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LA Life, Health & Accident Insurance Series 103 Practice Exam/89 Q’s and A’s
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LA Life, Health & Accident Insurance Series 103 Practice Exam/89 Q’s and A’s
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LA Life, Health & Accident InsuranceSeries 103 Practice Exam/89 Q’s and A’s
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.
-Managed care plans increase efficiency by all of the following means
EXCEPT - -Transferring the management of costs to the insureds.
-Which of the following is covered by a dread disease policy? - -Illnesses
that do not occur frequently but incur significant costs when they do occur
-In a home healthcare benefit, all of the following are eligible expenses
EXCEPT - -Blood transfusions
-When does insurable interest come into play in a life insurance policy? - -
When the applicant for the policy is not the insured
-Which of the following must be given to the insurer within 20 days after
occurrence or commencement of any loss covered by the policy, or as soon
thereafter as is reasonably possible? - -Notice of claim
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