LA Life, Health and Accident Insurance Series 103 Practice Exam Q&A Latest Update

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LA Life, Health & Accident Insurance Series 103 Practice Exam Q&A Latest 2025/2026 | 100% PASS Under which situation must insurable interest exist between the applicant and insured at the time of application? - Answer -When a third-party applicant names themselves beneficiary. Which of the following is true about a decreasing term life policy? 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? - 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? - Answer -Age All of the following are TRUE regarding incomplete applications EXCEPT - 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? - Answer -Fraudulent misstatements All of the following statements define preexisting conditions EXCEPT Answer -Any chronic health condition that presents symptoms and which was unknown at the time of application.