LA Series 103 Exam Questions and Answers Graded A+
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Course
LA Series 103
Institution
LA Series 103
LA Series 103 Exam Questions and Answers Graded A+ Maximum benefit refers to the upper limit of the total lifetime benefits the insurance company will pay
____ is NOT an element of a valid contract Countersignature
______ life is designed to pay the balance of a loan if the insured dies before re...
LA Series 103 Exam Questions and Answers Graded A+ Maximum benefit refers to the ✔✔upper limit of the t otal lifetime benefits the insurance company will pay ____ is NOT an element of a valid contract ✔✔Countersignature ______ life is designed to pay the balance of a loan if the insured dies before repayment of the loan ✔✔Credit A 10% excise tax is normal ly 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. ✔✔7.50% A beneficiary change can occur: ✔✔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. ✔✔No federal income tax is owed on the life insurance proceeds. A busine ss entity wishing to act as an insurance producer MUST ✔✔obtain a producer's license. A business will will typically use which type of life insurance to cover their employees? ✔✔Group Policy A cease and decist order ✔✔forbids a stated practice listed in the order. A change in an insurance application requires ✔✔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) ✔✔optional renewability clause A comman exclusion with Vision plans is ✔✔lasik surgery A company that is authorized by the Commissioner to transact insurance business in Louisiana is called a(n) ✔✔authorized insurer A dependent child may remain on a parents health insurance beyond the age of 26 if the child ✔✔has a mental or physical handicap and remains dependent on the parent A disability elimination period is best described as ✔✔time deductible A disability income policy can prevent an insured from earning a higher income than if he/she were working by utilizing ✔✔benefit limits A doctor who accepts Medicare Assignment agrees to which of the following? ✔✔Doctor cannot charge more than Medicare's scheduled coverage A domestic insurance company in Louisiana MUST ✔✔be organized unde r Louisiana insurance laws A field underwriter's main task is ✔✔to ensure an applicant's medical information is accurate and complete. A foreign insurance company doing business in Louisiana ✔✔is a company that was formed under the laws of another state. A form of medical health insurance covering the treatment and care of gum ✔✔Dental expense insurance A group Disability Income plan that pays tax -free benefits to covered employees is considered ✔✔fully contributory A guaranteed issued insurance policy has no ✔✔medical underwriting A health care provider claim may be settled using which of the following payment methods? ✔✔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) ✔✔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 ✔✔conditionally renewable A health insurance policy will typically cover ✔✔preventative health services
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