Louisiana Life, Health & Accident Insurance Series
Louisiana Life, Health & Accident Insurance Series
Exam (elaborations)
Louisiana Life, Health & Accident Insurance Series 103 Practice Exam | 90 Questions with 100% Correct Answers | Verified | Latest Update 2024
180 views 3 purchases
Course
Louisiana Life, Health & Accident Insurance Series
Institution
Louisiana Life, Health & Accident Insurance Series
Under which situation must insurable interest exist between the applicant and insured at the time of
application? - When a third-party applicant names themselves beneficiary.
Which of the following is true about a decreasing term life policy? - The face amount reaches zero at
policy expiration.
...
Louisiana Life, Health & Accident Insurance Series 103 Practice Exam | 90 Questions with 100% 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 applicant 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 premium 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 EXCEPT - ✔✔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 preexisting 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 the 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 policy for death due to accident What is a MIB report? - ✔✔Medical information on an applicant for assessing life or health insurance risk In noncontributory plans, which percentage of eligible members must participate? - ✔✔100% When should a buy -sell agreement include a provision for the buy -out of an owner's business interest in the event of a disability? - ✔✔When there is a buy -sell agreement funded with life insurance to buyout the interest of a deceased owner or partner. Why is relying solely on employer group life insurance generally considered inadequate for most individual's needs? - ✔✔It is financially insufficient to cover end of life expenses.
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Preach. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $11.49. You're not tied to anything after your purchase.
