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LA Life, Health & Accident Insurance Series 103 Practice Exam correctly answered
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LA Life, Health & Accident Insurance Series 103 Practice Exam correctly answered
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LA Life, Health & Accident InsuranceSeries 103 Practice Exam
Under which situation must insurable interest exist between the applicant and insured at the time of
application? - correct answer ✔✔When a third-party applicant names themselves beneficiary.
Which of the following is true about a decreasing term life policy? - correct 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? - correct 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? - correct answer ✔✔Age
All of the following are TRUE regarding incomplete applications EXCEPT - correct answer ✔✔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? - correct
answer ✔✔Fraudulent misstatements
All of the following statements define preexisting conditions EXCEPT - correct 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? - correct
answer ✔✔At the time the policy is purchased by the owner of the policy
All of the following are tax qualified retirement plans EXCEPT - correct 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? - correct answer ✔✔Flexible Spending Account (FSA)
A consumer report used to determine eligibility for insurance may include all of the following EXCEPT -
correct 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? -
correct answer ✔✔Free look
All of the following are required signatures on a life insurance application EXCEPT - correct answer
✔✔The minor in a juvenile policy.
Why is rehabilitation considered worthy of federal help under workers' compensation? - correct answer
✔✔It reduces insurance losses and helps regain the worker's dignity
All of the following are characteristics of variable whole life EXCEPT - correct answer ✔✔There is no
guaranteed minimum death benefit.
Why is the accidental death benefit referred to as double indemnity? - correct answer ✔✔It provides
twice the face value in the policy for death due to accident
What is a MIB report? - correct answer ✔✔Medical information on an applicant for assessing life or
health insurance risk
In noncontributory plans, which percentage of eligible members must participate? - correct answer
✔✔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? - correct answer ✔✔When there is a buy-sell agreement funded with life
insurance to buyout the interest of a deceased owner or partner.
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