LA Life, Health & Accident Insurance Series 103 Practice Exam with 10 0% Correct Answers | Verified | Latest Update 2024 Under which situation must insurable interest exist between the applicant and insured at the time of application? - ✔✔When a third -party applica nt names themselves beneficiary. Which of the following is true about a decreasing term life policy? - ✔✔The face amount reaches zero at policy expiration. Which of the following occurs immediately after the application is submitted and the initial premi um paid? - ✔✔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? - ✔✔Age All of the following are TRUE regarding incomplete applications EXCEP T - ✔✔The incomplete application can be accepted with the missing information added later. Which of the following is exempted from the incontestability provision in insurance policies? - ✔✔Fraudulent misstatements All of the following statements define p reexisting conditions EXCEPT - ✔✔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? - ✔✔At the time the policy is purchased by the owner of the policy All of the following are tax qualified retirement plans EXCEPT - ✔✔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? - ✔✔Flexible Spending Account (FSA) A consumer report used to determine eligibility for insurance may include all of the following EXCEPT - ✔✔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? - ✔✔Free look All of the following are required signatures on a life insurance application EXCEPT - ✔✔The minor in a juvenile policy. Why is rehabilitation considered worthy of federal help under workers' compensation? - ✔✔It reduces insurance losses and helps regain th e worker's dignity All of the following are characteristics of variable whole life EXCEPT - ✔✔There is no guaranteed minimum death benefit. Why is the accidental death benefit referred to as double indemnity? - ✔✔It provides twice the face value in the p olicy for death due to accident What is a MIB report? - ✔✔Medical information on an applicant for assessing life or health insurance risk
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