LA Series 103 Exam / Complete Study Guide / Actual Exam Questions & Correct Answers (Verified Detailed Answers) A grade.Terms in this set (732) Maximum benefit refers to the upper limit of the total lifetime benefits the insurance company will pay ____ is NOT an element of a valid contract Countersignature ______ life is designed to pay the balance of a loan if the insured dies before repayment of the loan Credit 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.
7.50% A beneficiary change can
occur:
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.No federal income tax is owed on the life insurance proceeds. 1 / 4
A business entity wishing to act as an insurance producer MUST obtain a producer's license.A business will will typically use which type of life insurance to cover their employees?Group Policy A cease and decist order forbids a stated practice listed in the order.A change in an insurance application requires 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) optional renewability clause A comman exclusion with Vision plans is lasik surgery A company that is authorized by the Commissioner to transact insurance business in Louisiana is called a(n) authorized insurer A dependent child may remain on a parents health insurance beyond the age of 26 if the child has a mental or physical handicap and remains dependent on the parent A disability elimination period is best described as time deductible 2 / 4
A disability income policy can prevent an insured from earning a higher income than if he/she were working by utilizing benefit limits A doctor who accepts Medicare Assignment agrees to which of the following?Doctor cannot charge more than Medicare's scheduled coverage A domestic insurance company in Louisiana MUST be organized under Louisiana insurance laws A field underwriter's main task is to ensure an applicant's medical information is accurate and complete.A foreign insurance company doing business in Louisiana is a company that was formed under the laws of another state.A form of medical health insurance covering the treatment and care of gum Dental expense insurance A group Disability Income plan that pays tax-free benefits to covered employees is considered fully contributory A guaranteed issued insurance policy has no medical underwriting A health care provider claim may be settled using which of the following payment methods?Fee-for service 3 / 4
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