LA Life, Health & Accident Insurance Series 103 Practice Exam Q&A.
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Course
LA Life, Health & Accident Insurance
Institution
LA Life, Health & Accident Insurance
LA Life, Health & Accident Insurance Series 103 Practice Exam Q&A. Terms like:
Under which situation must insurable interest exist between the applicant and insured at the time of application? - Answer: When a third-party applicant names themselves beneficiary.
Which of the following is true...
LA Life, Health & Accident Insurance Series 103
Practice Exam Q&A.
Under which situation must insurable interest exist between the applicant and insured at the
time of application? - Answer: When a third-party applicant names themselves beneficiary.
Which of the following is true about a decreasing term life policy? - Answer: The face amount
reaches zero at policy expiration.
Which of the following occurs immediately after the application is submitted and the initial
premium paid? - Answer: The underwriting process begins
For an individual long-term care policy there is an annual dollar limit for tax deductions that is
based on which of the following? - Answer: Age
All of the following are TRUE regarding incomplete applications EXCEPT - Answer: The
incomplete application can be accepted with the missing information added later.
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, Which of the following is exempted from the incontestability provision in insurance policies? -
Answer: Fraudulent misstatements
All of the following statements define preexisting conditions EXCEPT - Answer: Any chronic
health condition that presents symptoms and which was unknown at the time of application.
At which point are contractual death benefit settlement options determined and by whom? -
Answer: At the time the policy is purchased by the owner of the policy
All of the following are tax qualified retirement plans EXCEPT - Answer: Section 529 plan
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? - Answer: Flexible Spending Account (FSA)
A consumer report used to determine eligibility for insurance may include all of the following
EXCEPT - Answer: Medical underwriting exam.
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? - Answer: Free look
All of the following are required signatures on a life insurance application EXCEPT - Answer: The
minor in a juvenile policy.
Why is rehabilitation considered worthy of federal help under workers' compensation? -
Answer: It reduces insurance losses and helps regain the worker's dignity
All of the following are characteristics of variable whole life EXCEPT - Answer: There is no
guaranteed minimum death benefit.
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