANCE S ERIES 103
PRACTICE EXAM | 90 QUESTIONS
WITH 100% CORRECT AN SWERS |
VERIFIED | LATEST UPDATE
Question :Under which situation must insurable interest exist
between the applicant and insured at the time of application?
Correct answer:When a third-party applicant names
themselves beneficiary.
Question :Which of the following is true about a decreasing
term life policy?
Correct answer:The face amount reaches zero at policy
expiration.
Question :Which of the following occurs immediately after
the application is submitted and the initial premium paid?
Correct answer:The underwriting process begins
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Question :For an individual long-term care policy there is an
annual dollar limit for tax deductions that is based on which of the following?
Correct answer:Age
Question :All of the following are TRUE regarding
incomplete applications EXCEPT
Correct answer:The incomplete application can be accepted
with the missing information added later.
Question :Which of the following is exempted from the
incontestability provision in insurance policies?
Correct answer:Fraudulent misstatements
Question :All of the following statements define preexisting
conditions EXCEPT
Correct answer:Any chronic health condition that presents
symptoms and which was unknown at the time of application.
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Question :All of the following are tax qualified retirement
plans EXCEPT
Correct answer:Section 529 plan
Question :In which of the following does a covered employee
agree to a reduction in compensation so the amount can be used to cover medical expenses?
Correct answer:Flexible Spending Account (FSA)
Question :A consumer report used to determine eligibility for
insurance may include all of the following EXCEPT
Correct answer:Medical underwriting exam.
Question :Which policy provision permits the policyowner to
take a specified number of days to examine the contract, and allows for cancellation and a full refund if the policyowner rejects the terms or costs?
Correct answer:Free look
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Question :All of the following are required signatures on a life
insurance application EXCEPT
Correct answer:The minor in a juvenile policy.
Question :All of the following are characteristics of variable
whole life EXCEPT
Correct answer:There is no guaranteed minimum death
benefit.
Question :In noncontributory plans, which percentage of
eligible members must participate?
Correct answer:100%
Question :Managed care plans increase efficiency by all of the
following means EXCEPT
Correct answer:Transferring the management of costs to the
insureds.
Question :Which of the following is covered by a dread
disease policy?
