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Louisiana Laws and Rules questions and answers
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Louisiana Laws and Rules questions and answers
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Louisiana Laws and RulesA policy-owner who anticipates death or develops a life threatening condition may obtain proceeds from
a life insurance contract. These proceeds are known as - correct answer ✔✔accelerated benefits
A life insurance replacement transaction could result in a - correct answer ✔✔surrender charge
The Louisiana Life and Health Insurance Guaranty Association - correct answer ✔✔protects insured from
insurance company insolvency.
After a disability policy has been in force for _____ years, it is considered incontestable. - correct answer
✔✔3
A life insurance policy sold in Louisiana can be contested by the insurer only during the first ____ years of
the contract. - correct answer ✔✔two
An insurer may exclude preexisting conditions on a Medicare Supplement policy for _____ months. -
correct answer ✔✔6
A nonresident producer from a state outside of Louisiana may become licensed in Louisiana if a - correct
answer ✔✔reciprocal arrangement exists with the state of domicile.
What is the MINIMUM benefit period that must be offered by a Long Term Care policy? - correct answer
✔✔12 months
In Louisiana, small employer health plans require a MINIMUM of _____ employee(s). - correct answer
✔✔1
The _____ of Coverage describes policy features, benefits, exclusions, and riders in a Long Term Care
policy. - correct answer ✔✔Outline
, G has recently been terminated from his job that covered him for group life insurance. How long does he
have to convert his coverage to an individual policy? - correct answer ✔✔31 days
Within _____ days after policy delivery, both Medicare Supplement and Long Term Care policies can be
returned for 100% premium refund. - correct answer ✔✔30
How often must the Commissioner examine each domestic insurance company? - correct answer
✔✔Every 5 years
An example of endodontic treatment is a - correct answer ✔✔root canal
Replacement can be defined as - correct answer ✔✔a transaction in which a new life insurance policy is
purchased and an existing life insurance policy is surrendered.
A Louisiana insurance producer solicits a life insurance policy. In the event of a controversy between the
insured and the company, the producer is considered to represent the - correct answer ✔✔company.
An insurance producer who convinces a prospective insured to purchase a policy by exaggerating the
benefits of the policy may be found guilty of - correct answer ✔✔misrepresentation.
As of January 1, 2014, an employer with up to 25 full time equivalent (FTE's) with average annual wages
of less than $50,000 may be eligible for a tax credit of ___ of the premiums paid by the employer. -
correct answer ✔✔50%
Open enrollment for Medicare Supplement coverage starts - correct answer ✔✔3 months before your
65th birthday.
A licensed producer MUST be _____ by an insurer to be eligible for soliciting insurance contracts. -
correct answer ✔✔appointed
An insurance producer decides to conduct business under an assumed name. The Commissioner MUST
be notified of this change - correct answer ✔✔prior to using the assumed name.
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