LA Series 103 Exam Latest Update 2025-2026 1000 Questions and 100% Verified Correct Answers Guaranteed A+
____ is NOT an element of a valid contract - CORRECT ANSWER: Countersignature
____ is NOT an element of a valid contract. - CORRECT ANSWER: Countersignature
____ life is designed to pay the balance of a loan if the insured dies before repayment
of the loan - CORRECT ANSWER: Credit
______ life is designed to pay the balance of a loan if the insured dies before
repayment of the loan - CORRECT ANSWER: Credit
"Maximum benefits" refers to the - CORRECT ANSWER: upper limit of the total lifetime benefits the insuracne company will pay
A 10% excise tax is normally applied to an early withdrawal from an IRA. According to HIPAA, this tax will not be applied if the withdrawal is used for medical expenses that
exceed __ of the individual's adjusted gross income. - CORRECT ANSWER: 7.50%
A 10% excise tax is normally 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. - CORRECT ANSWER: 7.50%
A beneficiary change can occur: - CORRECT ANSWER: normally at any time during the policy term
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A beneficiary change can occur: - CORRECT ANSWER: 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. - CORRECT ANSWER: No
federal income tax is owed on the life insurance proceeds.
A beneficiary has just received a claim payment for a life insurance policy. Which of the following is TRUE regarding the federal income tax liability owed? - CORRECT
ANSWER: No federal income tax is owed on life insurance proceeds
A business entity wishing to act as an insurance prodcuer MUST - CORRECT
ANSWER: obtain a producer's license
A business entity wishing to act as an insurance producer MUST - CORRECT
ANSWER: obtain a producer's license.
A business will typically use which type of life insurance to cover their employees? -
CORRECT ANSWER: Group Policy
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 cease and desist 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 2 / 4
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 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 common 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 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 dependent child may remain on a parents health insurance plan beyond age 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
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A disability elimination period is best described as a - 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 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 doctor who accepts Medicare Assignment agrees to which of the following? -
CORRECT ANSWER: Doctor cannot charge more than Medicare's scheduled coverage
A domestic insurance company in Louisiana MUST - CORRECT ANSWER: be
organized under Louisiana insurance laws
A domestic insurance company in Louisiana MUST - CORRECT ANSWER: be
organized under Louisiana insurance laws
A field underwriter's main task is - CORRECT ANSWER: to ensure an applicant's
medical information is accurate and complete
A field underwriter's main task is - CORRECT ANSWER: to ensure an applicant's
medical information is accurate and complete.
A foreign insurance company doing business in Louisiana - CORRECT ANSWER: is a
company that was formed under the laws of another state
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